A lot of people have asked me recently whether buyers can take possession of a property before closing. As a matter of fact, they can, and I’m going to explain how today.
I’ve had a few different people ask me recently about pre-occupancy agreements. Since I’ve been hearing questions on this subject so frequently, I thought I’d offer some insight for all of you today.
Before we delve further into this topic, allow me to explain what a pre-occupancy agreement is. Typically, buyers will move in on the same day as they close. But this isn’t always the case. There are instances where a buyer will need to take occupancy before the closing date, and this is where a pre-occupancy agreement comes into play.
If the buyer only needs to move in a couple of days early, the seller is unlikely to ask for any additional compensation. If the buyer is asking to move in a few weeks early, though, then there will likely be a price to pay.
As is true of many aspects of a real estate deal, there is no one-size-fits-all answer as to whether pre-occupancy agreements are a good idea. There are cases where such an arrangement may benefit both parties and other instances in which it wouldn’t.
The only way to truly determine if a pre-occupancy agreement is right for you is to speak with a trusted real estate professional about your specific circumstances.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.