Don't Agree to Delaying Physical Possession
Possession is the final action in the purchasing process, where the buyer takes control of the real estate that has been purchased. The keys are handed to the buyer and the former owner no longer has access to the home.
Sometimes the seller could ask for permission to the real estate for a period of time after the closing. You have the prerogative to approve or reject the buyer's request, but before you make that choice, there are some important angles to keep in mind.
When the Seller Asks for a Possession Delay
Sometimes, in the final few days of hurried activity just before closing, a seller asks the buyer for additional time in which to vacate the house, or to clean up loose ends for the move. While such a request may seem perfectly in order, it has to considered to be a red flag. If the buyer decides to allow the seller to stay after closing, they must, at least, be required to pay a fee for the additional days, and that part of the transaction has to be carefully documented.
There must be a limit on the amount of time the seller can stay in the property after closing, and it must be in writing. A clear agreement between the parties setting forth the specifics of the post-closing possession can be provided by the attorney.
A seller may attempt to manipulate you by waiting until the last minute and then putting you on the spot. If the seller says at the closing that he or she needs to stay in the home longer, it is normally advisable to delay closing on the property until the seller can vacate the property.
Once you close on a property, that property belongs to you and is your responsibility. This holds true even if it is still occupied by another party. If the seller accidentally starts a fire on the property that destroys the house, it is your loss because of your status as the owner of the property. The renter/seller will have no financial responsibility for the loss unless it is specified in the post-closing possession agreement, and when that is so the seller's liability as a renter is likely to be restricted under law.
Sellers who retain possession after closing have less motivation to clean the property. When closing on real estate, you are accepting it in the condition in which it stands at the time of closing.
Whatever occurs after the closing is the responsibility of the buyer, without regard to who is living there. So if the carpet gets a cigarette burn or the start leaking, you will have to pay out of pocket to repair the damage.
Another problem with letting the seller keep possession after closing is that items that should remain with the home, such as the water heater or light fixtures, can suddenly vanish between the closing and final possession of the property. Even in this case, the buyer is responsible for the missing items.
When you own a home, you need to be in full control of it. This premise is simple to see when you are considering to answer the door and admit guests, and it is no less the case when you are asked to accommodate a delayed possession as part of the purchase.
This content was provided by Automated Homefinder, your Boulder real estate experts in Colorado