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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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i am going to punch someone in the face
just to clarify, it's all been resolved, and my attorney explained it all to me! i am not happy, but i understand. we are between a rock and a hard place, and i'm just happy we are closing.
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okay i am not an attorney so i don't know what the F is going on here.
we are closing Monday, 8/31. our contract closing date was 9/1 - so we had until 10/1 to close.
now our attorney is telling us that the sellers are not leaving for 1-2 weeks AFTER closing.
and they don't have to pay rent b/c originally they had until 10/1 to close. just put $$ in escrow.
is it just me or does this seem like bullsh!t???
i don't have a copy of the contract to look at. DH spoke with our attorney and i am not calling him b/c i'll just yell at him.
what the FFFFFFFFFFFFFFFFFFFFFFFFF?????
ETA:
spoke with our attorney.
this still makes no sense but it is what it is:
because our contract closing date is 9/1, technically the sellers have until 10/1 to close. they are "doing us a favor" by closing early.
so that means they don't have to vacate until 10/6, or pay rent.
whatever. i am done. i just want to close.
Message edited 8/29/2009 8:22:41 AM.
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Posted 8/28/09 3:00 PM  |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: i am going to punch someone in the face
If I remember didn't you have an issue with your lock in expiring? Is that why you are doing the closing 2 weeks before the sellers are willing to leave? Maybe you can just push back the closign two weeks.
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| Posted 8/28/09 3:05 PM |
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mandasue
LIF Adolescent
Member since 3/09 772 total posts
Name:
Amanda
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Re: i am going to punch someone in the face
when we closed the sellers said they were using their right to stay in the house for the 3 days, and our atty verified this,
NYS law...they have up to 3 days to turn over possession.
i was livid!!!!!!
but there was nothing we could do about it
my advice is talk to your atty about changing the closing date
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| Posted 8/28/09 3:14 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: i am going to punch someone in the face
Posted by JandJ1224
If I remember didn't you have an issue with your lock in expiring? Is that why you are doing the closing 2 weeks before the sellers are willing to leave? Maybe you can just push back the closign two weeks.
nope, we can't do that - we'll have to pay extra.
i found a copy of the contract now and the rider says that they can stay in the house for up to five days with 2500 in escrow and every day after that, they have to pay $250.
calling my attorney now.
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| Posted 8/28/09 3:15 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: i am going to punch someone in the face
So can you just push the closing back a week then?
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| Posted 8/28/09 3:20 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: i am going to punch someone in the face
Posted by headoverheels
i found a copy of the contract now and the rider says that they can stay in the house for up to five days with 2500 in escrow and every day after that, they have to pay $250.
calling my attorney now.
was just going to say your contract MUST have this in it. and i don't think it has anything to do with the on or about date, just the actual closing date!
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| Posted 8/28/09 3:22 PM |
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: i am going to punch someone in the face
our seller tried to do this too- it ended up not happening, she was able to move the day of closing
i hope it works out! 
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| Posted 8/28/09 3:24 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: i am going to punch someone in the face
Posted by JandJ1224
So can you just push the closing back a week then?
our rate expired today. they are doing us a favor  by extending it until monday.
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| Posted 8/28/09 3:25 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: i am going to punch someone in the face
LB, they have the right to stay in the house up to 5 days after closing-probably in your contract.
This happened to us because our sellers had no where to move (uh, not my problem)!!! We had to be out of our apartment ON our closing day, so we had to stay with my parents (with a newborn) for a week, and keep ALL of our possessions in a U-Haul truck in my IL's driveway. Fun stuff. Not to mention, we also closed on the last day of our rate lock.
It is not that bad. You do another walk through when you move in to make sure everything is ok. Then you call your realtor/lawyer so that they can release the escrow (I think 2500) to the sellers if everything is ok. We closed on a Monday and the sellers left that Saturday before 12pm before it became the full 5 days.
If there is any oil in the tank, they'll adjust it for the days they are there, so you are not paying for them to use what you now own.
It really does s*ck, but it is legal.
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| Posted 8/28/09 3:29 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: i am going to punch someone in the face
Ok, I'm not understanding. You are closing on the house, signing all the papers etc on Monday 9/1, but they think they can stay in the house until 10/1 bc that was the original closing day? That does not make any sense at all!!!! You will own the house on 9/1!! It doens't matter what day the rate lock ends, or when you signed the contracts when you made the deal.
If the bank is closing you on 9/1, they should only have at most 5 days.
 
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| Posted 8/28/09 3:31 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: i am going to punch someone in the face
Posted by neener1211
Ok, I'm not understanding. You are closing on the house, signing all the papers etc on Monday 9/1, but they think they can stay in the house until 10/1 bc that was the original closing day? That does not make any sense at all!!!! You will own the house on 9/1!! It doens't matter what day the rate lock ends, or when you signed the contracts when you made the deal.
If the bank is closing you on 9/1, they should only have at most 5 days.
THAT is exactly what i thought.
my attorney is saying b/c they have 30 days to close from the original closing date (which is 9/1), technically if they don't want to, they don't have to close until 10/1.
they are doing us a favor by agreeing to close early (8/31) and so WE are doing THEM a favor by not insisting they pay rent for the 1-2 weeks they will be staying in the house.
i don't like it but they are nice people and i don't want to see them homeless. they are closing on the house they are moving into on 9/1 or 9/2 so it's not like they have anyplace to go.
i just don't get why they need to stay for so long!!
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| Posted 8/28/09 3:43 PM |
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kmac
Two under two!
Member since 5/07 3703 total posts
Name:
Kris
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Re: i am going to punch someone in the face
Yeah this makes no sense to me. Once you are closed on the house it is yours. In our contract the people had 5 days after to get out - luckily they were out the next day. The people being in the house for 2 weeks just doesn't sound right - I mean then your paying insurance on the house, etc so if something happens then it's on you, correct? It's for sure something my lawyer wouldn't allow.
Sorry you are having issues with this.
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| Posted 8/28/09 3:50 PM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: i am going to punch someone in the face
Posted by headoverheels
my attorney is saying b/c they have 30 days to close from the original closing date (which is 9/1), technically if they don't want to, they don't have to close until 10/1.
they are doing us a favor by agreeing to close early (8/31) and so WE are doing THEM a favor by not insisting they pay rent for the 1-2 weeks they will be staying in the house.
OK, this is just me speaking from my experience, but I think I get what the attorney is saying.
The sellers have 30 days from the closing date on the contract to actually close. So, if your closing date was 9/1, they have until 10/1 to close. That part is correct. It sounds like your attorney worked it out some deal with them so that they would close before 10/1 so you wouldn't lose your locked in rate. However, this is something that should have been discussed with you and explained very clearly so that you could agree to it.
We chose not to let our seller stay in the house AT ALL after we closed, but we wrote it into our contract that way. If she would have had to stay longer, we would have pushed back our closing date.
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| Posted 8/28/09 4:05 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: i am going to punch someone in the face
Posted by dpli
Posted by headoverheels
my attorney is saying b/c they have 30 days to close from the original closing date (which is 9/1), technically if they don't want to, they don't have to close until 10/1.
they are doing us a favor by agreeing to close early (8/31) and so WE are doing THEM a favor by not insisting they pay rent for the 1-2 weeks they will be staying in the house.
OK, this is just me speaking from my experience, but I think I get what the attorney is saying.
The sellers have 30 days from the closing date on the contract to actually close. So, if your closing date was 9/1, they have until 10/1 to close. That part is correct. It sounds like your attorney worked it out some deal with them so that they would close before 10/1 so you wouldn't lose your locked in rate. However, this is something that should have been discussed with you and explained very clearly so that you could agree to it.
We chose not to let our seller stay in the house AT ALL after we closed, but we wrote it into our contract that way. If she would have had to stay longer, we would have pushed back our closing date.
Actually, this makes more sense to me now. I guess technically they can still push back their closing date if you don't agree to this. I know my contract stated that the sellers won't be forced to close to preserve our rate lock.
Ugh that is annoying though. Sorry you're dealing with that.
ETA: They are making out like bandits on this though if they're closing 9/1 bc they're benefitting by not paying two mortgages for 2 weeks AND living rent free. I'd bring that up to the lawyer...
Message edited 8/28/2009 4:13:49 PM.
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| Posted 8/28/09 4:12 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: i am going to punch someone in the face
The "on or about" date on your contract really isn't worth the ink that was used to write it.
They have at least 30 days after that to close, and many times things come up where you don't close until after the 30 days.
On any real estate transaction I ever went into, I would never go by the on or about date in the contract to base my rate lock on. I would go at least 30 days afterwards because things always come up.
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| Posted 8/28/09 4:13 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: i am going to punch someone in the face
Posted by Salason
ETA: They are making out like bandits on this though if they're closing 9/1 bc they're benefitting by not paying two mortgages for 2 weeks AND living rent free. I'd bring that up to the lawyer...
I understand now the rest, that they are staying for 2 weeks, BUT this should have been agreed by you. It doesn't matter if they are doing you a favor by closing faster. If it says in your contract they can only stay 5 days, then that is part of the contract and should be enforced. Your lawyer should really be sticking to the contract.
So what if they have no where to go-get a hotel.
They should be paying you that $250 extra per day after the first 5 days pass. This is not something your lawyer should have agreed to without you knowing. Not cool!!
I know you are between a rock and a hard place bc you have to close before your rate expires, but this is being very unfair to you. Not to mention the liability if G-d forbid something was to happen to them or your house during those 2 weeks!
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| Posted 8/28/09 4:41 PM |
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Re: i am going to punch someone in the face
LB-then why not close in two weeks? They should be compensating you in some way for the inconvenience. But I don't do RE law so don't listen to me.
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| Posted 8/28/09 5:26 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: i am going to punch someone in the face
I hear ya, you just want to move on. Why does it always have to be a game????
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| Posted 8/28/09 5:29 PM |
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Ma-n-Pa2008
Mommy's Big Boy
Member since 3/09 2584 total posts
Name:
Melissa
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Re: i am going to punch someone in the face
i don't have much insight other than I understand you just want to move in already!! I want to see this new house and visit already!! 
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| Posted 8/28/09 5:49 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: i am going to punch someone in the face
Posted by munchkinfacemama
LB-then why not close in two weeks? They should be compensating you in some way for the inconvenience. But I don't do RE law so don't listen to me.
because we will lose the rate we locked in at. it expires today and the bank let us extend it for free until Monday (since we asked for a 90 day lock in the first place and got 60 )
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| Posted 8/28/09 7:35 PM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: i am going to punch someone in the face
It's frustrating to close and not take posession but try to look at the big picture. They are doing you a favor by closing early so you can get your rate. In turn, you can return that favor by giving them the time to get moved out. As per the contract, they really do have the option to close later, and you really don't want to piss them off so they exercise that option.
In the big picture is it really that big a deal? You're getting your rate, they are putting money in escrow to assure that everything is in good shape, I think I saw where you said they are nice people. All in all, it sounds like it's not a bad deal.
I don't think I've heard of anyone in NY actually closing on or even near the contract date - we had to threaten our sellers with a lawsuit to get them to close and we finally closed 2 months after the contract date. DH had to remain in MA with our furniture in the old apt. at his old job and I had to live with his Grandmother in Queens - 60 miles away from my job in Suffolk for over two months while we dealt with our scumbag sellers. You're so lucky your situation is not worse than it is!!!
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| Posted 8/28/09 8:46 PM |
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Re: i am going to punch someone in the face
Posted by headoverheels
Posted by munchkinfacemama
LB-then why not close in two weeks? They should be compensating you in some way for the inconvenience. But I don't do RE law so don't listen to me.
because we will lose the rate we locked in at. it expires today and the bank let us extend it for free until Monday (since we asked for a 90 day lock in the first place and got 60 )
Just a note, they probably let you extend "for free" because rates dropped again today...
I'm not an attorney - I do work in the mortgage industry, but I haven't heard of sellers staying in the house for a month...YOU are paying for that house the minute you sign those papers...and if you're not getting to live in it, it would seem they should be paying rent back to you...
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| Posted 8/28/09 11:51 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: i am going to punch someone in the face
Posted by FrankiesGirl107
I'm not an attorney - I do work in the mortgage industry, but I haven't heard of sellers staying in the house for a month...YOU are paying for that house the minute you sign those papers...and if you're not getting to live in it, it would seem they should be paying rent back to you...
I think there is some confusion in this thread.
The sellers aren't closing and then demanding to live there for a month.
They are simply delaying the closing based on the contract's "on or about date".
Big difference. The first never happens. The latter happens often.
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| Posted 8/29/09 1:43 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: i am going to punch someone in the face
Posted by ave1024
Posted by FrankiesGirl107
I'm not an attorney - I do work in the mortgage industry, but I haven't heard of sellers staying in the house for a month...YOU are paying for that house the minute you sign those papers...and if you're not getting to live in it, it would seem they should be paying rent back to you...
I think there is some confusion in this thread.
The sellers aren't closing and then demanding to live there for a month.
They are simply delaying the closing based on the contract's "on or about date".
Big difference. The first never happens. The latter happens often.
I think you have it wrong. The way i understood it is they all ARE closing because the buyers got a good rate, the sellers are staying one month POST closing b/c they did the buyers a favor for closing on monday, when they weren't ready. So, they close, and buyer owns home for one month while the sellers live in it... while only 2500.00 is in escrow.
my ATTY would have never allowed this, she always enforces to not leave $$ in escrow, it's too much of a PITA.
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| Posted 8/29/09 7:30 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: i am going to punch someone in the face
Posted by rkoenke
Posted by ave1024
Posted by FrankiesGirl107
I'm not an attorney - I do work in the mortgage industry, but I haven't heard of sellers staying in the house for a month...YOU are paying for that house the minute you sign those papers...and if you're not getting to live in it, it would seem they should be paying rent back to you...
I think there is some confusion in this thread.
The sellers aren't closing and then demanding to live there for a month.
They are simply delaying the closing based on the contract's "on or about date".
Big difference. The first never happens. The latter happens often.
I think you have it wrong. The way i understood it is they all ARE closing because the buyers got a good rate, the sellers are staying one month POST closing b/c they did the buyers a favor for closing on monday, when they weren't ready. So, they close, and buyer owns home for one month while the sellers live in it... while only 2500.00 is in escrow.
my ATTY would have never allowed this, she always enforces to not leave $$ in escrow, it's too much of a PITA.
they aren't staying for one month past closing, just 1-2 weeks.
they are doing us a favor by not delaying closing - as a PP said, the sellers do NOT have to close just to save US our rate lock!
i just didn't realize this when i originally posted 
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| Posted 8/29/09 8:21 AM |
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