Ep56 “Pre-Settlement Possession & Post-Settlement Possession Addendums”

Every once in a blue moon, during a transaction, a buyer will need a place to live prior to the closing on their new house or a seller will need to stay in their current home for just a few days after closing. Real estate agents frequently get asked if allowing a buyer to move in to the new home before the closing or if a seller can stay just a little longer in the home after closing is something that is allowed AND if this is something we are able to arrange. Today, we talk about the two addendums that realtors in PA have access to that can help arrange this but we also talk about what to be careful about when using either of these addendums. TALKING POINTS (3-5): • Introduction o Explain how the settlement date on a sales contract works in PA (vs. states like Ohio) • What are the purposes of these two addendums? o NOT a lease! • Key Points o Possession date o Occupancy fee o Security deposit o INSURANCE! • What is the problem with these two addendums? o What if we don’t close? o What if there is a major catastrophic event to the property? • Quick Story: 15 Months After Buying Dream Home, Riverside Couple Finally Kick Squatters Out o https://losangeles.cbslocal.com/2021/04/09/15-months-after-buying-dream-home-riverside-couple-finally-kick-squatters-out/ • Final thoughts LINKS: JASON: https://jasonwilcox.cbintouch.com/ https://www.zillow.com/profile/jasonwilcox1987/ https://www.youtube.com/channel/UCrRksfKiMNteHKYRYrinAug?view_as=subscriber https://www.facebook.com/jason.wilcox.186 https://twitter.com/jason_wilcox1 https://www.instagram.com/jason.wilcox1/ CONTACT INFORMATION: JASON: Cell Phone: 412-651-4638 Email: [email protected]