When to Take Possession of home after Escrow Closes

 Choosing your closing date should be done with care because if you close on a Friday and think you are going to move in on Saturday, that scenario may just not play out. Why?  The seller needs to know the deal closed before they can move.  So closing on a Friday won’t necessarily have them moved out by Saturday.  The best thing is to generally add 1 to 3 days after close of escrow to take possession of the property.  Your agent should write this on your purchase contract and discuss this with you.  Additionally, the contract would have a dollar amount the seller is to pay for each day they remain in the property after closing &  stiff penalty dollar amount if they linger beyond the time agreed to. All of this would be in your escrow instructions & escrow would take this money &  set  it aside to release to you.  Adding a day or three after close of escrow is sufficient time for owner to receive their money, have a mover in tow and give them time to clean up the house before you move in. Think of this too. What if for whatever reason, there is a delay in closing and you have your mover set to go? Suddenly, you have to cancel your move date & your mover may already be too busy to fit you in on your ‘new’ move out date.  Headaches, headaches, headaches. So, unless a home is vacant at close of escrow, always add one to three dats to take possession of home & be certain your compensation for this is written in the purchase contract & escrow instructions.  Next Post 1-29-13

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Charles Sant'Angelo is a broker of 20 years with offices in the same Beverly Hills location. He has represented residential & commercial buyers & sellers in LA, Orange, Riverside & San Bernadino counties and as far away as Costa Rica. Whether you are a local or global 1st time buyer , a seasoned home buyer/seller or an investor, you will find that his professionalism & his 'Customer First' approach is the cornerstone to how he conducts business. Please visit our "About Us" page for more information or contact Charles direct at chas90210@gmail.com
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