Asked and AnsweredCan I allow the seller to remain in possession after closing?
Yes, but do so with caution. Sometimes to facilitate a closing, a buyer will be asked to allow the seller to remain in possession of the apartment after the closing for a period of time. That possession can last a few days, weeks or even months. Buyers should proceed with extreme caution. Often the seller’s attorney will propose a small escrow and minimal daily penalty if the seller doesn’t move out when agreed. To the contrary, if the logistics of the transaction require the seller to remain in possession, make sure there an appropriate post-closing occupancy agreement with a large escrow and significant daily penalties, to protect the buyer in the event that the seller doesn’t leave when promised.
For more on this topic, see "What To Do When Your Apartment is Possessed."