Question about your house/coop closing

NIHA Posted: May 01, 2003 04:26 PM

Question about your house/coop closing

How long after the closing did the seller move out? We're closing on a Thursday and he's saying he won't be out until Monday. Is that fair? I just left a msg for my attorney to see if he is legally allowed to do that. At this point I don't want to create problems, but we need to get in to get the place painted and cleaned.

JennRenee Posted: May 01, 2003 04:30 PM

Re: Question about your house/coop closing

I think that's fair, but not ideal. My friend couldn't move into her house until 3 weeks after their closing. THAT wasn't fair.
We moved in the next day.

GOOD LUCK and Congratulations!!

Niecey Posted: May 01, 2003 04:31 PM

Re: Question about your house/coop closing

My contract says after close they have 3 days to vacate or else there is a fee per day (short version). The owner wanted to put 10 days but my lawyer changed it to 3.

spel Posted: May 01, 2003 04:33 PM

Re: Question about your house/coop closing

depends on your contract. your lawyer/agent should be able to get the sellers out the day of the closing, if thats what you want. if not, then the sellers should pay you 'rent' per diem since you will be paying for them to live there. works both ways actually... you could move in before the closing (if the sellers agree) & you would pay them per diem. speak to your agent/lawyer asap...

Kathi Posted: May 01, 2003 05:17 PM

Re: Question about your house/coop closing

Legally, yes, he can do it. It happens often. However, most RE lawyers I've worked with are really, really against it. They always fear the worst ...what if he doesn't leave?? EEK!!

If you agree to let him stay, get it in writing!!!! Make sure he does pay you for the days he's there. It should be enough to cover your mtce. and mortgage as well as any rent you have to pay to stay in your current apartment. Also, have your atty. include a clause that he will have to pay a HUGE penalty for any subsequent days he's in the apartment (assuming he doesn't leave)... this should include mtce/mtge/rent (above) PLUS a ridiculous *penalty*...say $500/day. Your attorney will definitely be able to advise you on this.

Interesting though, that this seller wanted to close yesterday, but he wants to occupy the apt. 4 extra days. I hate dorks!!!

Jenn P Posted: May 01, 2003 05:24 PM

Re: Question about your house/coop closing

They figure it out down to the penny; you will be reimbursed on the interest on your mortgage, taxes, etc., for any overlapped time.

Like Kathi said, they'll put in the contract that if he's not out in the agreed upon amount of time, he has to pay you x amount per day. It's always high enough to make it worth it for him to vacate the apartment and move to a hotel if he has to. He won't stay, don't worry.

NIHA Posted: May 01, 2003 06:27 PM

Re: Question about your house/coop closing

I spoke to my attorney and he said there is nothing in our contract that states that the seller can stay in the place after closing. So, we have the upper hand, and technically he would be trespassing if he's not out on the closing date. He also thinks that the coop would not want him there after the closing either. He's going to call both the coop attorney and seller attorney and hopefully this will be cleared up!

smooch Posted: May 01, 2003 08:27 PM

Re: Question about your house/coop closing

I would STRONGLY recommend that you NOT LET ANYONE STAY IN THE HOUSE AFTER THE CLOSING. It's your house then, you are legally responsible. What if the person falls down the stairs? They sue YOU. What if s/he is malicious person and floods the basement or stops up the plumbing. The house is yours, you have to pay for those repairs. Even if they are paying rent, you are still legally responsible. I'd say NO WAY to letting the owners stay. If they can't be out by the day you close, then postpone the closing.

Sorry to be so strong, but I have heard horror stories first hand - my FH is one of 8, and they all have their house horror stories.

ILT1221 Posted: May 02, 2003 10:23 AM

Re: Question about your house/coop closing

Our co-op made the seller pay the maintence on a pro-rated basis. What I mean is that if your seller stays there past the closing then technically they should be payin the maitenance for that month.

ILT1221 Posted: May 02, 2003 10:25 AM

Re: Question about your house/coop closing

I also agree with the post above that it is a little awkward for him to be there after the closing date for those reasons (horror stories etc). Can you push the closing date then if he insists on staying?

smooch Posted: May 02, 2003 10:38 AM

Re: Question about your house/coop closing

Your lawyer should be able to take care of it. Just let your lawyer know your concerns. S/he will take it to the seller's lawyer and something should be worked out. If it's a day, maybe you could do it, but for anything longer, I'd insist on postponing the closing. Just be careful - if you are locked in on your interest rate, you don't want that rate to expire. It's such a tricky business!!

NIHA Posted: May 02, 2003 10:51 AM

Re: Question about your house/coop closing

My attorney's going to work on it today, but the more I think about, there are too many things that could happen if he were to stay past the closing. And, since we're not on good terms with him already, I don't trust him. I have no idea why this wasn't brought up before, and it seems like an oversight by his attorney. I DON'T want to move back the closing date. If anything, as long as it's in writing he can stay until the day after closing. I don't understand after all his nagging about our committment letter, why isn't he ready to move out?? Psycho.....

ILT1221 Posted: May 02, 2003 11:23 AM

Re: Question about your house/coop closing

Does your seller have somewhere to go? Maybe he is stalling because his new house/apt is not ready yet? Either way that is not your problem. Let us know how it works out. But you may have to insist that they move the closing date. After the closing it is legally your apartment unless you stipulate otherwise.

NIHA Posted: May 02, 2003 11:36 AM

Re: Question about your house/coop closing

Irenie, when I spoke to him, he told me it was b/c of his schedule, NOT b/c his new place isn't ready. He rambled on about how if it was last week it would have been a different story, but he's in school at night and he's really busy. I'm not sure why he assumed that he can or has the right to stay until Monday.

ChristineC68 Posted: May 02, 2003 11:40 AM

Re: Question about your house/coop closing

The co-op probably won't let him move over the weekend (or will charge him a huge fee) which is why he wants to stay until Monday.

I have heard of making allowances to sell your current place before you can close on the new one but not having time to get around to moving is not acceptable. In that situation, he should have his things out BEFORE the closing. If he has the time now, why doesn't he move his stuff now?

michele31 Posted: May 02, 2003 11:41 AM

Re: Question about your house/coop closing

Niha- the fact that he called you and upset you soooo often makes me say GET OUT by 5pm the day of closing.
Oh, and during your walk thru make sure you turn on every facuet and lift everything on his counter tops to make sure their are NO burn marks or chips. Also, he cannot just leave a light bulb hanging from a ceiling. It must have a light fixture around it.

Oh, and if he does stay you would want an additional walk-thru and a contract stating that he is totally responsible for any damages or repairs that would need to be done. But I say sorry, buddy, your problem. He was jerk to you.

NIHA Posted: May 02, 2003 11:51 AM

Re: Question about your house/coop closing

Christine, why won't a coop allow him to move on a weekend? When we met them, they didn't give us restrictions on when we can move in.

Michele, you're right a 2nd inspection would absolutely be necessary if he stayed after closing. Our walk through is this Monday, so if he stayed until the follwing Monday, that's a whole week for there to be damage!

We'll see what my attorney says today.

Kathi Posted: May 02, 2003 02:09 PM

Re: Question about your house/coop closing

Niha -

Believe it or not, some co-ops only allow move-ins/move-outs on weekdays. It's usually in elevator buildings so that you're not tying up the elevator when *everyone's* home.

Anyway, I forgot to mention that if he does stay, he should be required to put some $ in escrow in case he causes any damage to the apt. post-closing.

Good luck w/ this, it's a PITA!!!! The sellers of my house tried this and we refused to let them stay... apparently 7 months from contract signing to closing wasn't enough for them !! ARGHHH!!