What You Need To Know About Moving in Early
Do you want to sell your home before buying? Here are some tips.
How can you move into a new home before closing? Buyers ask me about this all the time. Fortunately, you can move in early in our state. Today I’ll cover a few things you should know when moving into a home before closing:
1. Use a temporary possession. In North Carolina, you can move into your new home up to 14 days before closing. This 14-day cap isn’t written into the law like it used to be, but I still go by this number to cover all my clients’ legal bases.
2. Moving in early means you’re waiving repairs. If there are issues with the house when you move in early, you become responsible for them. You have to be ready to accept the home as it is.
3. You must maintain the property in its current condition. For example, you can’t tear anything down before you close.
"You’ll have to pay a daily rent and be covered by renters insurance."
4. You’ll need to pay a lump sum of rent. This will be negotiated with your seller, but it is typically $30 to $50 a day in our area. Also, you’ll have to pay an additional fee if you don’t close by the agreed-upon date.
5. Remember to move the utilities into your name. Make sure you do this before you move into the new property.
6. Maintain lawn and trash services. You may think this is common sense, but sometimes these things are easy to forget.
7. You’ll need renters insurance. If there’s a fire and your things are destroyed, it will be covered under renters insurance, not homeowners insurance.
8. You can’t assign or sublet the early possession agreement. Therefore, you can’t have your buddy take over the temporary possession, it has to be you.
This can be a confusing period to navigate. If you have questions about this topic or anything else, please call or email me. I am always willing to help!