What is Seller Stays in Possession document? Well, You might come across situations where shifting your belongings is delayed as a seller right after closing the escrow.
There can be hundreds of reasons for such scenarios. You want to sell your house but at the same time, you are unable to move and give your space to the buyer right away because you have to find yourself another space. So, what can you do? Well, there is a way, let’s find out about it.
Seller in Possession
geralt / Pixabay
Want to learn more about real estate? Check out this market report for Kern County
Importance of SIP
Aymanejed / Pixabay
Benefits of SIP
mohamed_hassan / Pixabay
Are you a realtor? Having trouble in your day-to-day sales? Check out my book of prayers, I am sure this will help you.
Conclusion
Possession and ownership are quite similar in meaning but in terms of real estate, they are not the same, so as not to confuse with one another.
The Seller In Possession (SIP) document gives the advantage to the seller for closing the escrow while remaining in possession of the house for some days. This assists them in buying a new place for their house with closed escrow money from the buyer and also benefits in moving their belongings smoothly as so many things happen at the same time of closing.
“Seller in Possession” is the key document while making negotiations for the house. It is an important agreement in buying a house so the seller and buyer must be aware of it.
Giving extra days to sellers for possession may make sellers agree upon less price of the house instead of the actual one.
