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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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do we have a say in closing date?
we just found out that the seller wants to close the week of July 11th and move out the 15th?! what does THAT mean? I would like to close and have the keys in my hand the same day so she would have to move out the day prior, right?
can I ask for closing and keys on a particular date or does the seller choose the date?
needless to say, my lawyer has not been a huge help in this process  he is hard to get in contact with and i can get advice much quicker here 
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Posted 6/22/11 8:44 PM  |
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Prudential Douglas Elliman Real Estate
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DrMeg
Back home!
Member since 5/08 1858 total posts
Name:
Meg
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Re: do we have a say in closing date?
I believe legally, they have 5 days after closing to move out.
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| Posted 6/22/11 8:46 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: do we have a say in closing date?
what did you agree to in the contract re: how long she can stay after closing? Its not always 5 days but it should have been discussed prior to signing contracts.
you should have some say in the closing date (we're coordinating a sale & purchase, and all 3 parties have discussed a possible closing date) but if the contract states she can stay 4 days after, you can't make her leave earlier.
Our sellers asked for 4 days - we hope they don't actually stay that long but they can. We have 5 days to move out of our house, so if they stay days after closing our buyer will have to wait until we can move.
Message edited 6/22/2011 9:08:20 PM.
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| Posted 6/22/11 9:02 PM |
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LadyBug1209
Mommy to FOUR little men!
Member since 8/08 9655 total posts
Name:
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Re: do we have a say in closing date?
We left our closing with the keys. Like PP have said, it all depends on what you agreed to in the contract.
CONGRATS!  
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| Posted 6/22/11 9:06 PM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: do we have a say in closing date?
in the contract, she has 5 says after closing.
at contract (on 3/31  ) our "tentative" date for closing was 6/15 so we had + 30 days to close.
i dont care if we close on 7/15, id just like to close and get to keys so we can go to the house 
ugh, i guess its all about negotiation. she is selling and renting so I assume her rent begins on 7/15.
if we dont get the keys at closing, how do we get them? pick them up from the lawyer? the 16th is a saturday 
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| Posted 6/22/11 9:33 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: do we have a say in closing date?
Posted by maymama
if we dont get the keys at closing, how do we get them? pick them up from the lawyer? the 16th is a saturday
you would do another walk through once she vacates, and get the keys then.
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| Posted 6/22/11 9:40 PM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: do we have a say in closing date?
Posted by -Lisa-
Posted by maymama
if we dont get the keys at closing, how do we get them? pick them up from the lawyer? the 16th is a saturday
you would do another walk through once she vacates, and get the keys then.
We did just this. We closed on a Tuesday. We got the keys that Friday. Friday we met our REA at the house, she gave us the keys and did another walk through with us.
The sellers had to pay us rent for the days they stayed in the house (at the closing) and we kept some $$ in escrow in case of any issues. When I got into work on Monday morning, I told my boss (who was my lawyer - very convenient ) that we had no issues and he released the $$ from escrow.
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| Posted 6/22/11 10:15 PM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: do we have a say in closing date?
thanks everyone!! 
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| Posted 6/22/11 10:20 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: do we have a say in closing date?
did you have her put money in escrow?? in case she damages anything after closing you would be able to take money out of that escrow account to repair.
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| Posted 6/23/11 8:35 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: do we have a say in closing date?
Posted by Mill188
Posted by -Lisa-
Posted by maymama
if we dont get the keys at closing, how do we get them? pick them up from the lawyer? the 16th is a saturday
you would do another walk through once she vacates, and get the keys then.
We did just this. We closed on a Tuesday. We got the keys that Friday. Friday we met our REA at the house, she gave us the keys and did another walk through with us.
The sellers had to pay us rent for the days they stayed in the house (at the closing) and we kept some $$ in escrow in case of any issues. When I got into work on Monday morning, I told my boss (who was my lawyer - very convenient ) that we had no issues and he released the $$ from escrow.
Exactly this. You still do a walk-through before the closing, to bring any issues you have to the table. Then you sign an escrow agreement, she'll leave a ceratin amount of money with your lawyer..usually between $1k-$5k. Plus, she'll pay you a daily rent for staying AND pay your daily mortgage interest for those days. Then on the day she is to leave, you meet her at the house with the REA and do another walk through. If all is okay, you tell your attorney to release the funds in escrow.
I know it $ux to own the house and you can't have the keys, but it happens! Hope it all works out!
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| Posted 6/23/11 9:02 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: do we have a say in closing date?
ughh so frustrating... well at least now you have a date for sure you know you'll be in! congrats!
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| Posted 6/23/11 9:40 AM |
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Re: do we have a say in closing date?
I did! I asked Wendi from here if we could close the 15th of June between the dates of DH traveling for work, and a few hours later she already had it scheduled. Your buying the house I would assume you can have say in what you DO and DON'T want! Just make it clear that you don't find it acceptable.
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| Posted 6/23/11 9:47 AM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: do we have a say in closing date?
The $$ they hold in escrow is either your attorney holding back some of your funds or a check from the sellers. You won't be out of pocket for anything.
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| Posted 6/23/11 10:16 AM |
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MockingJay
Ring out the old...
Member since 9/08 1312 total posts
Name:
Ring in the new!
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Re: do we have a say in closing date?
Karin, from what I understand she has 5 days post closing to move out BUT she has to reimburse you interest and basically pay you rent for those 5 days. Also, your lawyer should be holding $$ in escrow until she moves out and you do a final walk through once they've vacated. That way if they damage anything or take anything they're not supposed to, you're protected.
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| Posted 6/23/11 10:42 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: do we have a say in closing date?
also, it sounds like she wants the closing sometime that week....it doesnt have to be the 11th. It will depend on the 3 attys schedules to be perfectly honest. I think the attys dictate the exact date more than the parties. Why not see if you can have the closing the 15th and she can move the same day. Or the closing on the 14th and then you are only out of the house for a day and you can meet here there the 15th since she will be there moving out her stuff.
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| Posted 6/23/11 3:28 PM |
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JoJo2010
Happy Family
Member since 8/09 6266 total posts
Name:
JO
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Re: do we have a say in closing date?
Posted by Belongs2DanBuckley
Karin, from what I understand she has 5 days post closing to move out BUT she has to reimburse you interest and basically pay you rent for those 5 days. Also, your lawyer should be holding $$ in escrow until she moves out and you do a final walk through once they've vacated. That way if they damage anything or take anything they're not supposed to, you're protected.
This is what I *MOSTLY* see too, if they are not out at the closing they pay you per day.
Why cant they just close on the 15th?
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| Posted 6/23/11 4:30 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: do we have a say in closing date?
Posted by DrMeg
I believe legally, they have 5 days after closing to move out.
This is correct. Let me preface by saying that I am not in any way implying that you would possibly do this, but as a seller who was just f'ed over by a buyer who went from wanting to close early and requesting we move out sooner than planned to breaching contract all together, I would take advantage of the 5 day clause in the future. I wouldn't want to take the chance that a buyer could change their mind at the very last second.
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| Posted 6/24/11 10:44 AM |
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