My sister and I are in the final stages of selling our dad’s home in Kansas and closing his estate. We have a buyer lined up and sale contracts were signed with closing of the sale scheduled for 23, Aug. Today, my sister, who has been handling the bulk of the paperwork, got a phone call from the realtor about a problem. Apparently, the buyers didn’t get some of their necessary paperwork to the bank on time and now closing is going to be delayed by about two weeks. This in and of itself isn’t a huge issue for me and I really don’t want to scuttle the sale over it.
The problem is that the buyers need to be out of their current apartment no later than 27, Aug – no argument, no debate – it has to happen. What they want to do is to pay us a month’s rent and move in on the 23rd as originally scheduled and then proceed with the closing of the sale as soon as possible.
What are the risks if we let them move in before the closing of the sale? Could they back out of the sale yet refuse to move out thus become squatters we would have to evict? What happens if they burn the house down before the sale is closed?
We have a meeting with the lawyer handling the estate issues. Hopefully she can put our minds at ease and provide sufficient boiler plate before we sign anything. Prior to this meeting, do you have any advice or thoughts to share?