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I'm struggling with the idea of timing the end of my lease with my scheduled closing date. I'm scheduled to close on May 9 and I'm having someone sublet my apartment lease starting on May 11. My lease is currently scheduled to end in September. I do NOT want to pay rent and mortgage for 3 or 4 months--hence the sublet.
The issue is that, prior to closing, I'd have to sign the paperwork that turns over my apartment. This is scary because, even though I don't expect there to be any issues, there could be something that delays settlement or, worse, stops settlement from happening. If that happened at the last minute, I wouldn't have a place to live.
If I could be assured that settlement is 100% approved, I'd feel more confident about ending my lease. But, the lender hasn't provided any sort of closing commitment yet. Per the contract, it's due on Friday April 25, but I've heard that sometimes the lenders don't provide this commitment. I've also heard stories of lenders denying applications a day or two before closing! That would be AWFUL!
Have you guys had any issues regarding timing the move from one place and the settlement of your new home? How many of you had very last minute lender issues that impacted your closing?
I meant to add that inspection is complete, the appraisal is complete, and the loan application is with the underwriter. I was told by the loan officer that the appraisal was "conditionally approved" by the underwriter.
I have never had issues with closings on either end. If you have everything else complete, the only thing you might 'worry' about is the appraisal. Think positive!! Good luck.
If you were concerned enough you wanted to give yourself a legal "out", you could put a clause in your sublease that says that the sublease is conditional on the closing of your house. If you didn't close, you'd have to give any collected money back to them, and would lose your subtenant, but at least you wouldn't be homeless. However, be aware that the subtenant might not agree to sign with that clause in there. Or you could refuse to sign the sublease until you have closed, but then the subtenant might change their mind between now and then.
See, the "sublet" is actually another person taking over my lease through the apartment complex application process. So, she'll be signing the standard lease form that all regular applicants sign (not a "sublease") and she'll be paying money directly to the rental office. I'll be removed completely from the lease. To your point, Lacerta, I *could* create some sort of separate document for her to sign, but I have no idea how binding that would be (considering that she'd be the true lease-holder, per the apartment complex). And, I really don't think she'd sign it anyway.
Unfortunately........and you know where I am going......you have to take the risk if you don't want to double up. You will drive yourself and anyone within a 50 foot radius crazy if everything has to be perfect. Life happens and there's no way you can prevent it........you can do whatever you can to lookout for yourself, but I can give you 20 scenarios that would put you homeless. And no, I'm not going to list them out here.
Did you get movers secured? Okay, next call around to storage facilities. Know which ones have openings, just in case you have to bail. And then, have a plan about what you would keep with you. Be prepared for the worst case scenario, have a game plan and that should take off some of the pressure......You are taking a gamble, and when you gamble, you must be prepared to lose.
I'm curious as to why you are only allowing 2 days between closing on your new home and being out of the apartment? Was the May 11 date set by the apartment complex? or the person who will take over the lease? or you?
Maybe there is a way to push the May 11 date out a few more days to give you some breathing room?
Also, check local laws regarding staying in an apartment. Somewhere in the back of my mind I am remembering something about landlords not being allowed to kick someone out if they still need to live there. This is an old memory which may not apply anymore, but it might be worth checking.
SmartMoney, I'm getting movers etc. secured within the next week or two. You're right, it's a risk and I need to determine if I'm willing to take this risk. If I do, I need to mitigate it as much as possible. A friend suggested the same thing you did, securing a storage facility just in case.
Quote:
Originally Posted by ansible90
Cali
I'm curious as to why you are only allowing 2 days between closing on your new home and being out of the apartment? Was the May 11 date set by the apartment complex? or the person who will take over the lease? or you?
Maybe there is a way to push the May 11 date out a few more days to give you some breathing room?
Also, check local laws regarding staying in an apartment. Somewhere in the back of my mind I am remembering something about landlords not being allowed to kick someone out if they still need to live there. This is an old memory which may not apply anymore, but it might be worth checking.
The move-out date is determined by me. I'm planning on moving into the home the day after closing (May 10). Also, the person taking over the lease prefers to be able to move-in around this time. It's not a problem for me so I am willing to move out quickly. Pushing back the move-in date considerably probably wouldn't work for her, but I suppose it wouldn't hurt to ask.
I live in a studio; I don't have a lot of stuff. Lol
I moved from a massive 1 bedroom to a studio in one day. Actually, all of my moves happened in one day.
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