How To Handle A Seller That Won’t Move OutBy Teresa Cowart in Blog,For Home Buyers. Tagged: Home Buyers • Real Estate Closing • Teresa Cowart
In a perfect scenario, the closing on your new new home will be quick. Before you know it you are walking into the front door of your dream home. However, sometimes it isn’t that simple.
There can be occasions where the seller hasn’t moved out after you have taken ownership of the home. For example, if the seller hasn’t been able to get all of their possessions out of the home or if they are still in a transition of finding a new home.
The term used to describe a seller who continues to reside in the home they sold is called a “holdover seller.”
There are a few things home buyers can do to prevent and remedy this situation.
Set A Date
When setting up a purchase agreement for the home, make sure you add a clause stating the date when the seller must be moved out of the home. You can also add penalties which will take place if the seller has not adhered to that part of the contract. This is the simplest and smoothest way to prevent issues from arising. Both parties will have signed and agreed to the date and terms.
Rent or Lease The Home
If you aren’t in a hurry to move into the home, you can also establish a rent or lease option to the seller. Have your realtor or lawyer assist you in drafting up an agreement. This is best to do before closing but it can be done afterwards if need be. You can (and should) learn more about when you should have a real estate attorney on your side.
Article via: Paul Sian, Cincinnati and Northern Kentucky Real Estate
Contact A Lawyer
Legal action is the worst case scenario for a situation when your seller will not move out after you have purchased their home. Ideally you will be able to work things out with the buyer and come to some sort of arrangement. If things don’t proceed as planned, your next step is to contact a lawyer that is experienced in real estate law.
In this situation it is important to to know your rights as the owner of the home. Any damages to the home made in the time after closing, as well as expenses you have had to house yourself temporarily until your new home is empty may be within your legal rights.
This type of situation is similar to when landlords have to evict a renting tenant. It is important to note that if you purchase a property that was originally a rental property and the previous tenant is still living in it, the situation is much more complicated.
Find Temporary Housing
While the seller remains in the home, you may find yourself without a roof over your head. In situations like this, family, friends, rentals, and hotels are all ways to temporarily have housing. Another option is your previous home. If you have recently sold your home and the new buyer has not yet moved in, you may be able to work out a rental agreement with them. As mentioned above depending on your state, getting reimbursed by the seller for the cost of temp housing may be within your legal rights.
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