Possession at time of closing. Moving out date: Generally speaking, it is a good idea to include a date at least 2 days prior to your anticipated closing and request an inspection of the property to ensure compliance Penalties for not vacating: Clauses in the purchase and sale agreement can explain what monetary penalties the seller will face for not vacating the property The form specifies that it is intended for short-term occupancy (less than 30 days). Often times its a 30 day possession. Additionally, sellers who stay in possession after closing have a lower level of motivation to take care of the property and make needed repairs or do any maintenance. TIME IS … You can put as much in escrow as needed to hold onto as a security deposit. Buyers generally might be expected to give the sellers 7 to 10 days to vacate the home after the closing date. How should we work this out? You don't understand their motives. They may need the extra 30 days and have a good reason. During the touring, I know there is at least one tenant living in the guest bedroom, but I am not sure whether the seller or another tenant lives in the master bedroom. If occupancy is intended to be longer, then a "Residential Lease After Sale" form should be used. Some buyers will agree to rent-back agreements, where they will rent the home back to the seller for a few days after closing. Before you entertain a 30 day possession after closing, why don't you ask them why the need such an unusual accommodation? Seller wants max 60 days after closing before possession.My real estate agent says it's very common.I am concerned about the liability and damage. Any input is greatly appreciated.Thanks. As a buyer you don’t want to show up 30 days after closing to find the seller trashed the house. When the deal closes, you accept it in the condition in which it stands at the time of closing. Seller may remain in possession of the Property for a period of _____ days after the Closing (insert a number of days) until 5 p.m. on the last day (the entire period including any extension agreed to by Buyer and Seller in writing is referred to as the “Term”). Buyers and sellers generally agree to this when the seller is not ready to move—a more frequent occurrence these days. It is very common. The rent should be your mortgage, taxes and insurance for one month divided by 30 days. Thanks! There are a few reasons why you should be cautious when considering possession. RR One of the main virtues of the CAR treatment is that it recognizes and makes clear that the seller -- the former owner -- is now a renter, even if only for a few days. Within your purchase offer you should have it in there that they pay you rent for each day they are in the house after closing. The seller wants to have a possession date 30 days after when our desired closing date. Divide the mortgage and costs by 30 … I am about to sign a contract, but the seller wants me to agree that "Possession of the property shall be granted 3-7 days after closing". Keep the following in mind as you approach your closing: Compromise is important when determining your moving date. I did this as a seller. We'd essentially be giving them free rent, plus be taking on risk the house is damaged between closing and possession. I'm looking for any/all advice. That is the most simple solution. The title company should keep a check in escrow to cover the rent payment. 02-08-2018, 07:23 PM One of the major issues being the condition of the house. You don't know these people. Our buyer wanted to close as his wife was due and we were not ready to get into our new place yet. But, it isn't your problem. A post-closing possession agreement allows a seller to remain in the apartment beyond the closing date. 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