Most people buying a new house cannot wait to take possession. Usually, as soon as they sign the deed transferring ownership, the buyers can expect to receive the keys to the property and the legal right to access it. They will start moving in, often the same day.
However, with the more aggressive modern real estate market, buyers sometimes have to agree to let the seller stay after closing. The seller might need time to find their own house or just wait until their new property is ready for them to move into it. What do you do when the time comes to take possession and the seller won’t leave?
There should be documents from your closing addressing this issue
Since the seller maintaining possession after closing is unusual, there are special documents to include in this situation. Essentially, you have to negotiate a short-term lease where the seller rents the property that they just sold to you.
Although people often try to be friendly when setting such terms, you want the rental rates to be high enough that it costs more than the convenience of staying is worth. Otherwise, if you charge them $20, they might stay for months, leaving you to find someplace else to stay in the meantime at a much higher price.
If the seller is not out by the agreed-upon date, you will likely have to go to court. You may have to evict them. You may also have to pursue a civil lawsuit if they don’t compensate you for the extra time in the house.
Reviewing your contracts and any addendum related to the seller leasing the property is usually the first step to take to resolve possession disputes after a new home purchase.
