All we were waiting on was seller payoff. When the buyer makes the offer, they can request that possession be the date escrow closes, but this is rarely done since that would mean the seller basically had to have most of the move completed before they knew for sure escrow would close. Right, until something is lost or stolen. I'm going to talk to my attorney in the morning, but wanted to get an idea of what my options are. Is this a good idea? Your purchase agreement also may state that a buyer who misses the original closing date must pay the seller a penalty, such as a flat fee or a daily charge for each day past the original closing date, compensating the seller for additional tax, insurance, and mortgage payments in the interim. A Closing date is established on the purchase agreement. 5 Penalties for Missing Your Closing Date 1. There are a lot of factors that can trip you up when you are looking for a loan. It delayed our closing over a week which really should not have been an issue. There are many reasons why a real estate closing can be delayed or even worse, cancelled. Buyer asking to move the closing date by a week and a half. In some cases, the sellers may need more time in the home after closing while they finalize the purchase of their future home. You Could Face a Per Diem We asked for permission to move possessions early in with the understanding that the house does not belong to us and that the seller is not liable for damage or lost/stolen property. A property can close early if all parties agree in writing and all contingencies are met. Anyone else experiencing this recently? ^^^I don't like your answer! If you can't move by the closing date on your home, one important possibility is to ask the buyers for something called a "rent back," allowing you to stay in the home even after the closing. Just heard that the sellers' house they are buying fell through and they are probably going to want more time. How long you have to move after closing on the sale of your house depends on the terms you negotiate with the buyer. If a seller agrees to allow a buyer to move in before closing, both parties need to be aware of the potential issues that could occur in this impractical situation. The offer will specify not only your closing date but also your occupancy date. Second, the buyer and seller can sign an amendment agreeing to extend the closing date until a new date when the seller will be gone. However, … Help! I have a signed contract with a closing date "on or sooner" than Jan. 18th. The process can become complicated if you need to sync up your move with the closing date. Getting this all done in advance should give you an idea of what your price range for a home is. What would stop them from coming up with excuses to delay the closing 30 days? For a first-time buyer, delaying closing might sound like a headache, but Edie Waters, a Kansas City agent with 25 years experience under her belt, says it’s a non-event for most agents. There is no reason the buyer should be waiting on the seller. A court might order the contract to be extended, to give the buyer more time to obtain financing. Closings usually happen when the loan is ready to fund. Might not be the same in ALL states. And sending a nice fruit basket to the seller isn’t going to cut it. Here are some potential downfalls that can be faced with early buyer possession from the perspective of the seller. Do whatever you can to make the seller follow through. Generally, this is 30-45 days from offer acceptance. Most sellers will balk at this, since there are numerous horror stories about buyers bailing out of an escrow at the last minute. As a buyer, you shouldn’t be alarmed if this happens — in fact, it’s best to be prepared for it no matter what. If someone really wants to sell how can they not be ready. Contingencies protect you as a buyer from surprises that crop up before closing. They’re living in your house for free. When the close date is missed, 9 out of 10 times it’s the buyer’s fault. Agree to a delayed post-closing move-out date with the seller, and keep some of the closing funds escrowed until they’ve fulfilled their end of the deal. You can certainly ask for something in return to change the closing, such as contributing towards closing costs as a credit/concession etc. Your closing date can make or break your move. Or is … Consider these five items when choosing when to close. Your buyer is likely going to want to lock in their mortgage rate, especially with rates as low as they are right now. But as a seller it's time and $$$$.$$! Both you and the Seller will come up with a closing date which seems reasonable. The buyer simply needs a few days to resolve last-minute loan issues or scrape together some extra cash for closing. The Closing date for your new home might not be the date listed on the contract. Rather, you stand to face a penalty from the seller for the delay. lol I mean if I was a buyer it wouldn't be so bad, just waiting. Buyer needs to close selling his current house in the morning of closing date, then will close buying my house in the same afternoon. One solution is to go ahead with the closing, but have the buyer rent the property back to the seller for a short period to give him or her time to move out. I want the house and don't want to walk away. This happens more often than not, and that is why the language in the contract is usually written “as on or about.” Times when the date on the contract would be the actual Closing date. Typically, lenders will allow a 30-day rate lock at no cost. From what I was told its stuck in underwriting and the appraisal both times are ordered after the dang closing date! Even worse, the buyer’s boyfriend ended up with all her new furniture because it didn’t fit in her existing home. Sometimes a breach justifies terminating the contract, if the other party wanted to, as when sellers fail to close, don’t set any new or acceptable date for closing, and the buyer needs to terminate the contract and find a new place to live. Closing dates may be set by the real estate contract, but the lender is not a party to the real estate contact so they aren't bound by those dates. The occupancy date will be the day that you move into your home. Your closing date will be officially set by the attorney handling the transaction. What Happens When The Buyer Misses the Closing Date? A date is normally filled in when the offer to purchase is made by the buyer. There should be a damage deposit and a Move-in, Move-out report as a part of the rental agreement. The closing date is determined prior to signing the contract, based on conditions and contingencies. i agree, MOST of the time both parties are reasonable because ultimatley the seller wants to sell the home, however, I beleive the original question was does either the BUYER or SELLER HAVE TO agree to extend the closing and the answer is NO, they do not. I want to do it legally. Has anyone done that? 1) After the buyers move in why should they close right away? The buyer who makes the offer first requests a particular date. The Normal Time to Move After Closing on a House. “Normally the post-closing agreements have an outside date by which the seller must move out or pay a per diem amount for each day the seller does not vacate after the outside date,” she says. When you write an offer on a home, the real estate agent will ask you to request a closing date as well as an occupancy date. If the transaction craters, there should be a pre-agreed move-out date that includes a penalty. We were planning on leaving 6 days before the requested close date and driving 1200 miles to our new city. One sure fire way to speed up the closing date even before you have begun your search for a home, is to get re-qualified for a mortgage of a certain amount. If your buyer needs a 60 or 90-day rate lock to meet your closing schedule, that is going to cost money. I actually just experienced the same thing representing the buyer. The Closing Could Take a Lot Longer Than Anticipated. Buyer wants to move in his personal belonging to my house 2 days BEFORE closing date. The legal term for these per diem costs is liquidated damages. Buyer wanting to move the date posts a huge burden on us, but he said it's needed because of something with his FHA loan (seriously never selling a house to someone with one of the loans ever again). This is especially true if you are self-employed. First, the buyer can move the closing until the end of the day to give the seller more time to remove his or her possessions. My situation was that I still had items in the house and had been trying to get it all packed up. The buyer wants to move furniture in before closing? In some cases, this coordination can be an especially delicate process. Learn what terms to include in a rent-back agreement with the buyer of your house. I understand his logistic issue and would like to help, but worry about insurance and legal issues. The closing date is when all paperwork is finalized, closing costs are paid, the title is transferred, the buyer receives the keys, and the seller is free from the property. Maybe the closing date is the last day of the month, a notoriously difficult day on which to hire a moving company. Between signing the purchase agreement and handing over the keys to the new owner, you may experience a change in the closing date. 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