If the house is scheduled to close by the end of the month and it goes longer, would the seller be responsible for the buyer's rent given that a 30 day notice has been given?
2007-08-21 13:37:57 · 7 answers · asked by eisabela 1 in Business & Finance ➔ Renting & Real Estate
Ok If your C.O.E. (Close Of Escrow) Was Due Say on the 30th Check your MLS Print out if you see a COE+3 that will tell you the close date will be the 30th plus 3 additional days.. now if you have and exact date of closure and you past it by any amount of days Ask your Realtor to Make an Addendum Stating a Per Diem, Meaning you come up with an amount you charge the Seller Per-Day until the property is yours.... Now this is only good when the Sellers is at Fault for not closeing on that specific date. 99.9% of the time its just a slow Escrow Company's fault.
2007-08-21 14:37:48 · answer #1 · answered by coldwellbanker_michael 2 · 0⤊ 0⤋
What's in the contract? Are we to understand that the house is being sold without the existing tenant? or with? If the new owner expects the tenant to come with the property, then any collected rents and deposits go to the new Buyer for the time they own the property it's a proration like the taxes. You are transferring existing leases then all the business work to do with that lease goes forward including the money. The title company or the lender can help you with these numbers. If you are using a Professional REALTOR they should have explained this when they discussed net sheets with you. Tread carefully when it comes to this money the deposit belongs to the tenant until you have a reason to make a claim!
2007-08-21 21:17:17 · answer #2 · answered by helprhome 5 · 0⤊ 0⤋
Closings can sometimes get delayed and usually both parties work out an arrangement. Depending on the contract, the seller usually has to pay the buyer a daily fee to stay in the property beyond the closing date.
2007-08-21 21:00:46 · answer #3 · answered by lt 4 · 0⤊ 0⤋
Read the contract. But I doubt it'll say anything about the seller being responsible for buyer's rent. Closings slide all the time. Is why you don't plan on ending your lease the day you close, just in case.
2007-08-21 20:43:08 · answer #4 · answered by TheSlayor 5 · 0⤊ 0⤋
If the delay was on the buyers end the seller can declare the contract void. I have never heard of a seller having to pay for a buyer's rent.
2007-08-21 21:12:26 · answer #5 · answered by Sharingan 6 · 0⤊ 0⤋
Unless the contract specifically states "Time is of the essence", they really aren't in breach if it doesn't close on time. Without that, the closing date is a little "squishy". What you want to do is have your attorney send their attorney a letter putting them on notice that the date is no longer flexible, it must close by X or it will get unpleasant.
2007-08-21 21:08:23 · answer #6 · answered by open4one 7 · 0⤊ 0⤋
Not necessarily. Depends on where he problem is. Most times it's the mortgage company, and that would be a buyer's problem.
2007-08-21 21:01:09 · answer #7 · answered by Alterfemego 7 · 0⤊ 0⤋