Because of our strong real estate market, lenders, appraisers, title companies and other businesses associated with a real estate transaction are often overwhelmed to a point that a transaction might not close on time. Sometimes it becomes apparent that one of the parties to the transaction is going to be homeless for a short period because of the timing of the closing. In this situation the buyer asks the seller if they may occupy the home for a short period prior to closing. In this case a seller may ask the buyer to allow them to remain in the home for a period of time after the transaction is complete. This situation arises when the seller’s new home or rental is not ready, or other circumstances prevent him or her from moving for a short time.

Source: Daily Sun November 29, 2020 13:52 UTC