# Condo owners want to stay 2 to 4 extra months



## tavogl (Oct 1, 2014)

So, we are looking for a new condo to live in and we saw one we liked, but their realtor says the current owners need to stay another 2 to 4 months. How does this work? of course I am calling my realtor on monday about this but i'd like some insight.

How does this ball roll? we get approved for the mortgage lets say in 2 weeks and we start paying the mortgage right away while this owners stay for 2 to 4 months, what kind of compensation would you guys ask? I am talking Vancouver BC, so we are also expecting a multiple offer situation... we do not want to push owners away but we dont want to give them 4 months of free rent lol, while paying a mortgage.

If u ever faced a situation like this or have any ideas... comments would be helpful.

Thanks


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## heyjude (May 16, 2009)

As part of the contract, buyer and seller agree on a closing date. The buyer does not begin paying the mortgage until closing. 

https://www.recbc.ca/consumer/buyinghome.html#What_Should_Offer_Contain

If you like the condo and are flexible with the date you want to move in, your offer should reflect the seller's chosen closing date. That way, it will be more attractive to the owner. If you have a preapproved mortgage, you usually have 120 days to start it. Talk to your financial institution about making sure your preapproved mortgage will still apply on the proposed closing date.


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## Just a Guy (Mar 27, 2012)

If the seller is wanting to stay after the closing date stated in the contract, there is usually a clause to cover that. It involves a penalty interest payment to you. Your bank won't put a mortgage on the property until you own it, so that will just be delayed. 

If you haven't agreed on an offer, then the closing date is part of the negotiations. Your mortgage still won't be applied until you get possession. The bank will be aware of the possession date, so it's no big deal.


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## mark0f0 (Oct 1, 2016)

You could rent the property for a few months to them, per a pre-agreed-upon lease with an eviction notice issued immediately and accordingly per the terms of whatever laws apply. 

A late closing date runs the risk that your financing falls through, or something other calamity occurs.

"pre-approved" mortgages generally aren't worth the paper they're written on as literally no bank is dumb enough to make a binding offer of financing for collateral that may not have even been identified.


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## Eclectic12 (Oct 20, 2010)

The OP seems to be talking about an accepted mortgage, with payments on a specific property.
I am not sure why a "pre-approved" one where the property is unknown is coming into play.


Cheers


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## Ag Driver (Dec 13, 2012)

Deleted


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## tavogl (Oct 1, 2014)

Ag Driver said:


> As a buyer, I requested a quick close to accomodate securing a lower interest rate for myself. I accomodated the seller by agreeing to rent the home to them until they found a suitable replacement home.
> 
> It worked out great for both parties. A rental agreement was drafted up and signed. Easy peasy.


Hi, we've decided not to buy this property, the owners we're expecting to pay a very low rent and they did not have a clear date on when they would be moving out, so they basically wanted us to pay for the condo while they live in it with no clear closing date lol.


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## nobleea (Oct 11, 2013)

tavogl said:


> Hi, we've decided not to buy this property, the owners we're expecting to pay a very low rent and they did not have a clear date on when they would be moving out, so they basically wanted us to pay for the condo while they live in it with no clear closing date lol.


Maybe they are envisioning the crash coming soon and want to cash out at the top and buy back in some point in the future at a lower price. All while paying next to no rent and not being inconvenienced by a move.


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