Have You Considered a Post-Closing Occupancy Agreement?
What is a post-closing occupancy agreement?
A post-closing occupancy agreement is when a seller retains occupancy of the property for up to 60 days after closing occurs, the tactic isn’t often used, but in this market, brokers consider it an ace in the hole, if navigated correctly.
Not all buyers are good candidates for the post-closing occupancy agreement, and it’s important to understand the clients’ current living arrangements. If the buyers are living at an extended-stay hotel, Airbnb, month-to-month apartment, etc., and can lengthen their stay or find another budget-friendly, temporary living arrangement, the post-closing occupancy agreement could be something to consider.
Similarly, there’s a note of caution on the seller’s side. Again, not all buyers can accommodate a post-closing occupancy agreement. If you list it as an upfront requirement, you run the risk of decreasing the number of offers you receive.