Q: As a seller, should I let the buyer have early possession?
A: This 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 sellers hazard insurance. This can be a very sticky situation and you should really know the answer to the question as to what you (the seller) 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.
Are you thinking about selling your home? 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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