Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
First-Time Home Buyer
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago, 05/25/2022

User Stats

7
Posts
5
Votes
Bryce Platz
  • Investor
  • Los Angeles, CA
5
Votes |
7
Posts

Moving up the closing date when sellers are occupying

Bryce Platz
  • Investor
  • Los Angeles, CA
Posted

Hey again BP! 

I'm currently in escrow on a property with all contingencies removed. My wife and I will be using it as our primary residence and we are stoked to move in and make it our own.

My lender just contacted me and said we will be able to move up our closing date by about a week. Seems like a great idea on our end, since it'll save us money on our prepays. 

Here's the tricky bit: our new closing date would be 5/27, but, based on our contract, the sellers will remain in the property until 6/6. We haven't technically called this period a leaseback or anything official like that. I'm wondering if I need to have my agent draw up a purchase addendum saying that this is a leaseback period and seller will pay for utilities, keep the property insured, not trash it, etc. for our own protection. It just seems like I should take some sort of precaution if people are going to live in the property for a week and a half after we technically own it. 

Perhaps I'm overcomplicating things? Let me know! Thanks,

-Bryce

Loading replies...