Purchasing the condo we now rent do we have to pay rent during construction before closing?

Question

My husband and I just moved into a condo a couple of weeks ago. We fell in love with the unit and with the sellers incentives, the help of our real estate agent, and a lot of research we are looking to purchase. However the sellers incentives include complete renovation of our kitchen, new carpet etc which are estimated to put our closing date 90 days from now. The Seller insists that we continue to pay our HUGE rent during this construction period even though we are willing to stay in the unit and go through the "pain" of the construction.

We are also experiencing a well documented HVAC issue that has been occuring since our move in weeks ago and causes our bedroom to be over 80 degrees at night!. This issue has not been fixed by the Seller despite numerous evaluations by their HVAC specialists.

Of course we are getting an inspection to discover any other issues we are having, but are we obligated to pay rent during construction since we we will still be in the unit. Or is it possible to negotiate that the rent goes towards our settlement or be forgiven altogether when we put our deposit down?

We live in Virginia.

Thanks!

Answer 1

Sounds like a bad deal.  Are you sure you've run all the numbers?  Inspections sounds CRUCIAL.  If you are still living in the unit, of COURSE you still owe rent.  No one cares that you are willing to stay and go though the "pain" of construction.  You aren't doing any one any favors.  The owner needs to cashflow, and if you live there, you are their cashflow.  

Seems as if they are renovating to please you, which may be a cover up for other large problems.  Your biggest issue is that you "fell in love".  You can't do that, you simply can't.  NUMBERS tell you if this is a value, not your emotions.  Get real with the NUMBERS.  You not only need an inspection, but you need an apraisal before you close.  And yes, you have to keep paying rent.

If you haven't closed yet, there is still time to back out.  What kind of escape clause do you have written into this contract?  I hope you have one!  Never go into ANY agreement without a plan to get out first.

Answer 2

Unless the owner says you don't have to pay rent, you have to pay rent.  If the rent is too high then move out until the unit is yours.

Answer 3

You are obligated under the agreement to purchase and so is the Seller.  If they are not performing you are still obligated and have to seek legal recourse.  You can try to renegotiate prior to closing but you'd better do it through your agent or an attorney so it is handled professionally and legally.