To Have and to Hold…But When?

Dear Pat,
My sister recently made an offer to buy a house in South Minneapolis. She is supposed to close January 26th but she can't move in until the 28th. Can this be right? I think she should be able to move into her new house as soon as she signs the papers, just like we did. What if the sellers damage the house or leave a lot of junk? ---Big Sister

Dear Big Sister,
Your sisterly concern is admirable, but probably unnecessary. Date of possession is typically negotiated at the time of the offer, and is usually determined by the date the sellers can move into their next home. Sellers normally need their proceeds to close on their next home, and time-consuming tasks of moving, cleaning, and last-minute repair often require extra time. For example, a chain of 3 or 4 transactions can close in one day, but this chain of buyers and sellers certainly cannot move into each other's houses on the same day. Thus it has become a customary buyer courtesy to allow the sellers as much as 2 days to move, depending on the situation.

For many reasons, sellers sometimes ask to stay in the home for a longer period. In these cases, they typically sign a rent-back agreement for a daily rental equal to the buyers' daily mortgage cost, plus insurance and utilities. A damage deposit can ease a buyer's mind in these situations, especially if the buyer feels the sellers are likely to leave any unwanted junk behind. But buyers should use common sense and discretion in these situations: a damage deposit requirement can seem insulting to sellers who have cared for their property for years, and who may well pride themselves on leaving the place "clean as a whistle." I personally don't advise my clients to insist on a damage deposit unless the sellers seem to be obviously poor risks. Most of the time it's not worth risking an otherwise amicable buyer-seller relationship. I've seen happy sellers offer to leave useful items for new buyers, such as dehumidifiers, window air conditioners, yard equipment and furniture. Plus, many Realtors (myself included) will offer to guarantee that junk and debris will be removed, or pay to have it removed if the sellers fail to perform.

So everything's probably all right, Big Sister. Now, show her how to pack!