When selling a rental property, what isa seller’s responsibilityif tenants stay beyond the closing date?
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When selling a rental property, what isa seller’s responsibilityif tenants stay beyond the closing date?
Asked on February 24, 2012 under Real Estate Law, New York
Answers:
Joseph Gasparrini
Answered 12 years ago | Contributor
In just about every case, a contract of sale will state that the seller will deliver exclusive possession of the property to the buyer at the time of the closing. Exclusive possession means that at the time of the closing there shall be no occupants. If a tenant refuses to vacate the premises in time for the closing, if the tenant has no right to remain in the premises (meaning that the lease has expired, or he/she has been given the appropriate notice that a month-to-month tenancy has terminated) then it is the seller's responsibility to bear the expense and take appropriate action to evict the tenant. If the seller is unable to deliver exclusive possession of the property to the buyer at the time of the closing, this is a material breach of the seller's obligation in connection with the sale of the property, and the buyer can postpone the closing until the seller is able to perform as required under the contract of sale.
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