Need advice with condo closing

Question

heeelllpppp......

Im closing on a condo and the sellers asked if they could stay

in the property after closing....the problem is, I have to be out

of my apartment by august 29th- what can I tell my lawyer to

protect myself- I dont mind if the seller stays in the condo

a couple of days, but I need a guarantee they will be out

by 8/29

Answer 1

Have a rent back agreement prepared and placed into escrow. Charge them a per diem for the rent and a deposit. These amounts will be charged to your Seller and credted to you on your Settlement Statement. If you have a Lender involved, you will probably need to have Lender approval in order to do this.

If this is something you don't feel comfortable doing then you are not obligated to if this wasn't agreed to on your contract. Most Buyers have move out dates, such as yourself, and moving trucks scheduled - so the Seller should understand.

Frankly, I was uncomfortable with having my Seller stay in the property for three more days past our closing date but was talked into it by my realtor. The Seller didn't stay the whole three days but actually left the day after it closed. When I went to check on the property I found a pipe was broken in the laundry room and leaking heavily. The Seller just left town and never said anything to anyone.

Answer 2

Say no. Simple as that.  

Answer 3

The best thing to do is avoid them staying. However, your attorney may be able to draft a condition to the closing where they pay you x amount of dollars per day and the funds from closing are withheld until their departure, in a non-interest bearing escrow account with your attorney. Their departure would be subject to a second walk thru.

So essentially they are your tenants for a day or so.. :)   Your attorney would know more as your state may have specific laws that prohibit such actions as well as the condo association by laws.  

Answer 4

Just politely let them know that it isn't an option, since you have already given your notice to your landlord, based on the closing date. If you know of anyone that is trying to rent out a place, offer them their name and number. The current owners should understand. They shouldn't expect you to be homeless, because they didn't plan.

Answer 5

Do NOT allow the seller to remain in the property after the closing!! They need to find a hotel, or some other place to say.  After the closing, they would be squatters and good luck getting them out.  Depending on your state, it could take up to 6 months!!!! During your final walk-through, make sure that the property is in the condition you want it to be (ie VACANT) before you sign the closing documents. Otherwise, good luck in court.

Answer 6

You need to have them sign a lease agreement seperate from the purchase and sale agreement, so that if they don't leave when they are supposed to, you can go to the court and evict them. Legally, they will be your tenant and you will be a landlord.

There is no guarantee they will leave...you have to trust them. As incentive, I would collect a large deposit from them for security to be refunded on their vacating on the 29th. Have it written into the lease. Your attorney or real estate agent should be able to provide you with a standard lease for your state.

Answer 7

That could be quite a liability for you. What does your lawyer say?