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When someone buys a house, it can take a long time and be a bit confusing. One part that can be tricky is figuring out when the buyer gets to move in.
This can be because of when the seller is leaving, but not always. It’s often a big problem in real estate deals, especially when things change partway through. Sometimes, it’s not even clear when the buyer will get possession of the house. Then, the buyer and seller might have different ideas about when the buyer can move in.
Buyer Possession Date at Closing
Keep in mind that in real estate, closing the deal doesn’t always happen at the same time as recording the deed. This is because in some areas, counties take weeks to record deeds. In these cases, closing occurs when the money is exchanged, the deed is written up, and all the terms of the contract are fulfilled. In certain cities, buyers only receive the keys once the title company confirms that the deed has been officially recorded.
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Customary Buyer Possession Dates
Depending on local customs, buyers usually discuss possession when they agree on the purchase contract. It’s common for buyers to get the keys on the closing day. In some areas, buyers might give sellers a day or two after closing to move out. Occasionally, sellers may rent back the property from buyers.
Remember, if you agree to any delays in getting possession after closing, make sure the terms for rent, utilities, and other matters are written down clearly. Maintenance and insurance issues are important, so it’s a good idea to go over these details with your lawyer.
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How Market Conditions Can Influence Buyer Possession Dates
Market conditions can also influence how possession dates are handled:
- In seller’s markets, buyers might allow sellers extra time to move out. This could help them stand out if there are many offers on the property.
- In buyer’s markets, buyers usually want to move in right after closing and might even delay closing if the property won’t be empty.
- In neutral markets, possession usually happens right at closing.
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Early Buyer Possession
Generally, real estate professionals don’t recommend letting buyers move in early because there can be unexpected problems. Evicting someone is hard and costly. That’s why experts suggest sellers and buyers sign a rental agreement instead of letting the buyer move in before the sale is finished.
Note: Instead of saying the possession starts on a specific date, it’s better to write contracts that say possession starts on a certain day or X days after the closing.
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Seller Rent-Backs Retain Possession
Buyers often want sellers to cover a sum that includes their mortgage payment, insurance, and taxes. However, this amount can be much higher than what the seller originally paid, so they might not agree to it.
Whatever amount is decided, make sure to write it down and create a rental agreement to protect everyone involved. The amount can be negotiated, and it doesn’t necessarily have to match the buyer’s mortgage payments. Some argue that it should be based on the average rental rates in the area.
Note: Avoid agreeing to a rent-back lease longer than 60 days. If you do, your lender might see the home as an investment property and increase your interest rate.
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It’s really important for everyone involved in a real estate deal to talk openly about when the buyer can move in before they sign the contract. Your real estate agent (and maybe your lawyer) can help you understand any local rules that might affect this, so you’re aware when you’re discussing the specifics. Buying or selling a home can be tricky already. Don’t let moving-in problems be the last thing you worry about before sealing the deal.