Penalty for not vacating on time?

3 Replies

Working on purchase a home for myself. Going back and forth on setting a potential closing date. Sellers wants to move it back several weeks to find a new home to move to.

Question: Once we agree on a closing date and it is in the buyers contract is there any penalty imposed if the seller comes back and says they need more time to get out for what ever reason?

You might be able to do a rent back to the seller. Ask your agent about this. 

Most of the time, when real estate contracts are done and there are dates for certain things to be accomplished, they are tentative and most frequently are changed with a dates addendum. If you want them to close quicker you can do a time is of the essence clause where they have to pay "x" amount of dollars per day that they go over in their closing (usually $100 a day here in CT). This is most commonly used on buyers though but it can be used on sellers as well. Keep in mind though that this can bite you in the butt too if you go over on your dates.

The issue is them holding me, the buyer, up from moving in. If I have told my current landlord I'm leaving end of the month in two months and he rents my place that puts me on the street.

How can I make sure in writing this cannot happen is my question. 

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