keys after closing
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keys after closing
Hi. We have a closing on 6th and sellers want to occupy house till 2 days after
closing.This was agreed upon but now Sellers say they want to move out on 11th
and the buyerwe will be out of town for 10 days and not available to collect
the keys on 11th.what are the options for buyers in this scenario. is it safe for
seller to handover keys to listing agent and we collect it once we are back in
town?
Asked on September 4, 2019 under Real Estate Law, Michigan
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
So long as you trust the listing agent, it is safe: by that, we mean that above and beyond the protections afforded by an agreement (see below), you need to make sure you trust people whom you do business with or entrust with anything valuable, because "paper protections" (e.g. an agreement) only go so far.
The above said, you are also advised to have the sellers escrow money (e.g. with the realtor) as, essentially, a security deposit, in case they damage the home between the 6th and 11th, with a written agreement that also releases the money to you if they don't move out as agreed by the 11th; you want protection from damage and also an incentive for them to leave the house.
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