Do I Get to Stay in My Home For A Week After Closing?
We come up against this thought process often and continue to explain that the day of closing, belongs to the buyers.
This is why it is so important to plan the closing date, because whatever day that is..you as the seller will be moving out the day before, UNLESS other arrangements are made with your Buyer. Joy
Do I Get to Stay in My Home For A Week After Closing?
This is a question I get asked quite often when I bring a signed offer back to my sellers. They may have originally moved to Florida from a state where their contracts gave them time in the home after the closing.
In Florida, at least my area of New Port Richey to Hudson, day of closing is day of possession - it says so in our contracts. Thinking about that, I thought of the complications of seller possession after closing;
- The insurance nightmare. Insurance companies won’t extend insurance past the day of closing so what if something happens during that week? The new owner’s insurance might not pay if the insurance company finds out they haven’t take possession yet.
- What if the previous owner damages or breaks something in the home during that occupation, A second final walk-through is always recommended prior to the move out.
- Many buyers need to move in right away because they have sold their home and would have nowhere to live for that week.
- Many loans dictate that the buyers have to occupy the home.
- Many new owners would want a large deposit if they could give the old owner that extra week; this would be wise along with an written agreement.
As an agent, I always try to discourage the sellers from wanting to remain in the home for a time after closing: there are so many liabilities on both sides.
If they insist, I explain that the buyer will want rent for that time period. Some are horrified that they would be asked to pay rent for THEIR home - I gently remind them that after closing it is no longer their home; and they are asking the buyer to take all the liability so the buyer should get rent.
Most sellers opt to move out on the closing day or prior to it. But if they do insist and the buyer is willing, all exigencies should be carefully worked into an addendum.Call Toni and Craig Weidman - we have 21 years of home sales in New Port Richey to Hudson and beyond. 727-237-0083 or 727-359-9518
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Do I Get to Stay in My Home For A Week After Closing?Looking for a great agent? Let me help you find one.Thinking of Selling Your Home in the Trinity-New Port Richey to Hudson Area?Craig and I have been selling in this area for 21 years.Call Me or email my assistant, Shayna (an SPCA Suncoast alumni).Toni WeidmanGRI, Broker-associate
Re/Max SunsetTrinity, FL 34655727-237-0083
Websitesemail: homesbytoni@gmail.comWe support the SPCA Suncoast in New Port Richey, FL.
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