Is this normal? My contract allows the seller to stay 5 days past closing???

I am buying a house and going to (hopefully) sign a contract soon. I was reading the contract today and one part of it states that the seller has the option of staying 5 days past the closing date if they put some money in an escrow. There are statements that seem to protect me if the seller stays past those 5 days and also the seller will pay the mortgage, taxes, etc. on those 5 days.

Is this a standard part of a contract? It seems strange. What if something breaks or something else bad happens to the house during that time that is caused by the seller? Then what?

Re: Is this normal? My contract allows the seller to stay 5 days past closing???

Re: Is this normal? My contract allows the seller to stay 5 days past closing???

This happened to me when I bought my co-op. I don't recall it being in my contract though.

I went to closing with the idea that I was getting the keys and could go to the apartment that night. Nope. The seller needed to stay a few days before she was able to move.

They put money in escrow, and after she moved out, we got the keys and did a walk through.

In my case everything was fine so the escrow was released to her. The only PITA was that it screwed up my original plans for moving in.

If you are concerned, discuss it with you attorney and see what they say.

Re: Is this normal? My contract allows the seller to stay 5 days past closing???

It's standard. Our seller is going to stay 3 days after we close. Sometimes they need the funds to close on their other place, etc. House is yours and insurance should be in yoru name from date of closing, but they will pay utilities until they leave. Then you take possession. Don't worry, it's standard.

Re: Is this normal? My contract allows the seller to stay 5 days past closing???

I don't care what is "standard" and what isn't , I feel when you go to closing, the previous owner of the house should be out. You will have a walk-thru of house before closing and then again another one upon taking possession. You will have to double check everything all over again - hassle. Not only that, the seller will have money in escrow to cover any issues, and if they stay past the 5 days, you usually get some kind of daily payment from them. Some sellers don't care and take their sweet time, which will likely make you pull your hair out. Unless there is some great reasoN why they absolutely need to stay 5 days, I wouldn't go for it. And if you did - be sure that contract is air-tight and protects you. Its so easy for sellers to take advantage of you when they stay later. Its easy to overlook things during the final walk-thru because you're just so excited to take possession... You may also miss certain damages done during when they moved out, that wasn't there a week prior. Basically, proceed with caution. It happens often, but that doesn't mean you should trust anyone.

Re: Is this normal? My contract allows the seller to stay 5 days past closing???

Yes, it is normal. Especially if the people you are buying from are also buying a new home and need the proceeds of the sale of the home you are buying to bring to closing for their new home.

Re: Is this normal? My contract allows the seller to stay 5 days past closing???

When we were buying our house, the seller was complaining that our lawyers couldn't get their schedules coordinated in a timely fashion for the closing, so she "had" to stay in the house past the closing date. She made it sound like she was waiting and waiting for the closing, yet half her stuff wasn't even packed up and her other house wasn't ready. So before it was put in the contract, our lawyer asked us if it was okay, and said that she would have to pay us for the time she stayed. I think it turned out to be 5 days, and she gave us whatever portion of the monthly mortgage that much time would be equivalent to. She also had to put money in escrow in case anything was damaged during that time. It was definitely weird and annoying that we owned a house, but weren't able to move in, but I guess in the end, it wasn't the worst thing.

Re: Is this normal? My contract allows the seller to stay 5 days past closing???

It's standard according to our lawyer, DH hated that but he had to concede. We had 3 days given to the owner, it's a courtesy for them, but she's actually not using the 3 days it seems, but just in case she needed it she had it in the contract

Re: Is this normal? My contract allows the seller to stay 5 days past closing???

It's standard according to our lawyer, DH hated that but he had to concede. We had 3 days given to the owner, it's a courtesy for them, but she's actually not using the 3 days it seems, but just in case she needed it she had it in the contract

Re: Is this normal? My contract allows the seller to stay 5 days past closing???

It is normal and we stayed in our old house for 3 days past closing. I believe we paid the new owners interest, etc. After we moved everything out the new owner did another walk through signed paperwork and we were done.

Re: Is this normal? My contract allows the seller to stay 5 days past closing???

mine had this as well... but my lawyer cut it down to like 2 days... regardless, we never had to even venture down that road thank god

Re: Is this normal? My contract allows the seller to stay 5 days past closing???

yes normal. our sellers will be staying for the few days after closing