Post Closing Occupancy Agreement - Pros and Cons????

i've done it twice. the risk is taken by the buyer. in both cases, it worked out fine. you're doing the buyer a favor by closing at a time that is inconvenient for you, buyer is doing you a favor in return.

i calculated a per day amount based on what buyer would have paid to live in apartment, multiplied it times the number of days, and added 10% for the hassle (that was nice of me, probably not necessary).

take dated pictures pre-closing of the apartment detailing any existing defects. give them to your attorney to hold.

Ooh, I like this question, can I blog about it?

A PCOA way more of a risk for the buyer than for you -- what if you trash the place, what's his/her recourse?

The thing that would worry me most from your end is insurance. Presumably the purchaser is now carrying the homeowner's insurance as though it's his/her primary residence -- I would worry that you are not covered as a "renter" and that if the property burns down you have no insurance on your stuff.

ali r.
{downtown broker}

of course you can blog about it. thanks for the advice, gals (jeez - i NEVER use the word gals but it felt right here)

I have been told:
Traditional agreements say the seller has to pay the buyer's mortgage interest and also maintenance for time spent...

I will look into the insurance aspect of things. i will have to look into my policy and see what kind of coverage it has. i think it may even be some type of renters/owners hybrid because it is a co-op. i am not really sure about that. maybe i can switch the policy for the time spent as a tenant instead of owner.

my insurance company was ok with it. just told me to call when vacating. the buyer's bank should be satisfied if he/she presents proof of binding as of a certain date, along with the pcoa, if i recall correctly.

effectively, it can be two distinctly different transactions...unless building won't allow. the purchase is complete. Then the property is rented.

i have a call with my lawyer today for the ins and outs and legalese.
if anyone has any reasons why i should NOT do this and just put back the closing - please let me know.

I don't see a downside for you, other than what has already been discussed, but if you feel you need longer than 4 weeks, the buyer might have an awful time getting rid of you.

i could become a squatter in my own apartment!

this is one of those areas where a broker can really help. mine was willing to represent that he had known me for some time, and was willing to give a character reference. the buyers' brokers were both also very low key, not inclined to throw a wrench in the deals.

this is a broker-less transaction. we are both fine with the agreement. it works for both of us so i guess i just wanted to hear someone tell me what could go wrong. something that i am not thinking of.

aboutready's idea of photos is a good one -- traditionally you just put the front page of today's newspaper in the shots.

and I'm fine with "gals" although it did cause a craving for lemon coolers and iced tea.

ali r.
{downtown broker}

sniper, i've been called worse. i think it should be fine. and if it gets the deal done.

a long island iced tea for me please. it's friday and after noon.

"i calculated a per day amount based on what buyer would have paid to live in apartment, multiplied it times the number of days, and added 10% for the hassle (that was nice of me, probably not necessary)."

per day amount = what?

i am thinking daily calculations of mortgage interest + daily calculations of maintenance. seem right?

you got it.

spoke with my lawyers and the purchaser and it looks like we are gonna be able to work it out in a manner that i think is favorable to me and also works for the buyer. thanks for the help/advice.