Q: As a seller, should I let the buyer have early possession?
A: There is ALWAYS a risk when you allow a purchaser to take possession of your home prior to closing. Using a carefully drafted possession agreement helps, but read the document carefully. Our widely used REIN agreement, for instance, states that the buyer is responsible for anything and everything that might go wrong, EXCEPT those issues covered by the seller's hazard insurance. This can be a very sticky situation and you should really know the answer to the question as to what you (the sellers) are going to be responsible for when the buyers move in early. Always take a sizeable deposit, and insure that the buyers are pre-approved and all contingencies are removed prior to early possession.
If you’re a seller who has been wondering if it might finally be time to sell, email us at concierge@lizmoore.com, or click below, and we can prepare a complimentary analysis of market value for you – you just may be pleasantly surprised.
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