It's the day of settlement -- FINALLY!! The buyers and sellers are still talking, the money has been wired in from the lender, the title has been searched, the agents still have most of their hair, and the walk-through was done the day before. During the walk-through by the buyers a small issue arose. The seller had not actually moved their furniture and worldy possessions out of the house. No problem -- actual settlement is not until the next day, and we all assume the seller is clear that the house has to be vacant of their possessions, and broom swept, according to the sales agreement.
Well, I just got the phone call from my agent that most everything was still IN the house and that settlement starts in 5 minutes. The seller, in fact, did not move out. The new buyer will own the house and everything in it after settlement has occurred unless there is an agreement (hopefully in writing) that the original owners have permission to complete the move out.
Well of course we will work something out, but a word of advice to my agents at the next meeting is to be very clear to your seller client that at least here in Maryland, the process is that by the time of settlement, the seller should have moved everything out of the house and the buyer takes full possession.
So, it's just another one of those life lessons -- don't assume ANYTHING!!!
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This is a good common sense Blog. Very helpful to one who is just finding the resources about this part. It will certainly help educate me.
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