Agent in Need of Advice from Another Agent

[atlantaagent]

I have a client that is looking to purchase a home. The seller does not live in the home but does not want to give up possession until 3 days after closing because the first contract fell apart at the closing table and the seller lost the deposit from the movers. I am in the middle of countering but I am not quite sure of how to protect my buyer clients intersest. Is it OK to ask that the Buyer and Seller do a Walk Through prior to closing and at the time possession is given to Buyers to determine condition of property. At the time of closing, XXX amount of dollars from the Sellers funds are to be deposited into a separate escrow account to be refunded after final Walk Through, pending property is in the same condition. If I am going about this the wrong way, PLEASE let me know. If I am on the right track, PLEASE help me get from point A to point B.

[Jim Erickson]

In Minnesota, we have a standard addendum called "Rent-Back Addendum". This would be used in your situation. It spells out the period of time, per diem charges, amount held in escrow, etc.

[qksalerltr]

i agree with jim. make him rent back for those three days, as your client is having to stay somewhere for those three days as well.

[Jnazareno]

I have a client that is looking to purchase a home. The seller does not live in the home but does not want to give up possession until 3 days after closing because the first contract fell apart at the closing table and the seller lost the deposit from the movers. I am in the middle of countering but I am not quite sure of how to protect my buyer clients intersest. Is it OK to ask that the Buyer and Seller do a Walk Through prior to closing and at the time possession is given to Buyers to determine condition of property. At the time of closing, XXX amount of dollars from the Sellers funds are to be deposited into a separate escrow account to be refunded after final Walk Through, pending property is in the same condition. If I am going about this the wrong way, PLEASE let me know. If I am on the right track, PLEASE help me get from point A to point B.

I would Assume that a walk-thru should be standard 3 days before or on the day of closing to protect your Clients without asking the seller for it.

and yes you can ask that a certain amount to be deposited/withraw from escrow to cover moving damages should it happen.