My daughteris ready to close on a condo however the seller has not moved. What are her options? Can she charge the seller costs plus rent?

Asked by Mary, Port Chester, NY Mon Jun 28, 2010

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Scott Godzyk, Agent, Manchester, NH
Mon Jun 28, 2010
Mary it is not recomnded to close when teh seller still occupies the property. The 2 reasons are, if your daughter is getting a mortgage, the mortgage company will mandate the home is owner occupied, if you close and teh seller remains, she becomes a landlord, the seller becomes a tenant and the property becomes an investment property violating that mortgage she just signed.

The second reason is once she owns it, she is responsible for any damage or repairs while that old seller/new tenant are in there. What if the seller damages it moving out or takes all teh light fixtures, it is a hastle that could be avoided. if teh seller stops paying rent and refuses to move out, she is paying a mortgage on a house she cant get intio and has to pay for the eviction.

You would not buy a house sight unseen, so dont buy one you cant see for 304 weeks after you have to close on it. The only way to buy is when you take occupancy immediately after closing.

Check out my blog about this…

2 votes
Priscilla To…, Agent, Bronxville, NY
Wed Jul 21, 2010
The lawyers should be able to get this resolved. In New York State, either party has the right to extned the closing date for up to 30 days without penalty, just something to be aware of. There are cases where the seller rents back, but there are all kinds of issues of liability, etc. involved, so it is not advisable to go this route. The seller's lawyer should be able to let your daughter's lawyer know what is going on and when the seller will be out.
0 votes
Don Tepper, Agent, Burke, VA
Mon Jun 28, 2010
I agree with Scott.

Further--though I'm not a lawyer, so this isn't legal advice--if your daughter starts charging rent, then she's de facto established a landlord-tenant relationship with the sellers. And that can give the sellers/tenants a whole bundle of rights and protections.

Your daughter's Realtor is the best one to advise her on what to do. But, really, you want the sellers out of there, not continuing to reside there as tenants.

Hope that helps.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Jun 28, 2010
What is your daughter's suggesting--Unless agreed beforehand and stated in the contract the seller needs to be out of the property by the closing date--if that doesn't appear to be the case, consult with your attorney regarding any rent payment, liability issues, insurance, etc., then go from there.
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