When it comes time to drafting the purchase contract, you as a real estate investor want to be sure the contract contains a possession clause. As the buyer, you want to schedule possession of the home to coincide with the closing of the transaction. You would see wording such as, “Possession by buyer to take place upon transfer of deed”. If the seller is residing in the property, be sure you have the option to charge them maximum daily rent if they continue to possess the property after closing. Since it’s not in your plans to become a landlord and collect rent from the seller, you should check out the property just before closing and make sure the seller has moved out. If your contract specifies the seller will remain in possession after closing, negotiate to have some of the seller’s funds withheld until you gain possession of the property.
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