Owners staying 3 days after closing....

How does this usually work? The owners can't move for 3 days after the closing.

How much do they usually pay to stay?

Does this amount come out of the house sale amount or is it handled separately?

Thanks it's finally almost here

Re: Owners staying 3 days after closing....

It should be in your contract. We can stay 5 days in our apartment after Closing w/out paying a dime. If we went over, there is a daily charge.

Re: Owners staying 3 days after closing....

It all depends - every transaction is different. When I bought a condo once, the old owners stayed TWO Weeks after closing. We caclulated my mortgage/tax expense on a per day basis and they paid that rate daily. That final amount was deducted from the amount I owed to them at the closing.

No matter what the length of time is, you want to make sure some money is left in escrow and not given to the owners until you take pocession. Should something happen to the house while you own it (and they are still living there) - like they decide to punch holes in the wall, you want them to be respsonsible to fix it. You'll do a final walk through before releasing that money from escrow.

Re: Owners staying 3 days after closing....

The people we bought our house from stayed for 4 days after closing. The lawyer had them put $$ into an escrow account so that we could make sure the house was OK when we moved in. Thank god he did because they took the front doorknob and also the toilet paper holder/towel bar etc in the master bathroom!!! It was an expensive doorknob with a handle and replaced it with a regular knob! Even the toilet roll dispenser and stuff was the top of the line and cost $$

Needless to say we told the lawyer and he asked us how much it would cost to replace the stuff missing. We gave him an estimate and then we got the $$ from the previous owners through the escrow account.

Re: Owners staying 3 days after closing....

My Contract says that they can stay for 3 days but anything more than 3 days will cost them $150 a day.

Re: Owners staying 3 days after closing....

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Posted by Jo Ann

My Contract says that they can stay for 3 days but anything more than 3 days will cost them $150 a day.

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Similar here. Ours can stay for 5 days and after that pay $250 a day.

Re: Owners staying 3 days after closing....

I'm w/everyone else on here - DO NOT release that escrow!! We had major concerns that the former owner's son was not going to move out - we would have needed that cash to start eviction proceedings against him. As it turned out, we had a FIRE the very first night we took possession and the bathroom was destroyed. That was the pandora's box for everything we went through, but we collected $$$ out of escrow for 'some' of the damages (since it was a pre-exisiting condition that attributed to the fire).