Seller wants to remain after the closing date.

Question

I have a seller that wants to stay up to two months after closing. Can I include this in the sale contract or do I have to use a rider. I want to set this up before forwarding to att.

New York.

Answer 1

Make sure you put a time limit on their stay and I would charge them more than your mortgage expenses.  They are a major inconvenience and charging them more than your expense will encourage them to leave.  These should be part of the escrow instructions because you want to withhold funds from the sale to cover all the anticipated rent plus a bit more.  Good luck!

Answer 2

There should be a separate rental agreement describing the terms of the holding over.  The sales agreement should reference this.

Answer 3

We did exactly that after we closed on our first home. Our new home wasn't finished being built. We closed in October on our first home and didn't move into the new one till end if January. We simply agreed to pay the mortgage payment for the buyer until we moved out. This was placed on a separate rider type contract..Your lawyer will draw this up for you.

He will know exactly what should be stated on it.

Good luck to you!:)

Answer 4

I wouldn't do this.