Updated about 4 years ago on . Most recent reply
Moving up the closing date when sellers are occupying
Hey again BP!
I'm currently in escrow on a property with all contingencies removed. My wife and I will be using it as our primary residence and we are stoked to move in and make it our own.
My lender just contacted me and said we will be able to move up our closing date by about a week. Seems like a great idea on our end, since it'll save us money on our prepays.
Here's the tricky bit: our new closing date would be 5/27, but, based on our contract, the sellers will remain in the property until 6/6. We haven't technically called this period a leaseback or anything official like that. I'm wondering if I need to have my agent draw up a purchase addendum saying that this is a leaseback period and seller will pay for utilities, keep the property insured, not trash it, etc. for our own protection. It just seems like I should take some sort of precaution if people are going to live in the property for a week and a half after we technically own it.
Perhaps I'm overcomplicating things? Let me know! Thanks,
-Bryce
Most Popular Reply
Why not extend closing to 6/6? Time is golden when you're under contract, and its free. Once you close the property is your responsibility