Buying a Home – 10 Things to Know when Making an Offer #10 – Occupancy
When preparing your home offer you need to define when (or if) you will occupy the home. Post 10 will explain occupancy issues.
Number 10 – Occupancy
If you are Buying a Home in California right on the contract you will have to state if you are buying as an owner occupant or not – generally a Real Estate Investment. Some Home Sellers care because they have limits on sales to non-owner occupants. However, the lenders will care and it may make a difference on loan qualification.
You also need to define when you will get occupancy to the home. The Home Seller may rent back while they prepare a move. As a Home Buyer the seller may let you move in before closing and this should be defined in the contract.
If the property is tenant occupied the contract should clarify when the tenant will be out. Who is responsible to see that he is out. Or under the conditions the tenancy will continue after the Home Sale.
The standard contract is owner occupied and occupancy rights change with the recording of the Title. But beware it is not always so and other arrangements can be made.
For Real Estate Service and Real Estate Investments in the East Contra Costa County Communities of Brentwood, Antioch, Oakley, Pittsburg, Discovery Bay and beyond Call Home Point Real Estate at 925-260-4321.
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