
Is Post-Closing Possession a Terrible Idea?
A reader asked: “We are buying a home in Western Michigan, and the sellers want to arrange a post-closing possession agreement where we’d allow them to stay for a month or two after the close. But they don’t want to sign a formal agreement, pay us rent or give us a key until the possession period is over. We’ve been told that these arrangements are common, but we insisted upon a key, as we will own the home. Can the sellers make this demand? Isn’t the new owner responsible for the property once the closing has occurred?”