What if I am unable to schedule the closing of my purchase and sale for substantially the same time?

Updated March 13, 2023.

Under these circumstances, the buyer and the seller, through their attorneys, will typically reach an agreement that will either allow the seller to stay in the house past closing, or the buyer to move into the house before closing, as the case may be. Since the circumstances of each situation are quite different, the terms of such an agreement will vary from case to case. In any event, any such agreement should be in writing, signed by both parties and structured in such a way as neither party is required to assume any cost or responsibility which should properly be the obligation of the other party. For example, if the seller remains in the house after closing, the seller is typically required to reimburse the buyer for any mortgage, insurance and tax obligation of the buyer during the seller’s extended occupancy. Similarly, if the buyer takes possession early, the buyer would typically offset the seller’s mortgage, tax and insurance expenses. Various other issues, such as utilities, liability, damages and the like, should also be addressed in an occupancy agreement. Therefore, it is important that your attorney handle the preparation of this agreement. However, this is not always possible and it may be necessary to make alternate arrangements for temporary housing or temporary financing, pending the second closing.

FEATURED NEWS AND ARTICLES

Read our latest news and blogs that discuss important legal issues.

person writing with a pen on a table next to a calculator
Understanding New York State and Federal Estate Taxes: Be Aware of the Potential 2026 Cliff
Read More
nursing home resident with staff member
What Rights Do Nursing Home Patients Have in NYS?
Read More
attorney helping client draft a document
5 Reasons to Hire a Real Estate Attorney
Read More

Get in touch

Please do not provide any sensitive information (i.e. bank account information or social security number).

"*" indicates required fields

Name*
Why Choose Lacy Katzen

Our mission is to ethically serve our clients with excellence and teamwork each day.

experience
Over 73 Years of Experience
best
Nine Attorneys Listed in Best Lawyers in America®
ranked
Ranked by Best Lawyers as a Best Law Firm®
super
Six Attorneys Named as Super Lawyers
college
One Attorney is a Fellow at the American College of Trial Lawyers

Accessibility Toolbar