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Monday, April 27, 2015

What Is Pre-Possesion?

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Hey there, thanks for joining me again. Today I wanted to answer a recent question I got from a few clients of mine, Bill and Jennifer. They wanted to know:

"Hey Kodi, Jennifer and I were wondering if we can move our belongings into the house, or at least the garage, before closing?"

This is called pre-possession. It's where you have tentatively purchased the home and are moved in, but the sale hasn't closed yet. You will hear agents often say that it's a bad idea, but very rarely does anything bad happen. There are even pre-possession and post-possession agreements you can sign to keep everything in check.

The bottom line is, pre-possession agreements help buyers and sellers have a little less stress in their move, and it goes a long way in smoothing out the transaction. So, to answer your question, yes you can move in before the home closes.

However, you need to make sure it is ok with the sellers first, or work on having them sign a pre-possession agreement. They keep liability in check and allow you to have a less stressful move.

If you have any questions about pre-possession or anything else real estate related, give us a call or send us an email. We look forward to speaking with you!