Post-closing occupancy, post-settlement, rent back, no matter what you call it, there are situations when the seller needs to stay in their home after the final closing date takes place. Make these arrangements during initial negotiating. Buyers must agree, and a formal contract or addenda needs to be in place. Post occupancy details: when does the agreement start? Is there a charge to stay? Was this negotiated at the time of the contract? Is there a security deposit?
A few years ago, selling the farm, the sellers were allowed to keep possession for a month to coordinate an out of state move. During that time, the new buyers had permission to be on the property with contractors, designers, etc. This agreement was a negotiating tool and was a win-win for all.
Post occupancy details: When does the agreement start? Is there a charge to stay? Was this negotiated at the time of the contract? Is there a security deposit? Cost per diem, double insurance coverage, and of course, the “what ifs.”
Needed repairs, utilities, condo/HOA fees, taxes, lawn care, and more. Does your post-occupancy agreement cover these concerns?
With our pandemic, there are other situations. The next home may not be ready, and they want to avoid a double move.
Special addenda are required to spell out the terms such as,
needed repairs, utilities, condo/HOA fees, taxes, lawn care, and more.
Questions about staying in your home