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Good info - thanks guys! Our buyer's agent came through and stated that if there's anyone still living in the house at close, we won't be signing/closing. I think that's the best we can do. Thanks again!
Well, it's my policy not to comment on issues buyer's & seller's have in specific transactions in Colorado, because I do not want to been seen as interfering with someone else's deal.
It used to be typical to give sellers 1-3 days after closing to move & clean. Not anymore. We have a post occupancy agreement now.
When I started in 1989 it was typical to give sellers the rest of the month possession in Pueblo. Mostly due to Sellers paying on their FHA loan until the end of the month.
In a relo deal - the buyer is at the mercy of whatever the relo company wants or does not want.
It is not "typical" for the seller in a relo deal to retain possession when their job has forced a relocation.
And, I do have lots of stories about Sellers retaining possession after closing for various reasons. A widow couldn't bear to leave the family home. The seller's movers failed to show up. The title company folded before the seller's loan was paid off and proceeds never wired. When I sold my house there was no penalty for retaining possession, as written in the contract by the buyer's agent. I stayed a week.
Relo companies can be a real pain. And for all the many stories of good settlements, it just takes one to color everyone aftewards for a person.
Good info - thanks guys! Our buyer's agent came through and stated that if there's anyone still living in the house at close, we won't be signing/closing. I think that's the best we can do. Thanks again!
Verbal doesn't really hold great weight. Although it can warn one that you will be inexplicably delayed to closing or suddenly very ill.
Good info - thanks guys! Our buyer's agent came through and stated that if there's anyone still living in the house at close, we won't be signing/closing. I think that's the best we can do. Thanks again!
"If its not in writing then it doesn't exist"
imo be careful about that, address closing/possession as a provision then; because a problem I can see with 'we won't sign' is that it can be seen as you are the initiating party willfully breaching and not closing, esp that the seller will be at the table, even if by proxy or signed their docs ahead of time.
Good info - thanks guys! Our buyer's agent came through and stated that if there's anyone still living in the house at close, we won't be signing/closing. I think that's the best we can do. Thanks again!
That's the way it works in most places. Just let them know you'll be doing a last minute walk through when the house is vacant right before you go to closing.
Let them know If the house is not vacant it could cause you not to close. They will not want that.
Let it be known, When the loan is funded it's your house and that's when you'll want possession to start moving in.
Do most contracts have this clause? I don't remember any of mine having any kind of penalty per day for not delivering the property.
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