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Real estate possession after closing.

Staten Island, NY |

What clauses should I make sure to add or not to include in the agreement when seller wants to stay in the house for a month or so after closing?

Attorney Answers 4

Posted

First of all, you should not be representing yourself in a real estate transaction.

My advice is always to do everything possible to obtain vacant possession at closing- it can prevent a lot of headaches going forward. Having said that, if there are no other options, the contract should require a large escrow amount held back in the event that the seller stays longer than he or she is supposed to ( and/or for damages). In addition, a strict per day amount should be specified for liquidated damages should the seller be unable to vacate on time ($250+) along with tax adjustments and your mortgage interest . The contract should state that no landlord client relationship should be construed. Finally, make sure that vacant and broom clean possession will be delivered when the sellers vacate.

A good real estate attorney can protect your interests and tailor the contract to your particular concerns.

This information is given as a courtesy and does not create an attorney-client relationship in any way. Any advice received must be verified. The specific facts of each matter make it impossible to offer specific advice that is accurate.

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Richard J. Chertock

Richard J. Chertock

Posted

In addition I would make sure that the clauses of the contract that provide for all appliances in working order, roof free of leaks, no violations, plumbing heating and electrical in working order etc. survive closing and that possession be given in the same condition as when the original offer was made subject to reasonable wear and tear. The agreement should not only cover the possession of the premises but its condition at delivery as well.

Posted

Hire a lawyer to do the closing you will save money and lots of headaches later on.

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Posted

I generally agree with Attorney Karhu as to the details of a good post possession agreement and his opinion that these situations are best avoided.

In this situation, extra caution is warranted. One month is a very long time for this type of agreement which is typically used when the seller is waiting for some other contingency over which he has little control (i.e. a new house being built or remodeled). If at all possible, I would postpone the closing until the seller has settled his issues and then close shortly thereafter.

Note: This response is for general informational purposes only. No attorney-client relationship is created. No responsiblity shall be taken by the submitting attorney for any individuals acting pursuant to any information contained herein.

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Posted

In my experience, when you pay someone in full for a house, you should get, in exchange, full possession of the house. Nothing good could come of you paying the Seller in full and letting him or her stay in the house for a month after the closing.

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