Santa Maria Home Sales Alert: When I Sell My Home When Do I Have to Vacate?
Generally, buyers expect to have possession on the day the transaction closes. But, the issue of possession is negotiable. The typical contract in California calls for the seller to surrender possession to the buyer by 5pm on the date of close of escrow. However, that is not always practical. It is not unusual for a seller to need additional time (3 - 5 days) to vacate the property. Some buyers are uncomfortable with this or need to move in right away. Also, most people try to close at the end of the month, and if they are moving from a rental, they may need to move by the first of the month.
The most important thing is to negotiate any additional time you want up front with the buyer so there are no surprises. Keep in mind that if your buyer is using FHA financing, there may be a limit to how much time you can occupy the home after it closes. The FHA lender will not allow the seller to occupy the home for longer than 30 days, as that interferes with the owner occupancy requirements of an FHA loan.
If you have any additional questions about how to sell your home, feel free to call (805) 878-9879 for a phone consultation about your situation. You need a REALTOR who will make sure that the sale of your home meets your needs as a seller.
Copyright © Tni LeBlanc 2010*Santa Maria Home Sales*
Comments(1)