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How long after closing do you have to move out?

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LIF Adult

Member since 1/11

7197 total posts


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
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different, not less

Member since 7/09

13160 total posts


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

Peanut is here!!!!!!

Member since 5/09

17710 total posts


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

Christine Braun - Signature Premier Properties
LIFamilies Business

Member since 2/11

3850 total posts


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

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