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After Closing - Seller has to stay in house?!?
Can any realtors or BTDT's let me know how this works? Our realtor mentioned that this might be a possibility with the home we're closing on - because of the condo the seller is buying may not be ready by the time we close. She mentioned it's common, and that the seller pays us per day but i'm curious about homeowner's insurance and how that all gets worked out since technically we "own" the home but the previous owner is still staying in it for a few days.
Thanks!!
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Posted 3/14/12 11:36 AM  |
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JennyPenny
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Member since 1/08 12702 total posts
Name:
Jen
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Re: After Closing - Seller has to stay in house?!?
In our case, we had the sellers stay for about a week (So annoying BTW). When we were discussing the possibility of it being a longer time period, I had the same questions.
Basically- in our case, anyway, they'd pay us rent. They would be responsible to replace ANYTHING that was broken or damaged while they were still in the house.
Homeowner's Insurance must be in YOUR name, otherwise, if they fall down the stairs or something- they could sue you.
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| Posted 3/14/12 12:05 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: After Closing - Seller has to stay in house?!?
They get 5 days to stay in the house, but after that they would pay rent to you.
It happened to us, stunk, but whatcha gonna do?
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| Posted 3/14/12 12:21 PM |
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Goobster
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Member since 5/07 27557 total posts
Name:
:)
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Re: After Closing - Seller has to stay in house?!?
happened tro us too...I didnt mind one bit. She was a nice lady, it was her house for a long time and I trusted she would not harm it in anyway. I too was worried about the insurance aspect of it. I did ask but I dont even recall what was said!!! But all worked out in the end. She was only in an extra 2 days due to needing the funds to close on her condo.
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| Posted 3/14/12 1:02 PM |
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Ladybug63
Ohh... baby
Member since 5/06 2527 total posts
Name:
D
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Re: After Closing - Seller has to stay in house?!?
Our seller stayed for 7 months! At first it was 3 months, that turned into 4 & so on. It got a little nasty in the end, we told her she had to get out by July 1st & she was bitter. Her condo wasn't ready yet but we just couldn't wait any longer. She tried to charge us for the oil left in the tank so I told her I'd "pro-rate" her rent since she moved out on July 4th. We almost raised her rent to some $$$$$ amount just to push her out. She only had a "lease" for 3 months.mI felt bad but our hands were tied.
We had her pay enough to cover the mortgage & taxes each month & all utilities stayed in her name for her to pay. I required her to get renters insurance.
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| Posted 3/14/12 1:10 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: After Closing - Seller has to stay in house?!?
Posted by Ladybug63
Our seller stayed for 7 months! At first it was 3 months, that turned into 4 & so on. It got a little nasty in the end, we told her she had to get out by July 1st & she was bitter. Her condo wasn't ready yet but we just couldn't wait any longer. She tried to charge us for the oil left in the tank so I told her I'd "pro-rate" her rent since she moved out on July 4th. We almost raised her rent to some $$$$$ amount just to push her out. She only had a "lease" for 3 months.mI felt bad but our hands were tied.
We had her pay enough to cover the mortgage & taxes each month & all utilities stayed in her name for her to pay. I required her to get renters insurance.
Ooooo...I have never heard of that. Now that would not sit well with me! What rights do you have a buyer re this???? OMG.
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| Posted 3/14/12 1:12 PM |
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