It’s Tempting, but Don’t Do It: The Perils of Moving in Prior to Closing
Posted by The Cobb Group on
It is not a given that every sale will close on the contracted closing date. With this in mind, it is important to have contingency plans to cover any delays that will hinder moving plans for both buyer and seller. The buyer who wants to move in prior to a delayed closing and the seller who accommodates such a request may find themselves in a predicament if things don’t go according to plan. Keep in mind that even if there is a written agreement to allow an early move-in, a legal dispute can still evolve from the unforeseen.
Early occupancy by a buyer means that the seller will have to maintain insurance on the property until closing, but there will be a potentially costly change to that policy. The new coverage would be landlord…
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