What if I need more time in my house after the closing of the sale?

If you think that you will need more time to fully move out of the house by the closing date, you have a few options. If convenient, practical, and agreed to by everyone, you may be able to negotiate a new closing date. Otherwise, speak to your attorney about the possibility of entering into a written agreement giving you additional time in the house after the buyer has legally purchased it from you.  Remember, after the closing the house is no longer yours so if the buyer is going to let you stay, their attorney will likely insist on a formal document being signed by everyone to protect their interest.  If you are asking to stay for more than 24 hours, don’t be surprised if you are asked to pay “rent”, usually in an amount equal to what it is costing the buyer to now own that property on a daily basis (P.I.T.I.)

Carol O'Connor Cadiz
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Attorney & Owner at O'Connor Cadiz Law: Bankruptcy, Injury, Real Estate & Mediation