Post Closing Posession for the condo I am selling.
Started by LeoNYC
over 11 years ago
Posts: 3
Member since: Nov 2009
Discussion about
This issue is typically addressed from seller's point of view in the dozens of articles I see online. We are selling our apartment and going into contract in a few days. At the same time, trying to buy a coop which is conditional on board approval. And if we don't get approved we will need to have time rent something in the area. We have a small child who goes to pre-school nearby, so want to get... [more]
This issue is typically addressed from seller's point of view in the dozens of articles I see online. We are selling our apartment and going into contract in a few days. At the same time, trying to buy a coop which is conditional on board approval. And if we don't get approved we will need to have time rent something in the area. We have a small child who goes to pre-school nearby, so want to get this right. Asking my attorney to include a couple of month of possible post-closing possession where we would have an option to stay while compensating the buyer for the common charges, taxes and having renter's insurance. Curious to get some tips for me as know to know and do this properly, and protect myself, because don't want to be left w/o a roof above my head. The people buying our condo live in the same building and has known us for years, which is a risk mitigant for them.
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Response by CondoPresident
over 11 years ago
Posts: 133
Member since: Nov 2010
Don't you mean....CC's; Taxes; Renter's Insurance; and RENT?
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Response by front_porch
over 11 years ago
Posts: 5321
Member since: Mar 2008
Wow, that's a really interesting one. I'm not an atty so I can't think like that, but as a broker and a landlady, I would think that the risk is that if something happens to the apartment, you don't look like "just any renter" and it throws doubt on your sale. What if you have a leak in the bathroom post-closing? Who reports it to the building? Presumably you, but then .. who pays to fix it? What if your landlord doesn't want to move that fast ("oh, since we found out about the leak in the bathroom, we decided to maybe completely renovate it and now we're interviewing contractors")? What if your landlord decides that the leak is evidence that you were hiding something prior to the sale and decides to sue you? What if there's a terrible fire in the course of your tenancy ... what's the claim agent on your renter's insurance going to say? I would think at a minimum they'd want to investigate possible collusion with your landlord/buyer, so it would take your check awhile to show up. That's off the top of my head ... if everything's fine, it's fine, but if it's not fine, you are in a landlord/tenant situation with someone who isn't a practiced landlord, and could be both suspicious of you and angry that you damaged a property that they had an emotional, un-landlord-like attachment to.
Plus, in our condo, renters can't use the amenities, so you might need to get a new gym membership.
ali r.
{downtown broker}
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Response by rb345
over 11 years ago
Posts: 1273
Member since: Jun 2009
Leo:
1. your needs can easily be accommodated in contract riders if your buyer is willing to consent
2. that is particularly true if they are buying with the intent of renting your apartment
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Response by rb345
over 11 years ago
Posts: 1273
Member since: Jun 2009
Leo:
1. your needs can easily be accommodated in contract riders if your buyer is willing to consent
2. that is particularly true if they are buying with the intent of renting your apartment
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Response by rb345
over 11 years ago
Posts: 1273
Member since: Jun 2009
Leo:
1. your needs can easily be accommodated in contract riders if your buyer is willing to consent
2. that is particularly true if they are buying with the intent of renting your apartment
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Response by crescent22
over 11 years ago
Posts: 953
Member since: Apr 2008
If I were the buyer even if I were in the building I would make you pay heavily for your option to stay given the possible inconvenience to me and the uncertainty while waiting.
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Response by knewbie
over 11 years ago
Posts: 163
Member since: Sep 2013
Your "landlord" should charge you rent and usually would have additional penalties (s/b heavy) if you stay beyond that time frame. Post possession is a risk for your buyer. He should have an attorney craft out a specific agreement that also does not view you as in a standard "landlord/tenant relationship, that would be risky to him in NYC.
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Response by Flutistic
over 11 years ago
Posts: 516
Member since: Apr 2007
Knowing you personally is of no help to anybody--blood is thicker than water and money is thicker than blood. People do make these arrangements all the time, lawyers are happy to write 'em up. BTW you're not the one with the big risk on the table, it's the buyer of your place. Because landlord-tenant law kicks in if you hang around for very long. Most people don't know enough to be scared by this prospect, as they should be.
We refused to sign a contract with a seller who wanted this kind of arrangement, after we thought the negotiations were over they asked for 6 months' lease back, and before that we walked away from a couple of places we really would have liked to purchase because the seller wanted a lease back.
If your apartment is desirable you can get anything you want as a seller right now, so go for it. Obviously if I were your buyer I would walk.
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Response by jelj13
over 11 years ago
Posts: 821
Member since: Sep 2011
We stayed in our place for 8 days after closing. We had to put up $5,000 in escrow against any damages. We also paid 1/2 of the maintenance and taxes for the month. The new owner inspected the apartment after we moved out.
The Board of the building had to approve this also. They generally do if it is less than a month. They also require the copy of the agreement stipulating the drop dead move out date of the seller to protect the board.
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Response by sp21
over 11 years ago
Posts: 99
Member since: Feb 2013
We did this. The sellers paid "rent" as well as utilities. They also kept $20,000 in escrow to be released after I took possession. It's all numbers and what goes into the rider.
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Response by cmpizz
over 11 years ago
Posts: 37
Member since: Feb 2013
I did it too. I lived in my apartment for 2 months after we closed it. We paid at a per diem rate, the buyers' mortgage and common charges. They inspected the apartment after we moved out and that was that. It worked out quite well for us.
Don't you mean....CC's; Taxes; Renter's Insurance; and RENT?
Wow, that's a really interesting one. I'm not an atty so I can't think like that, but as a broker and a landlady, I would think that the risk is that if something happens to the apartment, you don't look like "just any renter" and it throws doubt on your sale. What if you have a leak in the bathroom post-closing? Who reports it to the building? Presumably you, but then .. who pays to fix it? What if your landlord doesn't want to move that fast ("oh, since we found out about the leak in the bathroom, we decided to maybe completely renovate it and now we're interviewing contractors")? What if your landlord decides that the leak is evidence that you were hiding something prior to the sale and decides to sue you? What if there's a terrible fire in the course of your tenancy ... what's the claim agent on your renter's insurance going to say? I would think at a minimum they'd want to investigate possible collusion with your landlord/buyer, so it would take your check awhile to show up. That's off the top of my head ... if everything's fine, it's fine, but if it's not fine, you are in a landlord/tenant situation with someone who isn't a practiced landlord, and could be both suspicious of you and angry that you damaged a property that they had an emotional, un-landlord-like attachment to.
Plus, in our condo, renters can't use the amenities, so you might need to get a new gym membership.
ali r.
{downtown broker}
Leo:
1. your needs can easily be accommodated in contract riders if your buyer is willing to consent
2. that is particularly true if they are buying with the intent of renting your apartment
Leo:
1. your needs can easily be accommodated in contract riders if your buyer is willing to consent
2. that is particularly true if they are buying with the intent of renting your apartment
Leo:
1. your needs can easily be accommodated in contract riders if your buyer is willing to consent
2. that is particularly true if they are buying with the intent of renting your apartment
If I were the buyer even if I were in the building I would make you pay heavily for your option to stay given the possible inconvenience to me and the uncertainty while waiting.
Your "landlord" should charge you rent and usually would have additional penalties (s/b heavy) if you stay beyond that time frame. Post possession is a risk for your buyer. He should have an attorney craft out a specific agreement that also does not view you as in a standard "landlord/tenant relationship, that would be risky to him in NYC.
Knowing you personally is of no help to anybody--blood is thicker than water and money is thicker than blood. People do make these arrangements all the time, lawyers are happy to write 'em up. BTW you're not the one with the big risk on the table, it's the buyer of your place. Because landlord-tenant law kicks in if you hang around for very long. Most people don't know enough to be scared by this prospect, as they should be.
We refused to sign a contract with a seller who wanted this kind of arrangement, after we thought the negotiations were over they asked for 6 months' lease back, and before that we walked away from a couple of places we really would have liked to purchase because the seller wanted a lease back.
If your apartment is desirable you can get anything you want as a seller right now, so go for it. Obviously if I were your buyer I would walk.
We stayed in our place for 8 days after closing. We had to put up $5,000 in escrow against any damages. We also paid 1/2 of the maintenance and taxes for the month. The new owner inspected the apartment after we moved out.
The Board of the building had to approve this also. They generally do if it is less than a month. They also require the copy of the agreement stipulating the drop dead move out date of the seller to protect the board.
We did this. The sellers paid "rent" as well as utilities. They also kept $20,000 in escrow to be released after I took possession. It's all numbers and what goes into the rider.
I did it too. I lived in my apartment for 2 months after we closed it. We paid at a per diem rate, the buyers' mortgage and common charges. They inspected the apartment after we moved out and that was that. It worked out quite well for us.