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Redfin Real Estate Forums :
Los Angeles :
Re: Close of Escrow Plus 3 days?
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Re: Close of Escrow Plus 3 days?
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4real
Contributor
Posts: 27
Registered: 01-12-2009
Message 3 of 7
Viewed 1,990 times
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I have heard that before. We did a transaction not too long ago and that was the case but it was a regular sale so the sellers were not being forced out. On the other hand, you can always place it in the contract to have the seller provide the keys at the close of escrow. 4real
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03-12-2009 02:05 PM
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Re: Close of Escrow Plus 3 days?
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KatrinaJ
Redfin Lead Agent
Posts: 15
Registered: 07-18-2008
Message 4 of 7
Viewed 1,955 times
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Close of Escrow (COE) plus 3 days is pretty standard in California, I for one put possession as "5:00 p.m. on COE." If the sellers want more time, an addendum to the purchase contract (PAA - Purchase Contract Addendum) can be drawn which will outline what the seller will pay for that time which is typically PITI - Principal, Interest, Taxes and Insurance - broken down to a daily rate. Not to be unkind as its understood that sellers need to move and don't want to do so until they know that the deal is done and title is recorded. However, in my clients best interest, it makes no sense for them to have someone else living in their home while they pay the mortgage. And too, the concern about what they are doing there after inspection as RBLA pointed out. Some clients choose to be accomodating and give them 1 day after COE in a standard, smooth sale, but then I demand the PITI after that as they would have to pay to live no matter where they are ending up.
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03-12-2009 03:37 PM
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Re: Close of Escrow Plus 3 days?
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Rebeccah
Regular Contributor
Posts: 94
Registered: 09-08-2008
Message 5 of 7
Viewed 1,906 times
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I had a nightmare buying my previous house in Oakland in 2004, where the sellers found a house to buy after we signed the contract, then wanted an additional month after COE to complete that transaction and move (*their* seller got a 30-day rent-back in the contract), which I hadn't planned on or scheduled for, and couldn't give them. Against my better judgment, I did give them an 11 day rent-back at a pro-rated PITI cost. Instead of looking for an interim place to live, the sellers (abetted by their realtor, I might add), just kept hoping everything would work out.
To top it off, their realtor never relayed to the sellers that I had set and signed at closing a concrete end date to the rent-back, and because there was a weekend delay in the funds being transferred, we had a three-day difference of opinion regarding when they had to be out. I had to send my fiance in to start preparations for our renovations while they were still living there, to help their realtor find day laborers to get them packed and loaded onto the moving truck, and to play "Good Cop" to my "Bad Cop." In the end it turned out that the keys they provided at COE didn't even include the outer security doors, so once they were finally out, I had to hire a locksmith to enter my own house.
Lesson learned: On my next purchase, the house will be empty for my final walkthrough, prior to COE.
Rebeccah
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03-12-2009 05:12 PM
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