Occupy new home before closing?

[Raven Parmer]

I have posted about this deal before, once regarding a bad tenant (resolved), and once about zoning (resolved). Now  I have another question, and I'll try to be brief. 

We are purchasing a duplex in Louisville, KY with separate garage apartment, and we will live in one unit. Our contract period was over 8/23, and we have had to extend for the reasons mentioned above. We listed our current house and got an offer right away. Now it looks like our window to close on existing and new is tightening. Like, we may be homeless for a minute.

Our plan was to own both for a month to have plenty of time to move and make a few repairs on the new house. Now we won't have that time. It's frustrating, because of the delays we missed out on leasing to students (its very close to a college), and now the garage apartment renovations probably wont be finished until around Thanksgiving. I've never rented a home before, but I am guessing December is not a busy month. 

Anyway, we were wondering if there was a way to gain occupancy (to start moving our stuff and make minor repairs) so that our schedule isn't completely ruined. I realize the seller could back out, but I am 99% sure she won't. It's an estate, its vacant, and she is ready to unload it. She is also related to a friend of ours (we didn't know this until recently), which makes me feel more comfortable. 

Has anyone ever done this? Is there some kind of document we could draw up that would make the owner (and us) more comfortable? Or is this just a bad idea all around? Thanks in advance!

[Erik Hitzelberger]

@Raven Parmer - The short answer is 'yes', there is such a thing as early possession.  Like any contract you simply need to understand and come to agreement on the terms.  Since she is the owner, she is actually leasing it to you.  What is the daily, weekly, or monthly fee you will pay for this?  Are you accepting it as is?  Are you required to carry rental insurance?  If something happens, who covers the repair costs? Do you have an opportunity to back out of the deal if something occurs?  As an extreme example, if the house burns down can you get out of the purchase agreement even if you may have been the cause?  What if the closing is delayed?

Your agent should be able to direct you to an attorney who can provide advice on this as well as accurately describe the risks to both sides.  Several law firms have 'standard' forms where you can fill in dates, amounts, and any specific criteria.