People often ask “Do I have to be out of my property on the day of closing?” and generally the answer is yes. When someone buys a piece of property, they’re entitled to immediate occupancy. Now, there are exemptions to the rule and those are the kinds of things that are normally negotiated as part of a contract. There may be a situation where a seller needs to remain for a short period of time or there may even be a situation where the buyer wants the seller to remain for a period of time and this can be negotiated in your contract and even after a contract is signed. Again, assuming that instance that both parties are in agreement after the fact. After a contract is signed, you can’t require a major change in the transaction unless both parties want it to. So the best practice is to let us know in advance prior to signing your contract so that we can at least reserve the option or the right to remain or hold-over after closing.
Marc N. Needelman is a real estate attorney, located in Hartford, CT. Contact an experienced lawyer with questions and get a free initial consultation.
