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alex7-2
LIF Adult
Member since 4/06 1418 total posts
Name:
alycia
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question about closing on a house
after the closing..do you have a few days to move out your stuff? or do we have to pay $$. im selling and buying again and i was told i would have to pay..but that wouldnt make sense...who the heck can go to a closing then have everything out by that day..makes no sense to me..
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Posted 10/3/07 10:40 AM  |
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Kara
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Member since 3/07 13217 total posts
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Re: question about closing on a house
Normally, the seller moves out before the final walk-through. If not, then the seller and buyer sign a possession agreement at the closing, detailing what the seller has to pay the buyer (minimum is usually mortgage interest, but there is usually a per diem on top of that for "rent" essentially). The possession agreement will detail when the seller will move out and all terms.
HTH
ETA - If the seller stays after closing, the seller also will escrow money. After the buyer gets possession, the buyer does a final walk-through. If everything is fine, the buyer signs off and the escrow is released. If there are problems, the lawyers get involved before the escrow is released. The buyer may be entitled to some money.
Message edited 10/3/2007 10:42:57 AM.
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| Posted 10/3/07 10:41 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: question about closing on a house
We were told that in NY State, the seller legally has 3 days after the closing to move out. Anything over that and they would pay us rent for however many days they would be there. Luckily, we received the keys the same day as closing so we didn't have to worry about it.
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| Posted 10/3/07 1:00 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: question about closing on a house
Posted by VickiC
We were told that in NY State, the seller legally has 3 days after the closing to move out. Anything over that and they would pay us rent for however many days they would be there. Luckily, we received the keys the same day as closing so we didn't have to worry about it.
Who told you that? Honestly curious.
It's written into the contract how long the seller can stay and what the seller must pay for the days s/he stays. Per our contract, they had to pay us for each day they stayed...
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| Posted 10/3/07 1:13 PM |
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beanie571
:-P
Member since 5/07 2509 total posts
Name:
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Re: question about closing on a house
Posted by Kara
Posted by VickiC
We were told that in NY State, the seller legally has 3 days after the closing to move out. Anything over that and they would pay us rent for however many days they would be there. Luckily, we received the keys the same day as closing so we didn't have to worry about it.
Who told you that? Honestly curious.
It's written into the contract how long the seller can stay and what the seller must pay for the days s/he stays. Per our contract, they had to pay us for each day they stayed...
Our contract stated that the seller had 5 days after closing to move out. We actually changed it to 5 from the 7 her atty wrote in. Luckily she was already out and we got the keys on closing day.
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| Posted 10/3/07 1:20 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: question about closing on a house
Posted by beanie571
Posted by Kara
Posted by VickiC
We were told that in NY State, the seller legally has 3 days after the closing to move out. Anything over that and they would pay us rent for however many days they would be there. Luckily, we received the keys the same day as closing so we didn't have to worry about it.
Who told you that? Honestly curious.
It's written into the contract how long the seller can stay and what the seller must pay for the days s/he stays. Per our contract, they had to pay us for each day they stayed...
Our contract stated that the seller had 5 days after closing to move out. We actually changed it to 5 from the 7 her atty wrote in. Luckily she was already out and we got the keys on closing day.
We did the same thing!
Then again, we also modified that by agreement prior to closing (for reasons too long to explain) and allowed them to stay 12 days...  Longest 12 days ever! 
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| Posted 10/3/07 1:23 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: question about closing on a house
a standard contract gives the seller 5 days to move out after closing. that can be amended by the attorneys if both parties agree.
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| Posted 10/3/07 2:10 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: question about closing on a house
Most contracts give anywhere from 3-7 days for the seller to remain in possession without paying. What is usually worked out is that they will pay mortgage per diem, taxes and any other daily accumulating fees and after teh 3-7 days pay rent for every additional day they remain. Monies are put into escrow in case the seller doesn't move out or if any damages occur during the moveout.
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| Posted 10/3/07 2:23 PM |
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beanie571
:-P
Member since 5/07 2509 total posts
Name:
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Re: question about closing on a house
Posted by Kara
Posted by beanie571
Posted by Kara
Posted by VickiC
We were told that in NY State, the seller legally has 3 days after the closing to move out. Anything over that and they would pay us rent for however many days they would be there. Luckily, we received the keys the same day as closing so we didn't have to worry about it.
Who told you that? Honestly curious.
It's written into the contract how long the seller can stay and what the seller must pay for the days s/he stays. Per our contract, they had to pay us for each day they stayed...
Our contract stated that the seller had 5 days after closing to move out. We actually changed it to 5 from the 7 her atty wrote in. Luckily she was already out and we got the keys on closing day.
We did the same thing!
Then again, we also modified that by agreement prior to closing (for reasons too long to explain) and allowed them to stay 12 days... Longest 12 days ever!
That would have KILLED me. I wanted to start working on everything immediately - 2 hours after closing my DH already had the carpet in the bedroom ripped up!
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| Posted 10/3/07 2:53 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: question about closing on a house
Posted by beanie571
Posted by Kara
Posted by beanie571
Posted by Kara
Posted by VickiC
We were told that in NY State, the seller legally has 3 days after the closing to move out. Anything over that and they would pay us rent for however many days they would be there. Luckily, we received the keys the same day as closing so we didn't have to worry about it.
Who told you that? Honestly curious.
It's written into the contract how long the seller can stay and what the seller must pay for the days s/he stays. Per our contract, they had to pay us for each day they stayed...
Our contract stated that the seller had 5 days after closing to move out. We actually changed it to 5 from the 7 her atty wrote in. Luckily she was already out and we got the keys on closing day.
We did the same thing!
Then again, we also modified that by agreement prior to closing (for reasons too long to explain) and allowed them to stay 12 days... Longest 12 days ever!
That would have KILLED me. I wanted to start working on everything immediately - 2 hours after closing my DH already had the carpet in the bedroom ripped up!
Me, too, like I said it's a long story... having to do with interest rate locks and sellers who verbally misrepresent their intentions to move immediately... They all the sudden didn't want to close until the last possible minute they legally could and we would lose our rate lock b/c we locked early (believing them that they wanted to close immediately...) -- and so we struck a deal allowing them to stay 12 days after closing if we could close on the last day of the rate lock. We even split the mortgage interest b/c we stood to lose too much having to pay to extend our lock for 2 weeks... 
It was part our fault for believing them and not moving the contract date back... but we were very lucky they agreed to close early. Paying half the mortgage interest rate was cheaper than paying to extend our lock.
Ugh - never again. Next time, we'll be smarter.
Message edited 10/3/2007 3:42:14 PM.
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| Posted 10/3/07 3:40 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: question about closing on a house
Posted by Kara
Posted by VickiC
We were told that in NY State, the seller legally has 3 days after the closing to move out. Anything over that and they would pay us rent for however many days they would be there. Luckily, we received the keys the same day as closing so we didn't have to worry about it.
Who told you that? Honestly curious.
It's written into the contract how long the seller can stay and what the seller must pay for the days s/he stays. Per our contract, they had to pay us for each day they stayed...
Our realtor and our lawyer told us that. From what I understood, it's not out of the ordinary and my other friends who have bought houses have had the same clause in their contracts. We did have a $ amount per day that she'd have to pay over the 3 days if she satyed after that.
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| Posted 10/4/07 9:04 AM |
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alex7-2
LIF Adult
Member since 4/06 1418 total posts
Name:
alycia
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Re: question about closing on a house
thanks girls!!!
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| Posted 10/4/07 9:59 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: question about closing on a house
Posted by VickiC
Posted by Kara
Posted by VickiC
We were told that in NY State, the seller legally has 3 days after the closing to move out. Anything over that and they would pay us rent for however many days they would be there. Luckily, we received the keys the same day as closing so we didn't have to worry about it.
Who told you that? Honestly curious.
It's written into the contract how long the seller can stay and what the seller must pay for the days s/he stays. Per our contract, they had to pay us for each day they stayed...
Our realtor and our lawyer told us that. From what I understood, it's not out of the ordinary and my other friends who have bought houses have had the same clause in their contracts. We did have a $ amount per day that she'd have to pay over the 3 days if she satyed after that.
While it may not be out of the ordinary, it's not law that you have to have that in your contract -- or that you have to let them stay 3 days without paying anything.
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| Posted 10/4/07 10:05 AM |
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tabrtm
LIF Adult
Member since 10/06 1314 total posts
Name:
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Re: question about closing on a house
My contract says they have 3 days to move out. Each contract is different. If they stay longer, they pay about $300 a day.
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| Posted 10/6/07 9:11 AM |
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