|
Real Estate ? How long does the seller have...
| Posted By |
Message |
NiceBlend
LIF Infant
Member since 9/11 190 total posts
Name:
nancy
|
Real Estate ? How long does the seller have...
Does anyone know how long the seller has to vacate the home after the closing? A family member is closing on a house this Friday but will not be given the keys until next Tuesday. The contract states that they have 5 days to vacate after the closing.
But the contract also says anything after that is $100 per day. Does that mean the seller can stay even longer?
|
Posted 6/25/12 10:56 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
|
Re: Real Estate ? How long does the seller have...
They have 5 days to stay in the house, and after those 5 days if they stay longer, they'll pay rent of whatever is stated in the contract until they leave. So yes, the seller could stay longer, technically.
|
| Posted 6/25/12 10:59 AM |
| |
|
|
|
Re: Real Estate ? How long does the seller have...
How long the seller can remain depends on what is negotiated in the contract. A 5 day post-closing possession period is pretty standard. The contract usually states that if the seller remains past the 5 day period that the seller pays the buyer a penalty of $x/day (usually $250, but everything is negotiable).
Sometimes even though the contract only allows 5 days, the parties agree to allow the seller to remain in possession for a longer period due to something that occurred after the contract was negotiated. Here, another "Possession Agreement" would be reached. An example is where the buyer's rate lock expires before the seller can move out.
The worst case scenario if a seller stays past the allotted time is that the buyer will have to start a lawsuit to remove or evict the seller.
|
| Posted 6/25/12 11:03 AM |
| |
|
NiceBlend
LIF Infant
Member since 9/11 190 total posts
Name:
nancy
|
Re: Real Estate ? How long does the seller have...
Thanks for the responses.
My family member does NOT want the seller to stay there past the 5 days. I was just wondering if there was a law that stated the seller has additional time after the 5 days.
|
| Posted 6/25/12 11:11 AM |
| |
|
maymama
my little loves
Member since 8/08 18453 total posts
Name:
|
Re: Real Estate ? How long does the seller have...
Posted by NiceBlend
Thanks for the responses.
My family member does NOT want the seller to stay there past the 5 days. I was just wondering if there was a law that stated the seller has additional time after the 5 days.
the seller can take whatever time they need after those 5 days BUT they will pay "rent" and taxes/mortgage for whatever number of days they stay.
the rent figure should be noted in the contraact.
in most cases, sellers dont stay for more than 1-2 weeks, its just too expensive to stay!
|
| Posted 6/25/12 12:01 PM |
| |
|
Potentially Related Topics:
Currently 1329748 users on the LIFamilies.com Chat
|
