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It’s your possession date, but the seller hasn’t moved out yet

| Feb 11, 2020 | Residential Real Estate |

Buying a new home is an exciting but protracted experience. Whether you’re about to move into your first home after living in rental units or have recently upgraded do to plans to expand your family, it can be very hard to wait the weeks or sometimes months between the day when you close on the home and the date you finally get to take possession.

Negotiating possession is often important to sellers, as the currently fast-moving residential real estate market can make it difficult for someone to quickly purchase a new place after selling their home. If the seller has not vacated the property by your possession date, you will need to take steps to remove them and hold them accountable for the impact their delay will have on your life.

Check your offer and purchase agreement

The first thing to do before you reach out to the seller about their ongoing presence at the property is to verify that your expected date of possession is correct. Looking at the terms you set in the documents can help out.

If it is clear that the seller should have left and turned over the keys by now, you want to look at what charges your agreement assess for each extra day of seller possession. This is a relatively standard charge in many purchase agreements, which buyers can set from a few dollars to hundreds of dollars per day.

When the seller realizes they will have to pay a large amount to stay in the property, that can help motivate them to get out as quickly as possible after the possession date. In extreme cases where the seller becomes hostile and still refuses to move, you may need to take formal steps to evict them from their former property and your current home.

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