Tony Busanich it is pretty important here, and could get to be a nightmare if you don't pay attention to the details.
Raymond Henson, SRES, GRI thank you, and one buyers and sellers need to know the ramifications.
Raymond Henson, SRES, GRI
Elk Grove, CA
Hi Joan... we have state-mandated forms for early possession or post-sale occupancy. I rarely do them, but knock on wood when clients needed them we had no issues.
Nina Hollander had one a few years ago that looked stellar when the buyers bought it, but never did one thing after closing - for a MONTH! Dog poo, leaves, never vacuumed. Never again, without a deposit!
Nina Hollander, Broker
Charlotte, NC
Our possession agreements call for money... and you really have to know the clients before you do something.
Hello Joan - what works for one, may not work for all. And this does not only concern people(be they a seller or buyer) but also situation and timing. Yes, it's an option and one where much discussion needs to be a part of the conversation.
Michael Jacobs my exact point, it will most likely depend on each and every transaction.
Michael Jacobs
Pasadena, CA
Hi Joan I am not a fan of pre or post occupancy due to the liablity and issues that comes aong wih it. If we do one it's typically handled by an attorney and has a lot of teeth to it for both parties to perform.
Hi Joan Cox - interesting that I am seeing a few posts about post closing occumpancy. It is a sign of the current real estate market.
Joan Cox I have enough problem with some sellers not leaving properties as they should thinking buyers will want some of their possessions they no longer need. The buyers do not want it and feel taken advantage as they have to dispose of the items -- possession at closing is best
In our state, it is not as clear ut as it was before.
Happy Wednesday Joan Cox
Hi Joan Cox - It is good to have a written document spelling everything out. I really discourage this. I would rather see the closing date extended. Sometimes though, that cannot be done without occurring other costs such as a lock on the mortgage rate, just to name one issue.
I always advise against this, but if my client still wants to do it then I will provide an agreement for them to execute and let them know that it will then be between them.
Anna, if at all possible, my transactions take possessions after closing, and prefer not to prepare this document either.
Grant, I think many in my area, are Sellers worried about locating a replacement home, and the days in the home after closing will enable them to locate and close on a replacement home.
Hannah Williams I have in the past too, but over the last few years, if it looks like the Seller isn't the "clean freak" we hope to have, I spell it out in the post closing document, and have not had these issues anymore.
Sheri Sperry - MCNE® I agree, possession after funding and closing IS best, but on that rare occasion, we have to prepare this document.
Thank you Joan, great information to us when buying a home.