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so its not a fact at this time, but rather a possibility.
Usually some alternatives are offered:
The seller has to pay for your storage fees and your accomodations til they are vacated. during which time if you have closed, they pay a daily fee to reside on your OWNED property.
I'd personally play hard core if you are from out of town moving there...and see what laws allow for an immediate eviction upon closing. Or trespassing since its now your property. Wouldn't want them to be overstaying this bit of legal transaction.
We are located in Tampa and have a ratified contract to purchase a house here.
It now turns out that the sellers may not vacate the house by the scheduled date of close which would leave us in a bind. We have not been told this specifically but there have been hints about this possibility. This may happen because of a personal situation between the sellers who are going through a divorce/separation.
In the meantime, we have to vacate our rental just after the date for closing on the purchase which would leave us without a place to live and having to put our furniture and personal effects into storage.
I am sure this is not the first time such a situation has occurred and my question is what are the remedies available to us in this situation in terms of the additional expense we will incur.
Is there anything we can do to safeguard our interests? The seller has already breached the contract with regard to something that was supposed to convey with the house which they now they have decided unilaterally they will not leave.
Don't close until they have vacated, that's for sure. And I hope your contract stipulates a final walk through before closing, too, to ensure they have not damaged the property before closing.
Also, contact your landlord and see if you can do a month by month if this deal falls through. We had that option on our place but thankfully closed a couple of weeks before we vacated our apartment.
I would close, get the keys, head over to the home with a locksmith and immediately change the locks.
I had a similar situation with my buyer that the sellers did not want to leave until a couple of days after closing. We flat out told them that is not a possibility.
The home is no longer theirs, that would be against the law for them to be squatting in your home.
Lots of good and helpful advice. We are going to talk to the landlord about giving us a month to month lease just in case things get delayed with the close.
How often does it happen that a close does not take place on schedule and how do buyers and sellers deal with it?
Ugh. Ordinarily one would think it is the seller, not you, that is in a bind since they are at fault in the contract.
HOWever, in this case.... nuff said
Your settlement atty/realtors should help develop a way for the sellers to get that $2k deducted from their proceeds if they will not replace the item. (I'm thinking it's a refrigerator or something similar).
I wonder if the person in the house is aggressive or fearful/sad/depressed? Could be helpful for you to determine this in order to know how to handle it and what to expect.
If you wait it out, will your loan commitment hold?
Also check how long your lender's appraisal on that house is good for.
Also check on whether the upset person refusing to leave the house has also decided to stop payments on the house and maybe even utilities. Drive by every so often and see if they might be letting it go.
We had it in the contact to have 3 days right of possession after close. This was the same the sellers had on the condo we bought. If that isn't in the contract, then when you close, you can call the cops.
AS an old retire long time real estate broker, do not listen to what the people on this site are telling you. They are only giving you their opinion, and what they tell you may or may not be legal in your state/city.
Get a local real estate attorney to give you an opinion and advice. Under the circumstances, it will be some of the best money you ever spent. Do it now, as you need to prepare for any problems that develop. If the contract calls for something to be left such as a refrigerator, have the attorney notify them that the value of the item will be deducted from the closing funds. It is this type of thing, that gives them a wake up call to close as agreed.
Note how some tell you to call the cops, etc. The cops are not going to get involved as it is a civil not a criminal matter. Quit listening to people on a talk line, and get a real estate attorneys advice. I mean an attorney that specializes in real estate, not a divorce attorney, etc., who really may not know a thing about real estate problems.
The trouble with the advice to get an attorney is that most people have no skill at shopping for attorneys, because most people are honest enough to hardly ever need attorneys. They usually end up getting some random attorney instead of a good one. Too many attorneys are dishonest and incompetent. The profession attracts dishonest incompetent people like ants to honey. That's why you can never afford to get a random attorney, but always have to check them out carefully, using advanced attorney-shopping skills. Which most people unfortunately don't have.
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