Life is often unpredictable. You may be eager and ready to move into your new home, but the seller has yet to move out for some reason.
This can be extremely frustrating, but you do have some options available to you.
Among the first things you should do is hire a reputable McHenry, Illinois real estate law firm like Diamond Real Estate Law to work with you through your options and represent you during negotiations. With Diamond Real Estate Law on your team, you can rest assured that all of your bases are covered.
Delay the Closing Date
On the closing day, you should perform a walkthrough of the property.
If the seller is not fully moved out at this point, you and your lawyers may decide to postpone the closing.
You may need to re-enter into negotiations to determine what is the optimal closing date for you and the seller, but if you are still committed to purchasing the property, this is probably your most reasonable option.
Furthermore, delaying payment might be incentive enough to convince the seller to finally vacate the property.
Negotiate a Rental Agreement
If you want to complete the purchase without the seller fully moving out, you can work with your attorney to draw up an Illinois rental agreement.
This new agreement should include an amount per month or week to be paid to you, a new date on which to be moved out and any penalties if the renter (seller) is still not compliant.
It’s probably a good idea to consider making the rental payment above market as added pressure for the seller to complete their relocation.
It is also very important to make sure that your homeowner’s insurance will protect you if the Seller is injured or makes a claim. You also want to make sure that the Seller keeps insurance or gets a rental insurance property to cover their personal property and belongings if something happens before they move out.
Resort to the Illinois Legal System
If you and your tenant (seller) have signed the new rental agreement with a stipulated move-out date, but that date has come and gone without their removal from the property, then you may need to proceed with an eviction.
Prior to initiating this procedure, you need to verify that the contract you signed with the seller grants you physical possession of the property in the form of keys to an empty house.
A next wise step would be to contact a local eviction procedure to make sure you follow all the correct steps to start and complete an eviction.
If the Seller is telling you that they will be moving out soon and you don’t have proof or reason to believe them, it is always best to start the legal process as soon as possible.
You can always dismiss the case if the Seller moves out before the court proceedings start.
Contact Diamond Real Estate Law in McHenry, Illinois
Purchasing or selling real estate in northeastern Illinois can be a complicated legal matter. That is why most people hire an attorney to walk them through it. If you are about to complete a real estate sale, you need an experienced legal team like Diamond Real Estate Law to help you manage all of the legal complexities and avoid any unseen pitfalls.
Contact Diamond Real Estate Law today for your first consultation.