Is the buyer of your property asking you to store furniture or personal items between the purchase agreement acceptance date and the closing? If so, do yourself a favor and decline their request.
This seems obvious to most real estate agents, but we see sellers unwittingly agreeing to this sort of thing fairly often. A seller friend of mine who used a "discount brokerage" in the sale of his home agreed to allow a buyer to move in furniture, rugs and other items before the closing. He's discovered that was a very bad idea. The buyer defaulted on the purchase and now the seller is attempting to negotiate the removal and storage of a large quantity of furniture that was left in his home by the unsuccessful buyer.
Ask yourself a few questions:
- What will happen if your sale to this party doesn't close?
- Who will be responsible if the stored property is damaged or destroyed (by fire or other cause)?
- Who will insure the stored property while it is under your roof?
- What will you do if the buyer does not claim his or her property?
Depending on the laws in your state, storing property for a buyer under contract to purchase your home may create a form of tenancy, with responsibilities and unforeseen obligations which may become yours to deal with. Many states and municipalities have laws dealing with a property owner's obligations regarding abandoned property.
The first thing you need to do if you are asked to store property or allow an "early move-in date" is to contact a qualified and competent attorney. This blogger is not providing legal advice here, but you should beware the urge to place yourself at risk by storing anyone's property in your home prior to closing.
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