It is customary - in my opinion - that the seller's stay in the home for 2-3 days after closing, that is why the buyers agent wrote the contract that way. What has become a point of contention in our litigious society in recent years is "We are the new owners and the previous owners broke, damaged or destroyed something before giving us possession but after closing and we have no rights - we have no control." So into this very small arena of concern steps the Real Estate Commission, whom creates the fill in the form contracts we use, and they produce a new document to protect buyers against the outgoing owners for these 2-3 days of concern. This new form covers insurance, possession, conditions of the home and really clears the air from these few days of stress. They should of provided that in the beginning of the negotiations. There is an inherent value to those few days of you having to leave early, before closing and the buyers should offer to compensate you for there lack of attention to detail.
But you have every right to demand the buyers stick to the contract as written. You could lose the buyers over this stance, but if they really want the house, they will deal with their living situation for a couple days and allow you to ensure a successful closing before moving out of your house.
It sounds like the buyers want to change previously agreed-upon conditions in the contract. Neither you nor the buyers have to allow contractual changes under any circumstances. Still it often is best to work with the other side, especially if it does not cause a problems for you. However, if you feel you cannot make the changes, it is best to let the other side know as soon as possible and to inform them of your reasons.
Residential property deals can cause a lot of stress on both sides. They sometimes fall apart simply because people get frustrated or angry with process, with the people on the other side, with their agents, with their lenders, or even with their own spouses or partners. Working with the people on the other side (buyers in your case) where possible can help keep things much calmer. But, you have to decide when requested changes impose too much of an imposition on you.
I believe agents should help clients make such decisions without pressuring the clients one way or the other. However, sometimes clients feel pressure because the agent knows the deal is in trouble and the agent is trying to keep things together for the benefit of the agent's client.
I would again refer you to your own contract. You have every right to stick with what you and the buyer have agreed to.
I hope you feel you can discuss this more thoroughly with your agent, until you feel satisfied with the answer. But I would say, if the buyer can get all conditions resolved and the clear to close comes sooner, great! That's the key - getting the conditions cleared. You are in the position of not knowing all the details of what's going on with the lender. Try to get all the info you can before you make your decision.
What is customary in Colorado - both scenarios apply but I have to say, every one of my buyer clients have insisted on the seller being out of the house before closing. The new form which specifies that if a seller stays they will carry their own insurance, should help.
Unfortunately the Colorado sales contract is slanted toward the buyer. So there are no iron clad guarantees as to the buyer closing until the papers are signed and you turn over the keys. It sounds like you are all set to move out and into a different home. I would have your Listing Broker get as much in order and as many of the deadlines past as possible before negotiating a sooner closing date. Especially the 'loan conditions deadline' with a full approval from the lender. I think what your broker is saying is that it is normally better for all parties concerned to have the closing date and the possession date the same if at all possible and not a great inconvenience for you. It definitely is cleaner and eliminates several 'issues' that could come up. From th limited information you have provided here, I see no problem with moving rhe possession date back to the closing date. I definitely would not ever suggest that the buyers get possession of the home before the closing, funding and delivery of deed has taken place. Congratulations on your sale.
Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct â€“ 303-669-1246