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What happens when the seller damages the property after the settlement?
What does the contract say?
I would expect contract verbiage along the lines of "property will be turned over to buyer at end of tenancy in similar condition as when closed."
We certainly have something similar to that in our Seller Possession After Closing addenda here.
Asking as it was something I mentioned to my sister who wants to retire (Fla) and move back to VA or NC. I wondered if she could sell her home while the market is doing so well in Tallahassee with the stipulation she rent the home for 3 months give or take before moving? She wants to sell but is not quite ready to retire/move. I've never heard this done but I am clueless.
It's a sellers market. She can get pretty much what she wants
Buyer point of view here. Realtor walks away with fat commission. Seller has hundreds of thousands of my money and pays me rent with it. I'm sitting on my thumbs with no house to move into.
Never gonna happen.
Seller is out by close of escrow. Period.
Here's a good reason for a buyer not to allow that.
Post closing occupancy agreements are spelled out by the attorney.
Many states don't close with attorneys.
But our state forms are created by the Attorney / Broker committee and is standard. We fill in the blanks that determine many of the conditions of the short term lease.
Asking as it was something I mentioned to my sister who wants to retire (Fla) and move back to VA or NC. I wondered if she could sell her home while the market is doing so well in Tallahassee with the stipulation she rent the home for 3 months give or take before moving? She wants to sell but is not quite ready to retire/move. I've never heard this done but I am clueless.
We did it, for nearly three months.
Our earliest move-out date was set by when we would take possession of the next home, a new construction. Our listing agent suggested we list earlier than we thought we would have with the offer to rent the house (at a great rental rate) from the buyer.
We were upfront with potential buyers and had an offer with ten days. The buyers just delayed their move.
Lots of people looking to buy are renting and in month-to-month leases. Some buyers are looking to buy knowing they can’t move in right away. Some buyers are looking to purchase as rental property.
When I sold my SoCal house, part of my counter-offer was a 30-day rentback of my former house. The buyer countered with rent being at fair-market value, a lot more than my mortgage had been, but fair enough.
I needed that 30 days. If buyer had not agreed, negotiations would have been over.
However, anything over 30 days is probably pushing it.
I did it when I sold my last condo. My new townhouse was still a few months away from completion, and I rented back (at market rate) until I could close on my new property. As part of the enticement for my buyer, who was renting elsewhere, to go for this, I lowered the price by $5k. It was worth it to me to avoid having to move most of my belongings into a large storage unit, and move twice.
In my lifetime, I have sold at least 6 homes that I lived in, and in every one of these I had possession of the home for anywhere from 3 days to 7 weeks after the closing. It was part of the contract. I did not directly pay "rent" any of these times, but often made a small concession in price as part of the overall deal. I sold one other home that I gave possession at closing, but that was because I had already moved my things out to my new home. Never a problem.
I do it often with my sellers. Usually for just a few weeks or a couple of months. Use a sellers temporary residential lease.
Rent is usually buyers mortgage pmt, divived by 30, times the number of days. And a large daily holdover rent.
Never had any issues.
I do it often with my sellers. Usually for just a few weeks or a couple of months. Use a sellers temporary residential lease.
Rent is usually buyers mortgage pmt, divived by 30, times the number of days. And a large daily holdover rent.
Never had any issues.
Yup. This part is key to incentivize to vacate on time:
:...And a large daily holdover rent." Make a nice hotel cheaper than holdover.
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