Adele Northi…, Home Buyer in Mobile, AL

Is it normal to buy a home, close, but have to wait 3 to 5 days for previous owner to move out? What about liablility?

Asked by Adele Northington, Mobile, AL Fri Jun 15, 2012

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It is anything but normal and if you s the buyer are agreeing to this then there should be some paperwork in place and a significant $5000 or more security deposit held by the closing attorney. You should also be compensated. Speak to your agent or an attorney.
0 votes Thank Flag Link Fri Jun 15, 2012
I wouldn’t agree to that if I were the buyer. And yes, there can be liability from anything you do. We are all responsible for our actions.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Jun 15, 2012
Hi Adele,

In North Carolina, the standard form contract calls for possession to be delivered at closing and we have an addendum for seller possession after closing that would be used in the situation you describe. Buyers generally do a walk through prior to closing to verify the home is empty, clean and in the condition expected and if not , do not close until it is or an agreement is reached.

The seller possession addendum addresses some aspects of liability, but you my need to consult your insurance agent and/or an attorney if you have concerns about that.

0 votes Thank Flag Link Fri Jun 15, 2012
Your Realtor should have put some verbage in the Contract that either the Sellers will vacate by such-and-such a date, (Usually on the day of the Escrow Closing), or they will have to pay $XXX per day for staying in the house.

If you are not using a Realtor, or you did not put this in the Contract, then you probably will have to evict the Sellers.
0 votes Thank Flag Link Fri Jun 15, 2012
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