Just Bought a House Yesterday!

congrats..
i have a question.. if you close on the house, and the owners dont move out for a few months... do you start paying mortgage when you move in...or while the previous owners are still there???

Butterfly 20,
My fiance said if you close on the house and the previous owners can't move out yet they must pay you rent because you own the house after closing.

How Wonderful
Lots Of Luck

Congrats!

Congratulations on the house!! I hope everything goes smoothly!!

As for your question, if the current owner is not moving out prior to closing, he should pay you rent!! I have heard of people staying a few days if they need to co-ordinate the closing of a their new house after selling the old one but not a couple of months. Why so long? You should talk to your lawyer about the rent to charge and getting a deposit for damages, utilities, etc.

congrats!!!! Best of luck to you and have fun decorating

Congratulations
Tell us all about it!

Butterfly 20 and All the Girls Buying Houses,
Be careful if you close on a house and the owner wants to stay. I posted this on Newlyweds last night too. THAT CAN BE A LEGAL NIGHTMARE FOR YOU! Once you close on the house, you are legally responsible. You are insuring the house. Should the seller fall down the stairs, YOU are responsible. Should the seller set the kitchen on fire, you are responsible. If it snows and *you* don't shovel the walk, and the seller slips, you are responsible. It can ruin you financially if something were to happen. When you own a house and rent it out, your insurance company is aware, and you know the risks. But in a case where you are being nice and letting the seller stay in the home, sometimes people don't realize their new responsibilities, and if you have a seller who is not a good person, you could be ruined. PLEASE BE CAREFUL!

Congrats! Now the fun begins
I would definitely be very careful about allowing the sellers to stay in the house after closing. You may want to postpone until they can get out.