Brokers, lawyers see spike in ‘post-closing’ occupancy agreements
Elliman broker Uri Hanoch
From the September issue: In today’s tough market, most New York City sellers have no choice but to unload their properties before they close on a new home. In many cases, their mortgages depend on it.
However, that often leaves them with a limbo period during which they have no place to live. Now, brokers and lawyers alike say they’re seeing a spike in the number of sellers becoming temporary renters in the very homes they’re getting rid of.
So-called possession or post-closing occupancy agreements are written into contracts to allow sellers to temporarily rent their properties back after the closing. While they are far from new, they are increasing in frequency. [more]
