Purchasing
- Your first home
- Your next home and move
- An investment property
- A vacation home
Refinancing
- To tap your home equity
- To save money
- To avoid rate increases
- To lower monthly payments
Home Equity
- Loans and lines of credit
- Finance major expenses
- Consolidate Debt
- Invest
Home buying possession
By Melissa Wirkus
After you have picked out your dream
house and qualified for a mortgage,
there are still a variety of different
things to think about in a home buying
transaction.
One of the things that most potential
home buyers do not think about at
all during the home buying process
is the move-in.
This can actually be one of the most
stressful times during the whole ordeal.
Home buying possession can be a tricky
subject to broach because not only
do circumstances and situations change,
but sometimes it is never even defined
exactly when the home buyer will take
possession of the new home.
So as you can see, sometimes these
conditions can leave for some sticky
situations.
A recent article by Elizabeth Weintraub
of about.com, “When can a home
buyer move in?” looks at the
different contingencies and problems
that could arise in between the closing
day and when the buyer moves in.
Everyone knows that buying a house,
especially if it is for the first
times, is one of the most exciting
times in a person’s life.
That is why it is important not to
spoil the excitement and joy by getting
into a fight with the previous homeowner
about the right time to move in. Discussing
well-in advance the move in date is
one way to make things run a lot more
smoothly during this already extremely
stressful time.
“Buyer Possession. Seller vacating.
Without fail, it's the single biggest
headache in most real estate transactions,
the number one problem that often
rears its head midway through when
needs or circumstances change. Sometimes
it was never clear in the first place.
Often each of the parties, buyers
and sellers, have a contradictory
expectation of possession.”
The first thing that must be defined
is what exactly constitutes the closing.
Laws
are different from state to state.
Most people assume that closing means
the recordation of the deed, but people
must keep in mind that sometimes county
clerk’s offices are weeks behind,
so closing will not actually happen
until money changes hands and the
deed is drawn.
In California, a home owner will not
receive ownership of the home, and
therefore the right to move-in until
the title company has confirmed that
the deed has been recorded.
“Local custom will dictate how
the buyer asks for possession, but
possession is typically an issue agreed
upon at purchase contract acceptance.
It's not unusual for a buyer to receive
keys on the day the transaction closes.
In some parts of the country, buyers
give the sellers a day or two after
closing to move. Sometimes sellers
rent back from buyers. Whatever you
agree to, make sure it's in writing.”
Also, the status of the market will
also dictate home buying possession
etiquette, and since we are in a buyer’s
market, we all now that some buyer’s
can be especially hard to deal with
considering their surplus of choices.
“In buyer's markets, buyers
will generally insist upon occupancy
at closing and have been known to
refuse to close if the property isn't
going to be vacant at closing.”