In Episode 39, I gave you three pitfalls to buyer occupancy prior to closing. Today I am going to give you three tips if you do decide to allow the buyers of your home to occupy prior to closing and how best to protect yourself.
Three Tips If You Do Allow Buyer Occupancy
Limit the Time
Let’s say for whatever reason you decide to let the buyers of your home occupy prior to closing, limit the time between when they begin to occupy the home and when closing happens. A shorter window of time the buyers are in your home before closing will hopefully translate into less of a chance for problems to occur.
Document the Condition of Your Home
Before the buyers move into your home, document the condition of the home. This could be as simple as walking through your vacant home with your phone and taking pictures or a video in addition to taking notes. Also, have the buyers complete their walk-through prior to moving into the home. Make sure everyone is satisfied with the condition of the home prior to having the buyers move in.
Sign a Buyer’s Agreement to Occupy Prior to Closing
This form is an approved SC Association of REALTORSⓇ forms and should be used anytime you allow buyers to occupy your home prior to closing. It outlines what, if any, money is due to the sellers, the start date of occupancy, what the rent amount will be if closing does not happen by a certain date, what utilities will be in the buyer’s name and when the buyer will vacant the house if closing does not occur. The form also states the buyer should not make any alterations to the property, should obtain insurance to cover their contents and liability for personal injury and to maintain the property. The seller is also required to maintain their homeowners’ insurance through closing.
Please use these three tips if you do allow buyer occupancy to protect yourself.
As always, contact me if you are interested in buying or selling in Murrells Inlet or the surrounding area or if you are interested in learning more about living at the beach.