Paul S.  Henderson, REALTOR®, CRS, South Puget Sound Washington Agent/Broker! (Fathom Realty Washington LLC)

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Rainmaker
140,518
Joan Dickie
Keller Williams Premier Realty - La Crosse, WI
Keller Williams Premier Realty

Everything is negotiable, but if I'm representing the buyer, the seller should pay rent and insurancee.

Mar 29, 2016 08:59 AM
Rainmaker
1,990,904
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

The buyer is paying interest immediately so the Seller should not get a lengthly free ride !

Mar 29, 2016 12:00 PM
Rainer
45,807
Andy Madrid
Hawaii Coast Realty, LLC - Kailua-Kona, HI
Expertise, Professionalism, and Service

Yes.  If they cannot relinquish the property per the contract then they should be paying rent and they should keep their insurance in place until they can vacant.

Mar 29, 2016 09:01 AM
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Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

The Seller should be out regardless.  Their belongings should have been packed up and loaded the day prior to closing to provide vacant possession.  They can pay rent to a hotel and storage facility!

Mar 29, 2016 08:27 AM
Rainmaker
1,429,777
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Paul S. Henderson, REALTOR®, Broker, Tacoma Washington A seller should pay rent; however, if arrangements aren't made prior to the closing I believe all you can do is take legal action to have the seller evicted. Time to see an attorney.

Mar 29, 2016 08:08 AM
Rainmaker
3,842,805
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

What does the contract say about possission? Usually a seller who holds over pays a per diem equal or exceeding the buyer's holding costs!

Mar 29, 2016 08:56 PM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

We have agreements that clearly define who is responsibile for the property upon early move in or seller retained after closing.  Sometimes they stay for nothing, sometimes they rent back.  I try to avoid the situation, but sometimes it's just impossible. 

Mar 29, 2016 02:43 PM
Rainmaker
2,706,962
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

A Seller's Temporary Lease is negotiated during contract negotiations if the seller is not releasing the home at closing.  If a STL isn't in place and  we discover at the walk-thru the day of closing the home isn't vacant, closing would be delayed until it was straightened out.  The lease stipulates the seller is responsible for everything with the home until they are out!

Mar 29, 2016 12:26 PM
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Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Yes, we put what the Seller will be charged per diem for staying in the house. It's often motivation to get them out, but I would think long and hard before allowing them to stay past closing. The few times I've done it, it hasn't been pretty.

Mar 29, 2016 12:14 PM
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It depends on the contract. I have had sellers remain and pay an occupancy fee. I have also had sellers not quite out and the buyer moving in on top of them.

Mar 29, 2016 09:53 AM
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

In CO there is a per diem that is charged to the seller for failure to hand over the property on the agreed upon date and time. The per diem can be whatever the buyer wants to put in the contract. 

Mar 29, 2016 09:19 AM
Rainmaker
1,659,128
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

The seller in IL is still responsible. It never would have closed without a 2% holdback from the seller for possession. 

I've only had one seller say 'I'll get out when I'm ready' in all these years. I was flabergasted at his arrogance.

Mar 29, 2016 08:54 AM
Rainmaker
3,651,867
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

In our state we have a agreement that is fill out for the seller to pay rent if they are not out

 

Mar 29, 2016 08:07 AM
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

What does your contract say about buyer recourse? I know buyers that have withheld funds at closing when the seller wasn't out per the contract (but I am not an attorney and not recommending that).  Seems like the buyers might now be responsible as the owners is you had closing unless there was some other agreement. Attorney time?

Mar 29, 2016 07:55 AM
Rainmaker
578,224
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

In the Colorado contract there is a blank for the daily penalty if the seller isn’t out on time. $150 to $350 is common.

Mar 29, 2016 07:50 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Not something I would want to allow.

Jun 24, 2019 11:57 PM
Rainmaker
4,554,105
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

In Colorado if a seller remains in the home after closing, we have a post closing agreement to address insurance, utilities and even a deposit. 

Mar 31, 2016 12:04 AM
Rainmaker
1,336,073
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Everything is negotiable and I would consider doing a rent-back agreement with the sellers... or start an eviction.

Mar 30, 2016 06:04 AM
Rainmaker
3,985,753
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Absolutely and we withhold some of the seller proceeds also

Mar 30, 2016 04:29 AM
Rainmaker
3,826,819
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It's part of our purchase agreement.  Possession upon close of escrow or fill-in-the-blank number of days and hour.   It is not uncommon for a seller lease back after the close.   It's all negotiable.  If the buyer obtains a loan, lenders may have an issue --- everyone needs to be informed.   

Mar 30, 2016 01:05 AM
Rainmaker
3,069,179
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Post-Possession is highly discouraged.  Just know that YOU are NOT responsible for the house.  When the transaction closed - whatever happens after that involves only the Buyer and the Seller...time for an attorney!

Mar 29, 2016 11:56 PM
Rainmaker
443,820
Dianne Goode
Raleigh Cary Realty - Raleigh, NC
Realtor/Broker

The sellers shouldn't be in the house without a Seller Possession After Closing Agreement, which indeed contains a provision for rent.  In my area, the buyer typically gets the per diem equivalent of his mortgage payment.

Mar 29, 2016 11:01 PM
Rainmaker
3,259,348
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

First i would not clos eif i could not get possession at closing so yes if they were still there, i would collect rent and have them hold a huge chunk back in escrow as security, 

Mar 29, 2016 10:44 PM
Rainmaker
4,433,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

We have a an addendum that they would sign and ofcourse expect them to pay rent.

Mar 29, 2016 10:35 PM
Rainmaker
6,152,137
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

The settlement should be deferred until they can offer possession.

 

Mar 29, 2016 10:05 PM
Rainmaker
3,713,371
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

That's why we have a "Seller Possession After Closing Agreement," Paul, just for these kinds of instances, which specifically spells out answers to all your questions. It's a bit of mini-rental that sometimes does not carry any "rent" but it's all negotiable between buyer and seller.

Mar 29, 2016 09:51 PM
Rainmaker
2,377,099
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Paul. We have all seen situations like this, but have seen few times that a rent is paid.

Mar 29, 2016 06:29 PM
Rainmaker
634,222
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Assuming the reason is the seller's responsibility, yes. I had a situation that required delaying access to the new owners and the seller paid compensation equivalent to rent and insurance for those 10 days.

Mar 29, 2016 06:28 PM
Rainmaker
1,915,910
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Yes

Mar 29, 2016 01:50 PM
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Paul S. Henderson, REALTOR®, Broker, Tacoma Washington - I think it all depends on the agreement.

Once that had happened with a new construction - and the seller/builder did the right thing.

Mar 29, 2016 01:37 PM
Ambassador
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Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Yes we call it a Rent Back.

Mar 29, 2016 01:24 PM
Rainmaker
1,157,329
FN LN
Toronto, ON

It depends upon the contract terms, closing insurance wording (if applicable), local law amongst other things.

Mar 29, 2016 12:58 PM
Rainmaker
558,422
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Better check with the lender what their criteria area, especially if it's supposed to be an owner occupied home loan. In any case, your home owners insurance should be aware of this. And I would do another walk-through and I would certainly have them pay a per diem.

Mar 29, 2016 12:26 PM
Rainmaker
842,111
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

This is a ginormous issue, because who is insuring this house? The seller's no longer the owner. The buyer's not in possession. Insurance companies live for this kind of loophole. We had a house on the river burn to the ground during a holdover postpossession . . . I don't know if the lawsuits have been settled even a decade+ later. This should have been dealt with in the contract, or sellers should have gotten the H out. Buyer NEEDS to get an attorney and provide sellers a STRONG incentive to move it, if for no other reason than to prove action was taken. Some kind of agreement needs to be in place and yes, they should be compensating the owner for use of their property.

Mar 29, 2016 12:11 PM
Rainmaker
790,066
Susan Laxson CRS
Palm Properties - La Quinta, CA
Local Knowledge & Global Network

It isn't my favorite way to deliver a property to a buyer, but we usually negotiate a monthly rental comparable to their PITI per diem.

Mar 29, 2016 10:38 AM
Rainer
308,964
Melissa Jackson
Century 21 Alliance Properties - Azle, TX
Helping You Make The Right Move

Sometimes I will have contract with a leaseback. Seller becomes renter at closing. Usually for less than a week. They do pay rent plus utilities and deposit.  It's a win win.  If they stay longer, each day is considerably more than the first week. 

Mar 29, 2016 10:30 AM
Rainer
43,931
Stephanie & John Webb
Latte Stone Realty LLC - Albuquerque, NM
Stephanie Webb Co-Owner, Latte Stone Realty, LLC

I had to do this a few times. I had my buyer work out an agreement using a RANM form in which the seller leased back the property. We required the seller to put a damage deposit of $500 and worked out a daily rate with the seller until they could move. The day they handed keys over, we did a walk through to make sure everything that was supposed to be left behind was there (refrigerator, washer, dryer). After the buyer walked through and approved of the property, the seller got their deposit back. Its the same as renting a property just on a daily basis. Don't get me wrong, there is RISK to the buyer for being nice.

 

Mar 29, 2016 09:34 AM
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TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Yes.

Mar 29, 2016 08:18 AM
Rainmaker
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

It does happen a lot, unfortunately.

Who is responsible for the delay: seller, a lender, title issues? 

 

Mar 29, 2016 08:16 AM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I think so.

Mar 29, 2016 08:10 AM
Rainmaker
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Absolutely.  I included that in the contract, with a daily rate that would motivate the seller to get out ASAP.  The responsible party is whoever has legal ownership of the property.  I am a big fan of the home warranty, to cover unexpected expenses.    

Mar 29, 2016 07:56 AM
Rainmaker
5,164,230
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Paul,

In commercial real estate, there is an established rate for staying there longer, that is part of the contract.  I would assume that the rental agreement would cover that in terms of insurance, etc.  A

Mar 29, 2016 07:54 AM
Rainmaker
2,589,234
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Yes to something should be done. If the seller got it all, he should give in a little. If the buyer got it all, relax a little.

Mar 29, 2016 07:50 AM