Legal Question in Real Estate Law in Michigan
Home buyers move in before closing is complete
I have a buyer for my house under contract; all the contingencies have been satisfied and signed off, except for the buyer's financing contingency. Closing was scheduled to occur 9/7; buyer's mortgage lender says they are approved for the mortgage, but says lender cannot generate the paperwork and fully execute the buyer's mortgage by 9/7. So the closing has slipped to Monday, 9/10. But the buyers have asked if we will let them move into the house as of 9/7, because they are under the gun to move out of there current house. What are my exposures as a seller if I let them move in before the deal is fully done, and I have a check in my hand? Is there any sort of good and enforceable agreement that can be drawn up to pretect me as the seller from possible negatives from allowing them to move in prior to final closing? Thank you!
1 Answer from Attorneys
Re: Home buyers move in before closing is complete
Once the buyers are in your house, they have the rights of any other tenants. In my opinion, it would not be in your best interest to allow the buyers to move in because should the deal go south, it could be difficult to evict them forcing you to pursue formal procedures.
(Please do not rely on this communication which does not create an attorney-client relationship and which is intended merely as a discussion of legal principles and is not to be relied upon.)
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