It is essential that the buyer and seller accept and sign a post-billing contract. Owner`s insurance does not always cover claims that occur during a seller`s occupation, so the contract protects the buyer from events that may occur during the seller`s occupation. This legally binding document sets out the responsibilities of the seller and buyer. Sometimes the date on which the buyer and seller agreed to close cannot exactly match the timing desired by the parties. As a general rule, buyers want to occupy the property immediately after closing. Sometimes, however, if the house is in a desirable location and is at an advantageous price, a buyer may accept the seller`s request for a restocking agreement so as not to lose the opportunity to buy the house from another interested party who would succumb to the seller`s desires for occupancy. In these situations, potential sellers may not be forced to evacuate their homes immediately, but may remain on the ground as tenants. Sometimes it`s necessary for vendors so their children can finish the school year, or until the next house is ready, or just so they can pick up their belongings and move around without constraint. Another thing a buyer should do before agreeing to allow the seller to resume the lease after closing is to check with his lender if the lender allows it. Lenders typically return a short rent.
For a little longer, the buyer could be in violation of the agreement in the loan documents which stipulates that the property will be occupied by the property. One of the main problems with the business is that the seller is not evacuated and remains in possession after the termination date and the trust fund does not cover the seller`s costs and eviction costs. It is advisable to include in the agreement a provision stating that the amount of liability of the seller is not limited to the amount held in trust. In today`s housing market, mortgages are currently at an all-time low and homes are selling at a breakneck pace. Ask any real estate agent and they will confirm that the demand for housing far exceeds supply! Because of the strict criteria of credit quality, income verification, etc., used by mortgage brokers who try to qualify potential sellers, as a result, buyers are able to obtain financing or make cash contracts to close to homes in record time. Most buyers want to occupy the property right after closing. However, if the house is in a desirable location and is offered at a decent price, a buyer may be forced to accept the seller`s request for a re-enmanation agreement or he may lose the chance to buy the house from another interested party, as there may be several offers and is usually submitted and verified by brokers. As a result of this type of leverage for sellers in desirable areas, potential sellers may not have to leave their homes, but may instead allow their children to finish the school year, wait until the next home is finished, or simply collect personal belongings and move in a casual manner.