Finding your dream home in Colorado has never been a more frustrating process. Home prices have skyrocketed in the last decade, and sellers often receive multiple offers on their property.
People who want to buy a home often need to get creative with adding incentives to their offer that can convince the seller to choose them. Some people waive inspections, while others are willing to let the seller push back the possession date 90 days or even longer after the closing date.
Delayed possession agreements can be a great incentive for a seller who has to move at a specific time, but they can put you in an awkward position where the seller is still there when you are ready to take possession. What happens when a seller won’t leave?
You likely addressed this issue in your original offer
Buyers usually have to specify certain terms for their offer, including the possession date and a per diem charge that they plan to assess if the seller remains in the property beyond that possession date. Making the price substantially higher than what it would cost to rent an apartment or motel room for a single night can help motivate a seller to get out on time.
Looking back at your purchase agreement can give you a better idea about what financial claims you can make against the seller. Beyond charging them rent, you may also have to send them a demand letter asking them to leave. In a worst-case scenario, you may have to take them to court to get them out of the home.
Careful language in your offer and an aggressive response to violations of your purchase agreement can help prevent issues like a seller’s refusal to relocate from affecting your transition into a new space. An experienced attorney can help you.