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cuz it seems more like there are two Sellers' Agents.
I've heard about the seller's needs and issues. They sprung the 'remaining in home 3 days after closing' thing on me at counteroffer.
Everything I've read online says you should have documentation with penalties etc if they aren't out as promised, but my agent "will quit when the day comes he needs a lawyer for every transaction like in California."
Well, that's nice he trusts people if HE'S buying a house, but he isn't wanting to write something to protect me.
"remaining in home 3 days after closing" - 'What the xXX' is what comes to my mind.
I suggest move closing date to 3 days later.... When you close, you own the house and all the responsibility and risks. What if they burn the house down on day 2?
CA real estate contracts are different and sellers 90% of the time stay at the house for few days after closing and they pay "rent" that matches up to the buyer PITI.
Every state has different laws and you are better to move your closing date to later date, I did that when I sold in NC. I rented back from the buyer and it was different contract with daily value.
We did a "rent over Christmas to stay in your decorated home" once. Never again. Push your closing date and own the place without potential squatters in it.
CA real estate contracts are different and sellers 90% of the time stay at the house for few days after closing and they pay "rent" that matches up to the buyer PITI.
Every state has different laws and you are better to move your closing date to later date, I did that when I sold in NC. I rented back from the buyer and it was different contract with daily value.
Who told you that? The only way a seller stays in the home after closing in Ca is if the buyer agrees to it.
How do people make up this stuff? Pure nonsense.
OP, you do not have to accept the seller staying in the house after closing. They made a counter offer, plain and simple. You can counter to that counter and remove the renting back to the seller. It is up to you, not the seller.
Just remember that since they countered the ball is in your court and if you decide not to let them stay, you don't get the house if that is a do or die thing for them.
No matter what, you need a rental agreement to protect yourself. Make sure you get a deposit and everything, just like a rental.
In California, I've never let a seller stay in the house after closing. That 90% is something pulled out of thin air and there is no requirement to let the seller stay in the house, period.
Last edited by Mack Knife; 04-23-2014 at 01:31 PM..
Is there not a form to use? In Texas, we have a specific form for when the seller wants to stay in the house for a few days. This 2 page form specifically states who pays utilities, if pets are allowed, and what happens if they don't give possession when specified.
What's wrong with a rent back? Sometimes people want to close before it's feasible for the seller to move out. If you want the house you may have to allow a rent back.
In this case, it was put forth in negotiations. You can reject it and potentially walk. You can ask for concessions for it.
It depends on how competitive your market is.
An attorney is not needed for a rent back agreement. Why does your agent say that?
My husband and I were buyers of a home where the closing date was pushed back 3 or 4 times. It finally came to a point where we asked the seller if we could move into the home 15 days before closing. Our very gracious landlord was getting pretty tired of us asking to extend our lease, and we needed to get out of our apartment.
Our agreement was:
1.) final walk-thru inspection prior to move-in
2.) agreed to accept the house as-is after final walk thru - so if the dishwasher broke and flooded the house within that period of time we were renting from the seller, seller was released of responsibility and it would be our issue to deal with
3.) paid pro-rated rental market rate to the seller
4.) paid a security deposit which was refunded to us at the closing table
OP, you must protect yourself and don't allow your agent to bully you into allowing this without protecting your best interests.
Seems the Seller needs my money to finish their deal.
My Buyers' Agent raised no flags and this and bristled when I suggested nixing it or getting protection in writing.
He said if it gets where every transaction requires a lawyer like California he'll get out of the business.
I'm thinking it's fine if he wants to trust people when HE'S buying a house, but for mine I want my butt covered in writing.
Right now I have nothing but the statement that Seller retains possession until 5 pm 3 days after closing.
One realtor said me being VA I don't wanna get rent for those days.
It sounds like your Realtor was aware of a 'sales contingency', but, did not want to actually put it in a contractual agreement ... probably fearing that you would balk. Now they are trying to bully you into putting yourself in a risky position with no protection ... 3-days before closing!
What happens if the seller's deal falls through? Typically the inspection and final 'walk through' protect the buyer from changes/damage to the property. What protection will you have? Why can't the seller remove their property and then stay in a hotel/motel for 3-days? What happens if there is damage to the property during the 3-days or the moving process? Upon closing, you will own the property and be legally liable for whatever happens there (property damage or perhaps an injury to a mover or visitor) yet, the seller will have your money, but, no further responsibility or liability.
'Your' Realtor appears to be representing the seller and dealing with you in an unethical manner. Contact the Broker and discuss the situation to your satisfaction. You would be foolish to move ahead with the closing on the word of this Realtor.
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