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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?[
The buyer "can" rent the place back to the seller for a specific amount ($100, in your case) but I would think that by now since closing is so close that should already have been discussed.
The buyer "can" rent the place back to the seller for a specific amount ($100, in your case) but I would think that by now since closing is so close that should already have been discussed.
Short answer is it must be agreed upon.
Agree, usually once you get close to the closing, this kind of thing is discussed in detail. We had the same language in our contract; the truth is, we needed one extra day to get out of the house - we could not feasibly close on the house AND be there for the movers all on the same day. So we closed on Thrusday and moved out on Friday, with $1000 in escrow in case there was damage etc. That needs to be worked out amongst the parties before the closing though.
The buyer "can" rent the place back to the seller for a specific amount ($100, in your case) but I would think that by now since closing is so close that should already have been discussed.
Short answer is it must be agreed upon.
Quote:
Originally Posted by twingles
Agree, usually once you get close to the closing, this kind of thing is discussed in detail. We had the same language in our contract; the truth is, we needed one extra day to get out of the house - we could not feasibly close on the house AND be there for the movers all on the same day. So we closed on Thrusday and moved out on Friday, with $1000 in escrow in case there was damage etc. That needs to be worked out amongst the parties before the closing though.
^Agree with both but keep in mind that you may possibly run into "we're not ready to leave yet" even if you agree to a specific date. My house was sold by 2 sisters-they inherited their house after their mother died. One lived out on LI and one lived out of state. We had to constantly work around their schedules and they kept putting things off. When it came time to close, they put the date off 3 times. We finally agreed and in the contract we had them agree that the entire house and garage must be completely empty by Friday (we closed the day after Columbus Day). When we did our walk through on Saturday, everything was gone and we got our keys at closing. When my sister bought her house, the seller "needed more time" so my sister agreed on a certain date because she was still in the middle of selling her own house so the timing worked out ok but as the date got closer, the lady was almost trying to stay an extra month lol
Both of my purchases allowed three days with a per diem fee after that.
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