You’ve Closed… Now What?
You did it! You have finally found the perfect home, your offer was accepted and you can’t wait to get in and start loving where you live! Well it’s not always as seamless as that. Getting your keys and taking possession can be dependent on a lot of factors. Let’s take a closer look at some possible scenarios of what to expect and how to prepare.
Contract Negotiation
Typically, the possession of the home is transferred at closing or when the buyer’s funds are disbursed from the mortgage lender. However, that’s not always the case. The contract terms will determine when you can move in after closing. If the seller needs more time to vacate the home, the dates may not match up, and the contract will spell that out.
Closing Date VS Occupancy Date
When Karen and you sit down to write an offer on a home, she will ask you the date you want to close (closing date), and the date you want to move in (occupancy date). Often there is lag time between the two. The main reason for a lag is usually because the sellers need more time in the home while they finalize the purchase of their next home. In this case, the seller may request 30, 45 or even 60 days of occupancy after the closing of the home. It’s important to fully understand and consider the terms you want in the contract, and understand the difference between the two dates.
Compromise is Not a Bad Word
Be prepared for this. After all, we are talking about two parties and households, lining up completely and seamlessly which is a lot of moving parts. Literally. It can dovetail perfectly, or not. A week to 10 days between close and gaining entry is not uncommon.
Moving out can be lengthy process. If a longer term stay is needed, it is also not uncommon for sellers to arrange for some short term housing for themselves. In addition, sellers may request access to a garage or basement for a few days to help them transition out.
Occupancy Dates Are Set in Stone
The Occupancy Date cannot be changed once it is set. This gives everyone a pre agreed upon date to take the necessary steps required to MAKE THIS DATE a reality. Once the Purchase Agreement is signed, it’s a done deal. Neither party can show up at closing and ask for something else.
Lease Back
A Lease Back is an agreement that allows the sellers to continue occupying the property for a time AFTER closing. In a Lease Back, the sellers will have to pay the buyers rent. Make absolutely sure you use your realtor to help with this agreement. Details are extremely important. An experienced realtor like Karen can make sure you include all the terms… including the number of days you intend to stay, and the amount of daily rent you will pay the new owners.
Want to begin finding your new home today? Or, are you ready to list your current home? Karen is equally experienced representing buyers and sellers, and wants to be the realtor that is in your corner. Love Where You Live.
