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If one of the addendums says that occupancy is COE + 5 days, that means the seller doesn't hand over the keys until 5 days after escrow closes.
What I'm curious to know is who actually owns the house during that time.
Also, if it doesn't specify any rental agreement or rent, then basically those 5 days are just freebies?
I've asked my agent, but curious to know what others are saying too since my trust factor is somewhat lower than when I started the whole process.
If the buyer has closed escrow, that means they are now the home owners and the sellers are living there for 5 days free unless you worked out a payment schedule, which you should have done. In my market, 2 days can be free, but more than that, we usually charge the seller to stay since the buyers are paying mortgage and taxes for those extra days.
When I sold my last house it was COE + 30 days. This is standard for the area and was a lovely surprise. The buyer owned the house at COE, I maintained HOI and continued to pay all of the utilites. There was no mention of rent.
Ah ok. that's pretty much what I thought!!
Basically the house I'm buying, has COE + 3 and the house I'm selling has a COE + 5. They both have the same escrow closing target date...but obviously the one where I'm buying can't close until the one I'm selling has closed. So while noone told me this, I am somewhat sure they can't close on the same day and will at least have a day between them...
its because I need to try moving into the new house we're buying directly instead of moving twice.
and I can't buy the other house until the proceeds from the sale of my current house get sent in.
crazy stuff this buying and selling houses at the same time
Ah ok. that's pretty much what I thought!!
Basically the house I'm buying, has COE + 3 and the house I'm selling has a COE + 5. They both have the same escrow closing target date...but obviously the one where I'm buying can't close until the one I'm selling has closed. So while noone told me this, I am somewhat sure they can't close on the same day and will at least have a day between them...
its because I need to try moving into the new house we're buying directly instead of moving twice.
and I can't buy the other house until the proceeds from the sale of my current house get sent in.
crazy stuff this buying and selling houses at the same time
Depending on your state and lender requirements sometimes you can do a simultaneous closing where you close on the same day.
Wow, this is another great example of different norms in different areas. In Boise, almost all transactions are written that occupancy is available as soon as the house funds and records. In other words, when the house closes, the seller must be out and the buyer can move in that day. Any "occupy after close" involves rent back terms and changes in insurance, since the house is technically a rental for those days.
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