Moving to a new home is an exciting experience. Comprehensive pre-planning, organization and family meetings can help establish each person's responsibilities and will go a long way in maintaining harmony and efficiency.
It's not uncommon for sellers to remain in their house for several weeks after closing while waiting to get into their new home. In this case, you may sign a separate rent-back agreement with the sellers, which becomes part of your purchase contract. The rent-back agreement covers such things as who pays for utilities and maintenance, what happens if there's property damage, how much rent the sellers pay you, and what the penalties are if the sellers don't vacate the property on the date specified in the rent-back.
It's customary for the sellers to pay rent equal to what you're paying for principal and interest on your mortgage, plus property taxes and insurance, so that you don't have out-of-pocket expense on what it costs you to own the house during the term of their rental. The amount equaling Principle, Interest, Taxes, and Insurance (known as PITI) is prorated on a per-day basis from closing until the sellers vacate.
If the home you're buying is vacant, you may be tempted to ask for permission to start fixing the house up before closing. After all, painting or waxing floors, for example, is much easier and faster when the house is empty. Instead, allow some time to do these tasks before moving in and after the closing has taken place.
