English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

I am the trustee of a house in escrow with 2 weeks until closing.
My sister and her kids live in the house and are trying to find a suitable rental. What happens if escrow closes and they are not out yet?

2007-03-12 09:54:23 · 3 answers · asked by John W 1 in Business & Finance Renting & Real Estate

By the way this property is in Los Angeles.
Thanks to all for the answers.

2007-03-12 10:12:07 · update #1

3 answers

If the buyers agree to it, you can ammend the purchase agreement to extend the posession date. But then all parties, including yourself, any lender involved if at all, realtors, attorneys, what have you, and the title company, have to agree to hold all monies in escrow. If there are any payoffs, taxes, anything that has a time sensitive payoff date will have to be adjusted with the new date and the Settlement Statement/Hud will have to be resigned along with an accomodation/escrow agreement (some companies may use different verbiage here). Also, if buyers choose they can rent the house out your family. I've only seen this take place outside of the closing. However, if this can't be agreed upon, you HAVE to make sure they are out by the possession date agreed upon yourself and the buyers, written as such in your purchase agreement. Sorry, but you don't have an option at that point. Move 'em in with you.

This could probably very on State laws

2007-03-12 09:59:34 · answer #1 · answered by 81 Honda 5 · 1 0

they have 3 days from the closing date to get out or the new buyers can make them leave with the sheriffs office. Or if the new buyers are nice and dont have to move in right away they might rent the house to them for a month until they find a place to live.

2007-03-12 16:57:47 · answer #2 · answered by j 4 · 1 0

The Law gives them 30 days prior to closing to evacuate. If they are not out by that time, the Police will forcefully evict them. They will put a new DeadLock Box on the door and they will not be able to enter to remove their belongings. After the closing anything left on the premises belongs to the new owner.

2007-03-12 16:59:45 · answer #3 · answered by donna_honeycutt47 6 · 1 0

fedest.com, questions and answers