630,251
4,800,082
Here in Florida, once the closing takes place the Seller has no right to be in the home. He is no longer the owner. They would need permission from the new owner and most often it would require an attorney drafted post closing occupancy clause.
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Frank Rubi
Metairie, LA
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Michael Jacobs
Pasadena, CA
279,878
5,868,554
I think it is MUCH easier when Sellers are able to be completely out, and clean the home prior to going to closing!
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Frank Rubi
Metairie, LA
5,583,278
Our sellers are totally out of the home before they sit at the closing table.... it can be photo finish, but they are totally out and the home is cleaned....we like to do the final walk through the evening before closing.....
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Frank Rubi
Metairie, LA
856,072
It is common practice here for sellers to be moved out at recording. A special addendum or rental agreement needs be written for anything different. Most buyers and buyers agents do not want sellers in home after it has closed. Door open for all kinds of problems which Sam addresses just one of. Mark
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Frank Rubi
Metairie, LA
1,239,901
In CA it is in the CAR purchase contract.
With sellers often unable to find a place it is common to stay at the house for awhile. Lately the sellers want free rent back as a consideration to accept that offer over others. Inexperienced agent created a vacuum to allow seller to take advantage of the offer by delaying the moving out date. Agent needs to stipulate high rent back cost after so many days to get sellers to move out.
Sam Shueh
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Michael Jacobs
Pasadena, CA
911,338
Here, most sellers are out before final walk-thru, or before settlement. Sometimes, there is a rent back up to 2 months if buyer and seller agree on terms.
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Debbie Gartner
White Plains, NY
6,393,494
938,537
Joan, the vast majority of the time the buyer gains possession immediately after the closing. Since everything is negotiable there is is post closing addendum, but most buyers do NOT care to grant this request.
1,712,676
In Oklahoma we have possession at table funding. This means that once all funds are received you own it at that moment. Our contract has separate dates for closing and possession. It is typically the same day. The art of a REALTOR® is to coordinate with others when you have a closing chain so that courtesy is extended to all parties and that is always difficult.
446,414
In Texas buyer takes possession upon closing and funding unless otherwise stipulated in the contract.
5,104,931
That is not at all customary in North or South Carolina. Seller is out the day of closing just prior to closing at the latest. We rarely see a seller have possession after closing.
1,622,432
No, here in SoCal( i'm in Los Angeles), the buyers receives the keys at the day of closing the escrow. It is rarely that the seller have a few days or months after the COE. All extension terms are going through addendums to RPA or escrow.
1,683,912
Most of our contracts we write have possession on the day of closing. The buyer gets the keys at closing.
4,319,419
Joan Cox - it does not happen in MA - and if sellers want to stay, we have additional documents to be signed by all parties.
969,888
Joan, here our practice is for the seller to be completely moved out by Act of Sale. Generally we don't have issues on move out.
3,986,258
I have been doing this for 16 +years and the sellers were always out on the day of closing...unless noted otherwise in the contract.
5,868,554
Up until a couple of years ago, we knew Colorado was among only a handful of States that allowed Sellers to remain in the home after closing.
2,443,250
Sellers remaining in the property after closing is very rare in our market. If it were negotiated in the purchase agreement I would require a healthy amount put into escrow for any damage they may have when moving out.
4,572,183
Hi Joan - in my market in Southern California, there's nothing that is "customary" or "typical" and it's all open to negotiation. If it is agreed that the seller will stay beyond the close date, we have forms that are completed(in CA real estate there's a form for everything). If the term of the "holdover" is less than one month, there's a form and if it is longer than 30 days - there is another. Our brokerage recommends that if this is something that both sides want, there should be some compensation in the addenda(it can be just one dollar for the term but we have been instructed free rent is discouraged).
As Sam Shueh answered -- in a competitive and extreme sellers market as we have experienced for a while, it has become more common. If the sale has a mortgage, it's necessary to make sure the lender is aware and approves of any leaseback over a certain time -- also buyer/seller/now landlord-tenants' insurance companies.
5,868,554