Contractual Question-to Make Sure Seller Gets OUT + Escrow Questions
I agreed to a purchase price of say 15k to be paid at closing. However the seller needs a week or so after to fully move out. I read I can make it so she gets enough at closing to move, then leave the rest in escrow with the title company to be paid when she leaves...
Do I need to have this specified in the purchase contract, or can I just give the title company those instructions? I have a contract already made up, and I don't want to dish out extra cash just to make a slight amendment.
Can someone advise me how I could make a change? Right now I have this in my contract:
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2. Purchase Price. The total purchase price to be paid by Buyer will be $________, payable as follows:
Earnest money deposit (see Paragraph 3 below) $__________
Balance due at closing $__________
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Can I make an addition under that stating portion to be held in escrow until possession from buyer $__________
or something to that effect?
Yes, you can. You can write this on the contract, both of you initial it..... before the contract is notorized.
Kerry
Thanks, do you have any suggestions on how to word this? I'd also like to put in something that states every day the seller stays in their house after possession date costs $50 until the remainder of the $ is gone.