There are so many nooks and crannies in a purchase and sales contract where legalities can hide that sometimes important details get overlooked.  One that’s vitally important is the possession date of the home after purchase – or when does the buyer get to move in.

I find that sellers are usually so thrilled and/or relieved that they’ve received an offer on the home that they are eager to hammer out the purchase price, closing costs, and other financial details, but then overlook that they actually have to move right away at closing.

I’ve worked with many sellers who absolutely will not move out until after closing because they fear the closing will fall through and they’ll be stuck with two payments (whether a second mortgage or rent).  Then when I work with buyers, they are quite anxious to get the keys to their new homes.  They worry that if the seller moves AFTER closing, the house will be destroyed from the move.  It’s almost a paradox.

My advice to Realtors, emphasize the closing date to your clients when you present the offer.  Sellers should be realistic about how long it will take to pack up and move out and negotiate this time before the contract is binding … not wait until a week before closing to figure out they need more time to move. 

I agree with the advice of one commenter at Dan Bradstreet’s Active Rain blog,"Better to extend closing." (than to have a seller stay in the house for weeks).  But when a closing extension isn’t possible, then make sure you have a definite date hammered out in the contract that all parties understand and can sign.

Besides, who wants to pay rent to stay in their own house (as former sellers of mine have asked when they were told the buyer requested payment to cover their daily mortgage costs).  Ducks in a row, ducks in a row.