This is actually a very common scenario. I’ve heard of sellers offering to pay rent, until they’re able to get moved out of the house and the closing still happens on the set date.
Hi Gene, hope all is well! Yes this that definitely happens, and here in Queens the per diem rent is usually between $150-$200/per day. Always better to be out by closing but if it isn’t possible, there are definitely solutions… Thanks for watching!
Never ever a good idea to close without having the seller already moved out. If you close then you'd have to evict the seller should they refuse to move out. Also now you're legally responsible for any damage done to the property while the seller is in it because once you close the property is yours.
Hey Jazzythcat, yes very true. You make some really good points! There are definitely risks when you let a seller stay in the house past closing 😬 Thanks for watching!
@@Queenshometeam you have to put it in the contact then refuse to close if the seller has not moved out when you do the walk thru. Other wise itsva huge legal expensive hassle that can take a year going thru the courts. Meanwhile you have no where to live. It's a nightmare, best to avoid it at all costs.
There are times when it’s appropriate and beneficial to both sides to negotiate a post-close possession, and it’s always something that would be spelled out in the contract to protect both the buyer and seller. There are also situations, such as a lease-back, or life-estate (and many others) where a post-close possession is intrinsically part of the sale. Both sides definitely have to be careful and have expert advice from both their agents and their attorneys. This is why it’s so important to have an expert agent representing you!
