I want to do it legally. Here are some potential downfalls that can be faced with early buyer possession from the perspective of the seller. There are many reasons why a real estate closing can be delayed or even worse, cancelled. When the close date is missed, 9 out of 10 times it’s the buyer’s fault. Might not be the same in ALL states. I have a signed contract with a closing date "on or sooner" than Jan. 18th. i agree, MOST of the time both parties are reasonable because ultimatley the seller wants to sell the home, however, I beleive the original question was does either the BUYER or SELLER HAVE TO agree to extend the closing and the answer is NO, they do not. Consider these five items when choosing when to close. First, the buyer can move the closing until the end of the day to give the seller more time to remove his or her possessions. Has anyone done that? lol I mean if I was a buyer it wouldn't be so bad, just waiting. Buyer wants to move in his personal belonging to my house 2 days BEFORE closing date. The occupancy date will be the day that you move into your home. Closings usually happen when the loan is ready to fund. They’re living in your house for free. Your buyer is likely going to want to lock in their mortgage rate, especially with rates as low as they are right now. A Closing date is established on the purchase agreement. Or is … I'm going to talk to my attorney in the morning, but wanted to get an idea of what my options are. The buyer wants to move furniture in before closing? This happens more often than not, and that is why the language in the contract is usually written “as on or about.” Times when the date on the contract would be the actual Closing date. The closing date is determined prior to signing the contract, based on conditions and contingencies. Anyone else experiencing this recently? The Closing date for your new home might not be the date listed on the contract. Just heard that the sellers' house they are buying fell through and they are probably going to want more time. Generally, this is 30-45 days from offer acceptance. When the buyer makes the offer, they can request that possession be the date escrow closes, but this is rarely done since that would mean the seller basically had to have most of the move completed before they knew for sure escrow would close. And sending a nice fruit basket to the seller isn’t going to cut it. Getting this all done in advance should give you an idea of what your price range for a home is. Agree to a delayed post-closing move-out date with the seller, and keep some of the closing funds escrowed until they’ve fulfilled their end of the deal. If someone really wants to sell how can they not be ready. The offer will specify not only your closing date but also your occupancy date. 5 Penalties for Missing Your Closing Date 1. ^^^I don't like your answer! Right, until something is lost or stolen. There is no reason the buyer should be waiting on the seller. The legal term for these per diem costs is liquidated damages. You can certainly ask for something in return to change the closing, such as contributing towards closing costs as a credit/concession etc. Your closing date will be officially set by the attorney handling the transaction. However, … In some cases, this coordination can be an especially delicate process. The Closing Could Take a Lot Longer Than Anticipated. 1) After the buyers move in why should they close right away? Closing dates may be set by the real estate contract, but the lender is not a party to the real estate contact so they aren't bound by those dates. Rather, you stand to face a penalty from the seller for the delay. It delayed our closing over a week which really should not have been an issue. We were planning on leaving 6 days before the requested close date and driving 1200 miles to our new city. The closing date is when all paperwork is finalized, closing costs are paid, the title is transferred, the buyer receives the keys, and the seller is free from the property. All we were waiting on was seller payoff. Do whatever you can to make the seller follow through. For a first-time buyer, delaying closing might sound like a headache, but Edie Waters, a Kansas City agent with 25 years experience under her belt, says it’s a non-event for most agents. Your closing date can make or break your move. One sure fire way to speed up the closing date even before you have begun your search for a home, is to get re-qualified for a mortgage of a certain amount. If you can't move by the closing date on your home, one important possibility is to ask the buyers for something called a "rent back," allowing you to stay in the home even after the closing. How long you have to move after closing on the sale of your house depends on the terms you negotiate with the buyer. If a seller agrees to allow a buyer to move in before closing, both parties need to be aware of the potential issues that could occur in this impractical situation. A property can close early if all parties agree in writing and all contingencies are met. Help! Learn what terms to include in a rent-back agreement with the buyer of your house. When you write an offer on a home, the real estate agent will ask you to request a closing date as well as an occupancy date. Buyer’S fault mortgage rate, especially with rates as low as they are fell... And would like to help, but worry about insurance and legal issues to away... Is 30-45 days from offer acceptance between signing the purchase agreement advance should give you an idea what... You buyer wants to move up closing date to sync up your move with the closing, such as towards. Buyer asking to move after closing while they finalize the purchase agreement handing. 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