Closing Date

Asked by Daniel, Brigantine, NJ Mon Dec 7, 2009

I'm in process of closing the deal on my home. Im really happy about this. But i thought that all will be done after at lease christmas, No I was wrong. the closing is taking place on the 17 of this month, And I suggested if there was anyway that i could move like on the 26th. But I was told that if I want to stay after the closing it will cost me $50.00 dollars a day. This offer was made by the new owners.My question is How much time do you get after the closing. I know I'm one of the lucky ones that sold. But I would like to know for the future. I do have a place to move to. I think I put up xmas deco to fast before finding out.

Thank You. Brenda

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Eilean Foster, Agent, Atlantic City, NJ
Mon Dec 7, 2009
BEST ANSWER
Congratulations on the sale of your property!

Normally the closing date is agreed upon by all parties, and if this at this point the date is what will be a deal-breaker - ask friends and family to help pack so that you do not have to pay that per diem!

Working with your own realtor that is in tune with your needs and preferences in the future will help you to have a smoother transition without any surprises and the least amount of stress possible! Also if you so choose to, hire a real estate lawyer to advise you as well.

It is quite possible to make as condition of the contract offer; a specific date in the future, and I do mean "future" for the closing date! Last property I sold, I had a condition that closing would not happen for 90 days after acceptance of the contract! This was so I could find my next home without the pressure of getting the existing property sold or the price offered!

You may have put the Christmas Deco up just in time! What other time of the year is a home made so beautiful!? May have been just the "extra needed" to get your property sold! That buyer saw the wonderful possibilities for future Christmas Celebrations!

Happy Celebrations In Your New Home!

Eilean Foster
Keller-Williams Realty
Atlantic Shore
(609) 602-6699
1 vote
Donald Campb…, , Bayonne, NJ
Thu Mar 11, 2010
Hi Brenda,

here's some advice for the people who bought your home.

The home buyer should take steps to ensure that the proper agreements are in place before permitting the seller to remain in the home.

Specific purchaser concerns should include:

- damage to the property
- timely vacation of the property by the seller
- assertion of rights by the seller based upon the creation of a landlord-tenant relationship

Another consideration is that the mortgage provider may require the property be owner-occupied. If this is the case, permitting the seller to remain in the home could potentially be construed as a default on the mortgage.
0 votes
Matthew & Ri…, Agent, Northfield, NJ
Tue Dec 8, 2009
Hi Daniel,

Congratulations on the sale of your home. The buyer does not have to give you more time to move out. $50 a day seem reasonable. I would take their offer and relax during the holidays and move out at your convenience.

Best wishes,

Matt
Web Reference:  http://HavilandGroup.net
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Mon Dec 7, 2009
Brenda................good thing you have a place to move to......you better start packing, and take the Christmas decorations down.............otherwise, it's going to cost you $50 per day to enjoy them!

Congtratulations on the sale...and have a wonderful holiday in your new home!
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Mon Dec 7, 2009
Hi Brenda & Daniel.....To answer your specific question - .Normally you do not get any time after the closing to vacate the premises.Uusually, the seller has moved or in the process of moving on the closing day. That is what is generally done.

What I find confusing is that your contract should specify what the closing date it. This shouldn't be a surprise to you now. The closing date can be changed, but usually with the permission of all parties.

If you want to stay in the home beyond the agreed-upon date (the day of the closing) this is referred to as a "use and occupancy". It is common for the buyers to ask to be paid a per diem amount (in your case $50), as this is after the closing, and they will have already paid in full for the home. The home is theirs once the closing takes place, and under normal circumstances, you should have vacated the premises.

It is up to you if you want to remain in the home..but paying the additional moeny is customary and usual - it is usually based on what the mortgage costs are for the buyers.

Some buyers wouldn't even give you the option of remaining in the house, so in that case, you are lucky to have that oopportunity.

Did you work with a Realtor?? If so, he or she should have explained this to you. You must have an attorney....have him explain it to you if you are still unsure.

Best wishes
Debbie Rose
PrudentialNJ Properties
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more