Real Estate Tips from Bob Rich-Occupancy Date

One of the key dates in the purchase and sales contract is the occupancy date. This should not be an afterthought. This is the date that the home belongs to the buyer and he can move in. The seller and all personal property must be out by this date.

It will take 30 to 45 days for a loan to be approved and settlements are usually 60 to 90 days after a contract has been accepted. If necessary, the buyer can negotiate a rental agreement with the seller to allow him to occupy the property after the occupancy date. Naturally, a fair rental fee would be agreed on by both parties. However, it is preferable to decide on a date that can be carried out by both parties -- one that does not have to be altered.

Time is critical when the buyer and seller are also involved in buying and sellling other properties (which is often the case). It is not unusual for both parties to arrive at settlements with their belongings packed in a moving van.

The Rich Company will assist you in making your home purchase as easy as possible.