Closing/Staying after?

I have a question. My parents have been given the run around by attorney and sellers of house they are buying regarding a closing date.

Now the seller for some reason keeps insisting to stay 3 days after closing no matter when the closing is. I don’t understand this at all and it is very difficult for my parents as they will have to pay for extra days for moving truck storage, hotel, etc. And the wife says that NY law specifically allows it.

Can anyone tell me if this is a law or not or are my parents getting screwed.

Re: Closing/Staying after?

I'm not sure about law but if the seller stays past the closing date, they have to pay some amount of money (not sure at all what it is) but some money for the days they are there. The sellers of our place were there for a day after so we got some money for that. Have your parents talked to thier lawyer?

Re: Closing/Staying after?

The seller can stay in the house for up to 30 days after closing, according to what I have been told. Of course anything can be negotiated $$-wise when it comes to any extra burden on one party. Your parent's attorney shoud be a bit more "aggressive" and let the other attorney know that it is creating a financial burden and additional stress.

Re: Closing/Staying after?

The seller stayed in our house for 2 days after the closing. She had to put money into escrow in case any damage was done, and we did two walkthroughs, one the day of closing and one the day she left.

ETA: And she also had to pay for the mortgage and taxes, prorated for the days that she stayed.

Message edited 6/8/2005 12:58:13 PM.

Re: Closing/Staying after?

it all depends what is in their contract. When I bought my house I made sure to take that claus out so the seller was out the day we closed and I changed the locks. Have them check their contract to see what it says.

Re: Closing/Staying after?

Every situtaion is different and it all goes back to the contract. It's customary to give the sellers three days to get out, however, this is not a rule or a law. When we bought our condo, the seller actually stayed in it for 30 days before we took possession. Though we owned the place, he paid the utilities and paid us rent. When we sold the condo, we needed a total of 5 days to move out, so we paid the new owner rent for that time - technically lowering the selling price. Money is held in escrow until the move is complete. This was in case I decided to trash the place while a "renter".

So, if your parents want to move in at the time of closing, this has to be negotiated into the contract with the sellers and their attorney. However, this could become a deal breaker. As an alternative, have them calculate the amount of money it will cost them to make arrangements for these three days and have the seller lower the selling price of the house by that amount.

Re: Closing/Staying after?

Thank You all so much.

I guess I was trying to figure out how that was handled b/c if something happened when the sellers were in the house, yet it was now in the new owners names.

I appreciate all of you taking the time to answer.