So what happens when the seller needs to stay in the house for a few days after the close of escrow? There can be a whole slew of reasons for this but what happens? This one is applicable for both buyers and sellers because both parties will need to think about how it affects them and what they are open to negotiating. So for a short time, this one is called the seller and possession. This is for 29 days or less. So what are the key things to know about this? The seller does not get tenants right.
A deposit is put in place. Rent will need to be determined as to how much really depends on how many offers or where, how much competition there was, and what the market is doing. Sellers are responsible for maintaining the property, continue with all the utilities and the service – just like when you’re renting apartment. Once the seller moves out of the house, the agent of the buyer and the buyer do want the property to make sure that the property is as expected because in order to get the deposit back everything has to be as expected as it was in good condition for terms of that 29 days or less so a seller in possession document.
And for what it’s worth, I’m just going to read what is clearly stated in the document. Seller has no right to remain in possession beyond this term and may be responsible for court awarded damages if seller does remain.
Reach out to me and I can help walk you through what it would look like to sell your home and buy your new one at the same time.
And ask me about my tiered home selling plans where you get to pick which real estate services you want and the fee you pay offering you simplified and transparent choices! Tanja Odzak, Our East Bay Home AND eXp Realty and I’m always here to help. Reach out anytime even if you’ve just got questions.
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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