Home Selling in New Jersey>Question Details

Kataye, Home Seller in New Jersey

how long do the seller have before they have to vacant their property after the closing on a quick sale?

Asked by Kataye, New Jersey Tue Apr 7, 2009

I am the seller of a home and the bank has accepted a quick sale offer, and I wanted to know how long do I have before I have to move out? (by law) .

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4
Kataye:
In NJ possession is the same time as closing so a seller must have all of their belongings removed from the dwelling before going to the closing table. It is customary that the new buyer will do a walk-thru on the way to closing to be certain the property is in the condition agreed to in the contract, for that to happen the seller must already have vacated and door is locked after the walk-thru (to ensure the condition doesn't change). Hope that helps.

Camille Miller
Broker/Owner
Just Jersey Properties
0 votes Thank Flag Link Wed Apr 8, 2009
You must be out on the day of closing. A short sale is just like the sale of any other home, except that the bank approved the sale amount.

In most cases the bank provides the buyers with a 30 day window for closing. Contact your real estate agent frequently so you have the most up to date info. Also, many banks are now providing a small amount to help short sellers move. See if your mortgagee is will to provide you with relocation assistance.

Laura Giannotta
Keller Williams Atlantic Shore
0 votes Thank Flag Link Wed Apr 8, 2009
Hi Kataye,

Sorry to hear of your situation. Call your lender. They should have an approximate closing date - you'll need to be out before then. Start packing.
0 votes Thank Flag Link Tue Apr 7, 2009
Do you mean a "short sale"? In a short sale, you are the seller, you must sign the contract, and the contract says when posession is turned over - usually at settlement. You have an agent, right?
0 votes Thank Flag Link Tue Apr 7, 2009
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