LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

How long after closing do you have to move out?

Posted By Message

WannaBeAMom11
LIF Adult

Member since 1/11

4520 total posts

Name:
Name

How long after closing do you have to move out?

I would be the seller. Just wondering if we move out the day we close?

Posted 6/5/12 3:04 PM
 
Long Island Weddings
Long Island's Largest Bridal Resource
  |   Prudential Douglas Elliman Real Estate

JDubs
2 years flew!

Member since 7/09

9317 total posts

Name:

Re: How long after closing do you have to move out?

yes otherwise if you want to stay in the house you have to pay "rent" per day...our sellers wanted to stay in the house 3 more days after closing so they paid us per day for those days...

Posted 6/5/12 3:12 PM
 

alli3131
Peanut is here!!!!!!

Member since 5/09

13405 total posts

Name:
Allison

Re: How long after closing do you have to move out?

Check the contract. You usually have a few days before you have to pay rent and then after that you pay rent. Also no matter how long money get held in escarow.

Posted 6/5/12 3:20 PM
 

Century 21 Dallow - Christine Braun
LIFamilies Business

Member since 2/11

3226 total posts

Name:

Re: How long after closing do you have to move out?

It's easier and less complicated if the buyers take possession at closing.

If the sellers keep possession for a set period of time after closing, money will be held in escrow to safeguard the buyer's interest in the property. At the time the buyer takes possession, they will do another walk through to make sure everything is as it should be with the property and notify their lawyer, who will then release the escrow funds.

Also, if the seller stays on, they will have to pay a per diem rate to cover the buyer's expenses (interest, insurance, etc.).

It should be very clear in the agreement how long the seller can remain in possession. Usually it's just a matter of days. And then if they exceed the agreed upon timeframe set forth in the contract, the contact usually states that the seller will then have to pay a much higher amount per day (basically as a penalty).

This is something you should discuss with your real estate attorney (if you think you may not be in a position to be out by closing).

Posted 6/5/12 3:21 PM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
uh oh...we dont have a closing date yet and our apartment is in the paper to rent! raken40 7/30/05 2 Home
when is a closing date given to u>? Bebalina 7/27/05 14 Home
from start (making an offer) to finish (closing) how long did it take? raken40 7/14/05 14 Home
how much were your closing costs? is it based on a percentage of the loan amount? raken40 7/3/05 5 Home
help!!!! did anyone have to give a binder before closing? raken40 6/20/05 8 Home
did many of you put your closing costs in with your mortgage? raken40 6/2/05 2 Home
 
Quick navigation:   
Currently 11627 users on the LIFamilies.com Chat
From the Store
Defining Gel
$75.00
Look
KIDSCOUNTER BATH COLLECTION
$42.00
Look
THE QUINTESSENTIAL COLLECTION
$75.00
Look
New Businesses
The Learning Experience
Dedicated Dog Training
Yoga Womb/ SECS talk
Baby Bare Newborn and Baby Photography
Fairy LiceMothers
Cruise Planners - Kimberly Ferrara
Agile Moving Systems
Butler & Associates
The Diet Doc of Long Island
Desepoli Wealth Management
It Works! Global - Sonia Figueroa
All Seasons Photography
Wax Republic
Nancy Worden - Mary Kay Independent Beauty Consultant
Christina Kneer Photography

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter