Home Buying in Lemoore>Question Details

Firsttimebuy…, Home Buyer in Lemoore, CA

Currently renting- house went up for short sale-Made offer,7 mths later in escrow & closing by Jul 15.Do I still pay Jul 1 rent -our closing month?

Asked by Firsttimebuyer, Lemoore, CA Mon Jun 11, 2012

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5
Cindy Davis’ answer
Honestly, it depends on what's in your lease agreement. The answer to this question lies between you and your landlord...I would think that as long as the landlord retains ownership, you owe rent...perhaps you can pro-rate it...Perhaps you should make that suggestions...
0 votes Thank Flag Link Mon Jun 11, 2012
Well, generally speaking I would suspect that you would pay a prorated amount for that month since you're not going to be living in it the entire month (I'm assuming). That would be a question to ask your property manager/landlord.
1 vote Thank Flag Link Mon Jun 11, 2012
Thank you for your reply. I guess paying a prorated rent amount sounds right. We will be living in the property but as a homeowner and not a tenant. You see 2 months after moving in here the house went up for short sale and since we just moved in, we decided we didn't want to move AGAIN and put in an offer. Bank accepted, we went back and forth negotiating and now we're finally moving forward. I was just wondering if we still had to pay rent since we are now in escrow and closing soon. Currently we pay the property manager (not the landlord directly).

Sidenote: I'm afraid that we may not get our security deposit back only because the property manager had disclosed to me a couple of months ago that the prior tenants never got their security deposit back from the landlord and that's why the house was dirty and need of repairs when we first moved in.
Flag Mon Jun 11, 2012
You have to go by the lease. You should pay the rent unless the landlord or property manager agrees you do not have to.
Concerns could be over paying it, what if you close sooner? later? you may not get the money back.
you could check and see if you could pay it a week at a time, or could you pay it through escrow?
0 votes Thank Flag Link Fri Jul 13, 2012
You should to keep your credit score, and if you overpay you will get reimbursed.
0 votes Thank Flag Link Mon Jun 11, 2012
Since I'm not a party to either contract I will only be able to speak to you in general terms.

When you are renting a property you have a lease agreement. It states who you make your payments to, for how much, when it is due, and so forth. You may have a security deposit as well. If you are buying the property you are renting then you made an offer to the seller with a purchase contract and that contract also has terms you agree too.

In brief with things being as simply as possible. You would pay your rent as agreed, the escrow company would prorate the rent with a credit back to you along with a return of your security deposit.

This need to be put in writing and all parties need to agree to it. Since it is a short sale it is very important that your agent handles it properly because the Seller's bank has to understand what the credit is for and they have to agree to it. They will probably want to see documentations of cancelled checks.

Again, this is in general terms and please talk with your agent.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Mon Jun 11, 2012
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