We are due to complete on 20 October, but I do not understand how it works if you are in a chain, do we have to wait for the people higher up in the chain to finish moving stuff out, before we can start moving in? Wouldn't this leave the people at the bottom of the chain potentially waiting all day before they can start to move in?
2006-10-01 22:37:14 · 11 answers · asked by Cherry 4 in Home & Garden ➔ Other - Home & Garden
Assuming the ownership of a piece of residential property at closing and actually taking physical possession of the property are two entirely different things. Read the details of your purchase contract. There is usually some kind of "possession clause" that may read something like, "buyer to take possession 14 days from the date of closing". This process of physical possession is a matter of negotiation prior to the signing of the purchase contract. A particular date is usually not specified. It is usually a matter of a certain number of days from the date of closing. If you are not clear on the details of the contract, your real estate agent or your family attorney can advise you as to what the agreement says.
It is very common for a buyer of an occupied home to have to wait for the old owners to move out. This is something that your real estate agent should have discussed with you.
A bit of advice is to make sure you have homeowners insurance on your new home even though someone else is living in it for a short period of time. Do not depend on their insurance to cover you in case of a casualty claim since it is common for their homeowners insurance to be cancelled as soon as the house is sold.
Good luck with your new home.
2006-10-05 17:02:01 · answer #1 · answered by exbuilder 7 · 9⤊ 0⤋
You should be packed and ready to move. The money is exchanged from the bottom up, so you'll get a call from your solicitor. At that point the house belongs to you and the keys should be handed over. Make arrangements to collect them from the current owner or estate agent. Solicitors don't normally like handling keys. Make this arrangements a few days before.
Its the people at the top of the chain who have to wait longest. This is because the chian is "fueled" by the money coming into the chain by the first time buyer, or someone with cash.
There is no fixed time for completion. All the solictors phone each other and agree to complete. Then the chain shuffles upwards.
hope it goes well for you. Put the kettle on, we'll be 'round to help you unpack.
When we completed the current owners hadn't even started packing....so our removers "helped" them move all there stuff outside. They spend weeks collecting it.
2006-10-01 22:47:44 · answer #2 · answered by Michael H 7 · 0⤊ 0⤋
The people higher in the chain who you are purchasing the property from usually have to be out by completion day as the house is then legally yours. Pick the keys up from the Estate Agents and move in.
2006-10-01 22:41:05 · answer #3 · answered by MGN2006 4 · 0⤊ 0⤋
It all relies on the solicitors receiving confirmation from the bank of transfer of funds. They then complete the completion paperwork, the deal is then done. They then ring the estate agents to release the keys to the new owner.
This has to happen for the complete chain.
You'll normally find soliitors try to keep completions to one day. That way the can concentrate on it. Then when it's all done finish early for the day and celebrate all the money they've made.
2006-10-01 22:49:30 · answer #4 · answered by David T 3 · 2⤊ 0⤋
Barring any previous arrangements... when you walk away from the closing table the house is yours, you can move in as soon as you want.
In the case of a chain transaction, typically your completion date would not be set before the house is available. Meaning the parties further up would have already completed their transaction and moved into their new house, leaving your new house open.
2006-10-01 22:41:21 · answer #5 · answered by buckj04 2 · 0⤊ 0⤋
Everyone has to be out of their properties by a specific time, think it's noon or 2pm, something like that. Check with your solicitor or estate agent. .its in the completion agreement. There's a little leeway but that's how it works.
2006-10-01 22:40:55 · answer #6 · answered by Saskia M 4 · 0⤊ 0⤋
when completion was with my house, i moved in the same day, once the previous owner hands over the keys to either the estate agent or solicitor then you are free to move in
Good luck
2006-10-01 22:40:03 · answer #7 · answered by wac_coach 2 · 0⤊ 0⤋
The new owner may want to move in - because his old house is sold and the buyer wants it. This can get unpleasant unless you have a clause in your sales offer that allows for a flexible date. You may have to pay rent .
2016-03-27 01:51:59 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Everybody should be out of their own house by 12 noon, or 1pm at the latest. It's important that everyone knows this and sticks to it , otherwise it's chaos!
2006-10-01 22:39:06 · answer #9 · answered by david 2 · 0⤊ 0⤋
you get a key to move in
2006-10-02 01:26:52 · answer #10 · answered by Anonymous · 0⤊ 0⤋