On June 4, 2014, in the Chicago Tribune, Lew Sichelman, United Feature Syndicate reported an article titled "Beware of delayed occupancy, early possession."
He states that when Broker, Nick Ratliff purchased a short sale last fall, the seller informed him that she wasn't going to move out until a week after the closing. To complicate the matter, the seller's lender said it would not extend its approval of the sale beyond the scheduled settlement date. Ratliff insisted that the bank either give the parties one more week to settle or that the seller move out as originally planned. He stood strong and after a few conversations with the bank, the short sale approval was extended and everything went fine. But that begs the question: Why not just allow the seller to stay in the house another seven days? Wouldn't that have been easier? What's the harm?
Allowing a seller to remain in the property is not a very good idea especially on short sales. It's also not wise to allow the buyer to move in before the closing. By allowing a buyer to move in prior to closing or letting a seller stay post-closing, both parties are entering into a landlord-tenant agreement. This changes the entire dynamic of the relationship and adds many more potential outcomes to the process. The best advice is to delay the closing until the seller can clear out. A rental agreement does not insulate you from responsibility for the property. Once the place is yours, it's yours, whether you have occupied it or not.
Once you decide to sell or purchase a home, Bradford Miller Law can help you with your transaction at a very reasonable rate. We can help you with all situations that you may encounter to help protect you from possible harm. Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau. Please feel free to visit our website for information about our firm and information about buying or selling a home. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
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