Renters still in house at closing.
I am set to close in a week on this deal.The seller has a month to month lease with tenants and they are planning to move out. Seller says they may need a few days past closing to be out. I do not believe that seller has given official notice to tenants. My buyer has no plans on renting but may be open if only a little time is needed. How should I structure closing to insure my buyers interests are met?
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When we are buying occupied deals and we want the tenants out we usually just put in the PA that closing is contingent upon tenants vacating and removing all possessions from the premises. Also... there is a section in the PA that indicates when buyer will take possession. Be sure to state buyer takes possession at closing and any delay will result in a $100 per day cost to the seller. - very common.
- Ryan Mullin