Hello, I would love to hear opinions regarding my current situation. I am purchasing a resale in a newer development (2007) and we have signed contract, and I have closing scheduled for the second week of July. I have struck an agreement with the Seller that I would be moving in prior to closing, paying a per diem rate. I have received board approval as well - the building management is known to... [more]
Hello,
I would love to hear opinions regarding my current situation.
I am purchasing a resale in a newer development (2007) and we have signed contract, and I have closing scheduled for the second week of July.
I have struck an agreement with the Seller that I would be moving in prior to closing, paying a per diem rate.
I have received board approval as well - the building management is known to be a bit stuffy.
I have 2 options:
1) Occupy the space as a guest of the seller (w/o moving in any furniture, but just a suitcase)
OR
2) Approach the management co and the board with the proposition of moving in, prior to closing, and getting time to schedule a move-in so I am not sleeping on the floor.
The risk with option 2 is the management board may say I can't move in, as I am not officially the owner.
Regardless, the contract states I will be paying a per diem rate starting on July 1st, regardless if I move in or not.
What should I do?
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Response by 1stHome
over 16 years ago
Posts: 9
Member since: Jun 2009
Also, the timing is for this Saturday!
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Response by smacstein
over 16 years ago
Posts: 112
Member since: Mar 2009
If the timing is Saturday, move in wiht your suitcase and air mattress...
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Response by emmapup
over 16 years ago
Posts: 142
Member since: Oct 2007
A lot of buildings don't allow you to move in on the weekends, just weekdays between certain hours.
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Response by 1stHome
over 16 years ago
Posts: 9
Member since: Jun 2009
This building does allow weekend moves, Smacstein, do you think the management co and board will have an issue?
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Response by smacstein
over 16 years ago
Posts: 112
Member since: Mar 2009
I think it's already Wednesday and you will never get an answer in time to move anything in on Saturday. That's going to be your biggest issue...
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Response by 30yrs_RE_20_in_REO
over 16 years ago
Posts: 9877
Member since: Mar 2009
"the building management is known to be a bit stuffy."
Just to be aware: approvals can be withdrawn even after acceptance.
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Response by kylewest
over 16 years ago
Posts: 4455
Member since: Aug 2007
If I were on the board, I wouldn't permit you to move in with belongings or grant permission for any other form of tenancy. You haven't closed so you aren't a shareholder. You haven't gone through the sublet process, so you haven't complied with sublet rules or paid those fees associated with sublets. You are in a no-man's land legally. If something goes wrong at closing, the shareholder and building will now be stuck with you--especially since there may be a dispute as to what went wrong and scuttled or delayed the closing.
I'd say quietly show up with your suitcase as a guest of the shareholder. Don't attract a lot of attention, and just slip in and out for 2 weeks with nothing but your air mattress. No deliveries, etc or making a nuisance of yourself. It'll all be done in 14 days--be patient.
If you have move-out issues as to where to put your stuff before moving into your new place, most moving companies (I used Flatrate 3 times in 2 years) will hold your stuff and then deliver it when you want for a nominal fee.
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Response by Squid
over 16 years ago
Posts: 1399
Member since: Sep 2008
Kyle is completely correct. Why would you even think moving in early would be permitted? You don't own the property and you do not have a lease as a subtenant.
I think the fact that the owner is making a concession to let you stay in the apartment as a guest is unusually generous, and frankly, not very well thought-out on his part (it's very unlikely the board would approve such a thing, liability concerns and all). If I were you I'd shut up and keep my head down. Or not stay at all (which is probably a far better solution).
Move in when you actually OWN the place. Not before.
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Response by Squid
over 16 years ago
Posts: 1399
Member since: Sep 2008
Oh, wait--I just reread your post and see you do have board approval to stay in the apartment as a guest. Honestly, that doesn't sound like a very stuffy board to me--my board would never allow such an arrangement.
Ok, so why rock the boat further by asking for more? Don't paint yourself as a pain in the ass shareholder before you've even closed.
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Response by Aileeng
over 16 years ago
Posts: 1
Member since: Jun 2009
Simply put: Your attorney needs to draw up something called a "PRE-POSSESSION AGREEMENT" That is exactly what this is for. You have already been approved by the board and if you submitted a package, chances are you hsve already given them all the "move-in" fees, right?? So you should be OK to move in early from the building's perspective. However, from a legal standpoint, NOT without this
pre-possession agreement which covers YOU and the current owner from anything catastrophic that may happen prior to closing.:-)
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Response by sniper
over 16 years ago
Posts: 1069
Member since: Dec 2008
exactly. i had a POST-possession drawn up so i could stay a few weeks after my sale. it was pretty simple (but cost attorney fees) and they are holding about $10K in escrow to make sure i don't damage anything.
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Response by falcogold1
over 16 years ago
Posts: 4159
Member since: Sep 2008
air mattress pajama party!
Pizza, 45's, a time you will always remember!!!
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Also, the timing is for this Saturday!
If the timing is Saturday, move in wiht your suitcase and air mattress...
A lot of buildings don't allow you to move in on the weekends, just weekdays between certain hours.
This building does allow weekend moves, Smacstein, do you think the management co and board will have an issue?
I think it's already Wednesday and you will never get an answer in time to move anything in on Saturday. That's going to be your biggest issue...
"the building management is known to be a bit stuffy."
Just to be aware: approvals can be withdrawn even after acceptance.
If I were on the board, I wouldn't permit you to move in with belongings or grant permission for any other form of tenancy. You haven't closed so you aren't a shareholder. You haven't gone through the sublet process, so you haven't complied with sublet rules or paid those fees associated with sublets. You are in a no-man's land legally. If something goes wrong at closing, the shareholder and building will now be stuck with you--especially since there may be a dispute as to what went wrong and scuttled or delayed the closing.
I'd say quietly show up with your suitcase as a guest of the shareholder. Don't attract a lot of attention, and just slip in and out for 2 weeks with nothing but your air mattress. No deliveries, etc or making a nuisance of yourself. It'll all be done in 14 days--be patient.
If you have move-out issues as to where to put your stuff before moving into your new place, most moving companies (I used Flatrate 3 times in 2 years) will hold your stuff and then deliver it when you want for a nominal fee.
Kyle is completely correct. Why would you even think moving in early would be permitted? You don't own the property and you do not have a lease as a subtenant.
I think the fact that the owner is making a concession to let you stay in the apartment as a guest is unusually generous, and frankly, not very well thought-out on his part (it's very unlikely the board would approve such a thing, liability concerns and all). If I were you I'd shut up and keep my head down. Or not stay at all (which is probably a far better solution).
Move in when you actually OWN the place. Not before.
Oh, wait--I just reread your post and see you do have board approval to stay in the apartment as a guest. Honestly, that doesn't sound like a very stuffy board to me--my board would never allow such an arrangement.
Ok, so why rock the boat further by asking for more? Don't paint yourself as a pain in the ass shareholder before you've even closed.
Simply put: Your attorney needs to draw up something called a "PRE-POSSESSION AGREEMENT" That is exactly what this is for. You have already been approved by the board and if you submitted a package, chances are you hsve already given them all the "move-in" fees, right?? So you should be OK to move in early from the building's perspective. However, from a legal standpoint, NOT without this
pre-possession agreement which covers YOU and the current owner from anything catastrophic that may happen prior to closing.:-)
exactly. i had a POST-possession drawn up so i could stay a few weeks after my sale. it was pretty simple (but cost attorney fees) and they are holding about $10K in escrow to make sure i don't damage anything.
air mattress pajama party!
Pizza, 45's, a time you will always remember!!!