These types of agreements, known as post-occupancy agreements(sometimes called rent-back agreements), are agreements in which the buyer agrees to allow the seller of the property to remain in the house after the billing date. These are not cutting and insertion chords. Instead, some kind of legal finesse is needed to ensure that all parties are protected, since there may be potential liability if these agreements are not properly structured and verified. One of the main concerns that could be problematic is liability during this additional time. Sellers should be held responsible for injuries or losses or damage to property closures. Sellers should take this into account and have their own liability insurance until they evacuate the premises to ensure that they do not face a heavy personal liability by not terminating insurance during the extra period. Readers` Question: We closed our home purchase in December. The contract provides that the seller will be evacuated 30 days after closing. The date and time set for handing over the keys and the final example were today. This morning the seller called to say he had not moved and asked for six more days. Our agent said there was money in trust, and we can charge $100 a day depending on the previously agreed occupancy date (up to 1k). We don`t need to stay two more weeks from home, so we`re in order there. Some of the things they should consider in a post-occupancy document are: From time to time, the date the buyer and seller have agreed cannot exactly match the desired timeline of the parties.
As a general rule, buyers want to occupy the property immediately after closing. Sometimes, however, if the house is in a desirable location and is at an advantageous price, a buyer may accept the seller`s request for a restocking agreement so as not to lose the opportunity to buy the house from another interested party who would succumb to the seller`s desires for occupancy. In these situations, potential sellers may not be forced to evacuate their homes immediately, but may remain on the ground as tenants.