Normally, the seller has moved out of the home so that the buyer can move right in after settlement. In the rare cases that the seller needs to stay in the home after settlement, an agreement of terms for this situation has to be drawn up between the seller and the buyer. Not all buyers will agree to such an arrangement.
Why would the seller want to remain in the home after settlement? Is it because they are building their home and it is not complete yet? Do they need to search for a home?
If the seller needs to search for a home for themselves, that can be put in as a contingency in the agreement of sale, at which point the settlement will not occur until after the seller has found suitable housing.
Since the home buyer has ownership of the home as of settlement, the seller may be able to rent the property for a short term from the buyer. These terms need to be agreed upon before closing.
Brigita McKelvie, REALTOR, e-PRO, GRI
Residential, Rural and Horse Properties
Keller Williams Real Estate, Bethlehem, PA
Office: 610-867-8888 Direct: 610-393-9424