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Is there anything I can do? Do I have to sign the rental agreement??

I’m closing on my first home scheduled tomorrow at 9:00am the purchase agreement stated that we would close on or before the 15th of Jan, However the sellers will not vacate the property untill Jan 5th I want to be in my new home by the end of the month to avoid paying continued rent where i am now. We have not signed a rental agreement although my real estate agent has presented it to me they did not want to pay but finally agreed to pay until the end of the month and their realestate agent agreed to pay for the 5 days in jan but not after that date. Since the closing is scheduled alreadly do i have to sign the rental agreement? What will happen if i don’t?? Can I still Close??
Can I still force them to close if I don’t sign the rental agreement?
it was a suggestion from both realators
What will happen if with closing being tommorrow morning if I want to postpone closing until the orginal jan 15th

Here is my rule of thumb:

I NEVER, EVER advise a client to sign a rental agreement, where the sellers will be occupying the home AFTER the closing date.

Ever! I even have a form that I had an attorney to draw up that I make clients sign if they insist on doing so against my advice.

Here is what you are going to run into:

1. Your hazard insurance DOES NOT cover anything but fire b/c it’s technically a rental. That includes liability…so if your “tenants” get hurt…who can they sue? YOU!

2. Anything that gets destroyed in the home, post-closing, will be up for SERIOUS debate, as to whether the sellers caused it, it was normal wear and tear, or if it was there when you walked through the home.

3. Sellers cease to care about how they take care of a home, once the closing happens, and they are still in the home.

4. If they are not out by the agreed upon date, you have to take them to court for an eviction, and you have to give them a 30-day notice…just like any other landlord.

5. Sellers tend to NOT clean a home anywhere near as well when they move out post-closing, as they do pre-closing. I have seen them shove everything in the attic that they don’t want….and guess what you have to do? Take them to court of you want clean up charges.

6. You don’t get to do a walk-through of the home…EMPTY before you close….I have seen area rugs pulled up that have BLACK hardwood floors from pet stains (THOUSANDS of dollars to replace)….if this was revealed in a walk-through, you can say the sellers knew about it, failed to disclose, and make them pay at closing. Post closing? It’s up for debate how the stains got there.

You see the trend here????????

Once you have closed on the home, as a buyer, you have lost ALL of your leverage by allowing a seller to stay in the home post-closing.

HUGE, HUGE, HUGE mistake, and it is ALARMING on how many so-called Realtors don’t understand the dangers of it.

Rent 2 Own – For Buyers

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