QUESTION

In NJ real estate, what is common practice for timing between closing

Asked on Aug 17th, 2014 on Residential Real Estate - New Jersey
More details to this question:
In NJ real estate, what is common practice in regard to closing and possession dates? When can a buyer take possession? When must a seller be out of a home?
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1 ANSWER

Elder Law Attorney serving Toms River, NJ
Partner at Diana L. Anderson
2 Awards
Usually when the closing occurs, the new owner takes immediate possession.  there are often reasons why the seller cannot move out immediately, and then he attorneys involved draft a use and occupancy agreement that sets forth the terms of how long, and at what cost, the seller can remain.  Once the closing occurs, it is the buyer's property and the seller has to vacate if there is no Use and Occupancy Agreement in place.
Answered on Aug 25th, 2014 at 6:37 AM

Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship

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