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Real Estate
Eileen M. Day realtor
OCCUPANCY BEFORE CLOSING
Let’s assume your buyers want to move into your old house as soon as possible, but you can’t move out because the vacant house you are buying is tied up in legal financial paperwork. You might consider applying to your seller for occupancy before closing.
On the flip side, you are financially strapped by carrying two houses You now have buyers for your old house and they are anxious to take possession. Problem is the closing will be held up at least six more weeks for processing the mortgage application. Consider arranging for occupancy before closing with payment of per-diem rent to you.
In situations like these, an addendum is usually attached to the contract stating that the buyers accept the property in the condition that it is on the day of occupancy and maintenance responsibility is theirs as of that date. Be sure everyone involved signs this addendum. Maintain your property insurance until closing. You’ll still be the owner until then.
If there is anything we can do to help you in the field of real estate please drop in at EILEEN M. DAY, Realtor. The Clopton House, Washington, Va. 22747. Phone: 6753033. We’re here to help.
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