Home Selling in Azle>Question Details

Susan, Home Seller in Texas

how long do i have to move out after closing the sale of my home?

Asked by Susan, Texas Thu Jul 31, 2008

Help the community by answering this question:


The TREC contract provides in paragraph 10 on page 4 when the buyer gets possession, either when closed AND funded, or according to a separate agreement you negotiate. The closing does set things up to pass title and possession, but funding means when the buyer's mortgage company actually sends funds to the escrow agent and they are disbursed.
A late afternoon closing on a Friday might put funding on Monday, or it could happen 15 minutes after both sides sign the closing documents. It is best to agree with the buyer on possession, for example, within 48 hours after funding. Your Realtor can negotiate and include this in the contract. It's negotiable.
A word of warning: rarely, but it has happened, the mortgage company finds a reason to refuse to fund, until some matter is clarified. You close and 2-3 days later you're still waiting on funding. So, don't be lulled into thinking that you can hand over the keys when they sign -- there are still risks the funding may be delayed or even not happen.
I miss our old house in Azle, so I wish you luck.
Web Reference: http://www.SumnerRealty.com
2 votes Thank Flag Link Mon Aug 11, 2008
Good Afternoon,

If you have received a contract It all depends on what was written in the contract as far as a closing date. if you are working with an agent speak to them about it they will advise you on what to do. The buyer usually puts a date for occupancy into the contract, and if you need additional time this can be negotiated before acceptance. Let me know how it works out.
2 votes Thank Flag Link Thu Jul 31, 2008
It depends on you contract? Typically what I see is closing and funding.....if that is the case you need to be out and the house clean and ready for buyer possession when you go to closing. You can negotiate for something different though. You can have the buyer move in before closing by leasing the home to them, or you can stay longer if you lease the home back from the buyer. You'll need to refer back to your contract for the exact timing.
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Thu Jul 31, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
At the closing table, ownership of the property is transferred from you, the seller, to the buyer. When you leave the table, you no longer own the property. You should be prepared to vacate on or before the scheduled time and date of the closing. Your closing date is generally determined by agreement between you and the buyer during the contract negotiation and becomes finalized (here in upstate NY) by your attorney (other locales use escrow companies, ask your Realtor what the case is in your area). If you have special needs with regard to occupancy, let your agent know ahead of time so she can properly represent your best interests.

And good luck!
1 vote Thank Flag Link Thu Jul 31, 2008
I know that this is an old discussion, but I wonder if someone can clarify the concern mentioned below about leasing/renting back being a problem due to it redefining the home from being a home to that of being an investment. That concerns me and also confuses me since most of the respondents who were also real estate professionals recommended the leasing/renting option.

Also, one realtor mentioned that one of the boxes to check was that of handing over the house at closing/funding, as if it were at the same time. A realtor I was considering hiring said that the funding might not go in until 3 days later.

(I'm assuming it's okay that I bring up my situation here because it's related to the discussion, would help me, might help others, and also because I don't think that I would be imposing on Susan since her question was 4 years ago).

It's really going to be tricky for me because I will be selling my home with only maybe my tax refund to pay movers, to load up my belongings and move me to a different city and then new movers to unpack me. I also have to pay the upfront money necessary for an apartment (first and last months rent, deposit, an account for them to draw rent from since I don't meet the qualification of 3x the rent).

I really need to get the funding on the day of the closing. I also worry that if I move out the day before (have movers load of the truck the day before for moving to the other city the next day after closing), something might happen with the buyers that prevents it from going forward. I would then have a truck load full of my possessions just sitting out there in the truck that would need to be returned the day of the closing.

Thanks in advance. I found y'all's info below very helpful and thorough.
0 votes Thank Flag Link Fri Aug 31, 2012
I am seeking an answer to the question how long do i have to vacate my home after closing on the sale
0 votes Thank Flag Link Tue Jul 19, 2011
I would like to know the Texas law on the number of days a buyer is allowed to back-out after closing. What are the rules/laws governing it? If it is 3 days, then I can give seller 2 days to vacant or I will/may rescind closing! Is this possible?

Is this true for first time home, "For compliance purpose and in this state, and all others, if you apply for a first mortgage claiming it's your primary residence it's a violation of HMDA to lease it back, no matter the term of the lease. Taking possession does not mean I have to move in the second I sign, but it does mean I take ownership so if I have a lease agreement; it's no longer a primary residence. It's an investment property until I take residence in it. It's a common lender error that is often a problem for compliance to clean up after the deal is done. This type of deal can cause HMDA compliance errors that end up causing bigger issues for the bank during exam."
0 votes Thank Flag Link Sat May 16, 2009
Susan, considering the state of the lending industry right now, I would ask you to consider adding a short-term seller lease to your sale contract. This would allow you to stay in your home for a couple of days after closing and funding. Without that, you have to pack up, clean up, and move out prior to funding of the buyer's loan (typically 30 minutes to 2 hours after the closing appointments are completed). I would personally not want to pack up my belongings, hire a mover, and leave my home before someone else owns it. Consider the costs implications if the buyer doesn't go to closing on time because their lender can't get the documents over to the title company. Your out-of-pocket risk, and the buyers, could be high.
Web Reference: http://www.rondaallen.net
0 votes Thank Flag Link Fri Aug 1, 2008
If you already have an agreement to sell your home you need to look at the part of the contract that talks about "possession." Most of the time possession transfers at closing. Title transfers at closing which means that you no longer own the property. Unless you and your buyer have agreed to something else in writing you should vacate the premises prior to that time.
0 votes Thank Flag Link Thu Jul 31, 2008
IF you are using an agent, as already stated, they should be able to answer this for you. HOWEVER, if you are asking here, that must mean that you are not using a Realtor. In the state of Texas, on the promulgated contract, there is a "POSSESSION" paragraph which specifies the time of possession. There are three blocks to chose from. The most frequent box checked is at closing/funding. HOWEVER, if both parties are inagreement AND THE proper addendum has been added to the contract, a buyer OR seller can do a lease back for a specified number of days at a specified amount of money. IF neither has taken place, by all rights, the day of closing you should out of the home and be ready to hand over keys to that property.
. If you have legal concerns CONTACT A REAL ESTATE ATTORNEY. We can NOT give you legal advice.Hope this helps and clarifies
0 votes Thank Flag Link Thu Jul 31, 2008
GOOD QUESTION: your executed purchase agreement governs what is agreed between the buyer and seller. Specified in your contract in regards to buyer taking posession at close, seller lease back option, etc.
http://www.homes-for-sale-dallas.com http://www.lynn911.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Jul 31, 2008
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