Asked and AnsweredWe’re closing in three weeks, but our lease is up next week. Can we move in before the closing?
No. Sellers don’t like it when buyers move in to the apartment before the purchase price has been paid. It’s not a good idea all around, and in any event, managing agents never permit it. Technically, the “risk of loss” shifts to the buyer if the buyer takes possession prior to closing. If something goes wrong before the closing it becomes the buyer’s problem. That’s not good. When buying from a sponsor, a pre-purchase lease of the unit may be possible. Nevertheless, because of the shift of the “risk of loss”, moving in before closing is never a good idea.