Every so often a question arises on whether or not you as a seller should let a buyer that is under contract move in to your vacant home prior to the closing and settlement date. This is something that needs to be thought out extensively for many reasons.

You, as the seller need to understand that though you are under contract and everything is looking to be going great, you still own the property…Which means you are still liable for that property. If something happens to the incoming buyers or even their movers, who is responsible for their well being? You are.

Furthermore, if you no longer live in the property and the buyer wants to move in and live there for even a day prior to closing, and some freak accident occurs and the house burns down…Who is liable? The buyers? No, it is still the responsibility of the Seller and the buyer would most likely be able to walk away from the transaction considering their is no house there to buy any longer.

So, if you are a seller considering allowing your buyers to occupy your home prior to closing, you need to think it through and understand that you are still responsible for everything that happens with that house and the individuals inside until you close and hand over the keys…

 

Tim Brown,Owner/Broker, Realtor®, ABR,CRS,CDPE®,
Auctioneer NCAL#8560
Hines & Associates Realty
TeamHeidi
Direct Line: 704-619-1008
Client Care Line: 704-815-3208
www.CarolinaHomes4Sale.com

 
Tim Brown is a Owner/Broker, Realtor®, ABR,CRS,CDPE®, Auctioneer NCAL#8560 with Hines & Associates Realty. He currently serves buyers and sellers in Charlotte, Mecklenburgh, Cabarrus, Cornelius, Huntersville, and other surrounding communities in North Carolina. Charlotte Real Estate, Charlotte Homes for Sale

 

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Comment by Tracy Gibson on May 29, 2011 at 2:54pm

Hey Tim, Great topic for a blog post.  I had a situation where the sellers and buyers got chummy and they agreed to let the buyer's move in the rent from the without my knowledge.  There attorney told them it would be fine.  

 

Later I got a call from the buyer asking if I could help because the school needed a paper to show they lived there to get their kids enrolled in school.  I told her, just show them your lease.  She said I don't have one.  UGH!!!!

 

The good news is, we closed and all is well not.

 

Tracy

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