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We are scheduled to close on a home in 2 weeks. According to our contract, the seller is supposed to have some electrical issues resolved by close date. I just found out that he is waiting on the appraisal to come back before he starts the work, although I've been assured, he will get it done in time if it is appraised for what he is asking. However, he also has not, to my knowledge, started to make any moving arrangements. What do I do if we go to closing and he hasn't moved out. There were no stipulations in the contract that he needed additional time to be moved so I thought he had to be out. We are going to be renting the home we are now living in and I don't know what we will do, if we can't rent it on time. I'm just wondering if I can charge him rent or what?
I just copied/pasted this from our contract to buy:
POSSESSION. Possession of the Property shall be delivered to Buyer on Possession Date at Possession Time (§ 2.3), subject to the following leases or tenancies: n/a . If Seller, after Closing, fails to deliver possession as specified, Seller shall be subject to eviction and shall be additionally liable to Buyer for payment of $ [CENTER]200.00 [/CENTER]per day (or any part of a day notwithstanding) § 2.5.1) from the Possession Date and Possession Time (§ 2.3) until possession is delivered.
If it's not in the contract, then I'd ask your realtor!
Had this happen. Docked the seller $2000 a week(took them almost 5 weeks to get out so $10K more off the sales price + excellent condition furniture + some of the moving costs)
We are scheduled to close on a home in 2 weeks. According to our contract, the seller is supposed to have some electrical issues resolved by close date. I just found out that he is waiting on the appraisal to come back before he starts the work, although I've been assured, he will get it done in time if it is appraised for what he is asking. However, he also has not, to my knowledge, started to make any moving arrangements. What do I do if we go to closing and he hasn't moved out. There were no stipulations in the contract that he needed additional time to be moved so I thought he had to be out. We are going to be renting the home we are now living in and I don't know what we will do, if we can't rent it on time. I'm just wondering if I can charge him rent or what?
Thanks!
What does your contract say about possession? At time of Closing?
What about consequences for failing to close on time?
Your contract should indicate any recourse or consequences of the either party failing to perform.
I would let everyone know I wanted to do a walk through the evening before closing to verify all work is done & the seller is out of the house. I'd let my agent know I would not close unless all is complete & the house is vacant. Let everyone know up front to put pressure on the seller.
If possible, Do not close on a Friday in case there is a problem & give your movers an extra day - don't have them show up with your stuff the day you are to close.
My situation is different..I'm waiting for the buyer appraisal...the inspector came, repairs are done and I'm ready to buy my other house but my buyer change the lender...I'm desperate, we were going to close on March 15 and I was closing my other house on March 17. What can I do?
Our seller could not be out by the specified date, it was 2 days later, so our Realtor rescheduled the closing, which actually put the seller in a bit of a bind, as he had a closing on HIS other house that could not be done on time. His realtor, set it up, so that he could go to his closing and sign all the paperwork and then have the money wired from our closing, on the day we signed. My advice to crazy one, is tell you realtor what is going on and let them handle it, as they do not get paid, until closing. Call them frequently, as sometimes, we all have to work for our money.
When I sold my house last year we decided we would rent short term before buying. It was just way too much stress trying to coordinate the buying side with the selling side. The best part is it has made us very strong buyers as we are on a month to month lease and are very flexible.
My situation is different..I'm waiting for the buyer appraisal...the inspector came, repairs are done and I'm ready to buy my other house but my buyer change the lender...I'm desperate, we were going to close on March 15 and I was closing my other house on March 17. What can I do?
Who says the loan will not be approved in time for closing?
What does your listing contract say about default?
What does your purchase contract say about the sale of your residence?
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