Pre-Closing Lease Agreements

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Commonly Asked Questions about Pre-Closing Lease Agreements

Why should you never ever let buyers take possession before closing?

Homebuyers sometimes request to take early possession before closing, typically because their lease is ending or their old home has sold. Granting this request comes with docHub risks, including the home sale falling through and the former buyers refusing to vacate.

What is it called when a buyer moves in before closing?

The Buyer asks if it is possible to move into the house before the date of close. This is referred to as pre-closing possession.

Should I let someone move in before closing?

There are docHub risks to the seller if you let your buyer move in early. A lot can go wrong between their move-in date and the closing appointment.

Is it normal for buyers to do a walk through before closing?

Most final walk-throughs happen a few days before, or even the day of, closing. The walk-through usually takes place after the seller has moved out of the home. If the seller hasnt fully moved out yet, they might be present for the walk-through. In this case, the sellers real estate agent would likely attend as well.

What is it called when you move into a house before closing?

Early occupancy is exactly what it sounds likean agreement between a home buyer and seller to let the buyer move in before closing.

What is a pre-closing agreement?

If you represent a buyer that requires immediate housing and wants possession prior to closing, consider a pre-closing possession agreement. The agreement is similar to a lease, whereby the parties agree to certain terms and conditions of the buyer moving in before the buyer actually purchases the property.

Is it possible to move into a house before closing?

In any case, allowing a buyer to move in prior to closing can be both a legal and a real estate nightmare. If theres no way around it for some unknown reason, the buyer and seller will need to engage attorneys to flesh out all the details before handing over the keys.