Define Posession Please

[shannonups]

What is the name of your state (only U.S. law)? Indiana

We purchased a home and gave the sellers 27 days to vacate. The contract reads posession on or before Feb 15th 2009. My question is, is posession 12:01am 15th or by 11:59pm the 15th. Our realtor cant seem to answer this question. The sellers took a 14 day vacation and are not even packed as of today. We paid cash for this home so no morgage company is involved.

We do have a clause for damages and $75per day. Because this was a cash sale, we closed within 5 days of the accepted agreement and inspection. There mortgage has been paid and they have recieved the balance of the proceeds.

 

[rowz]

I would read it as 12:01am 15th. Thats when the 15 th begins @ the stoke of midnight on the date noted.

Send them an overnight letter NOW that they need to be out by the date in the contract as the utilities are being shut off for contractors to start their work. Some here may tell you that that is not allowed, I do not know.

Consult your lawyer and see what they say. perhaps they will think that you shouldbe sending them a letter to let them know that any "holdover"will incur a 100.00 per day penalty and will be deducteed from their proceeds.

Of cours as that holdover stuff is not in the contract it may not be enforceable....your lawyer will know.

 

[tranquility]

"On or before" has a limitation of on.

 

[Zigner]

But, realistically, are you going to be there at 1 minute past midnight on the 15th? I'd say that if we're talking about 1 day (the 15th)...don't sweat it.

 

[shannonups]

I dont mean to be petty, but if they have not packed up a 4000 sq ft home 4 days before the deadline, then I do need the definition of the deadline. I didnt delay closing or handing over a six figure bank check, in fact they went on vacation the day after I handed over the check. My agent has reminded them that they are tenants and no longer own this home. I guess I am miffed because they are not packed and I am afraid I am going to have movers there on Sunday 15th and they will still be there. Just trying to be pro active. thanks to all for the advise!

Oops forgot to mention that they requested an additional week in the purchase agreement to vacate, and we gave it to them!

 

[HomeGuru]

I dont mean to be petty, but if they have not packed up a 4000 sq ft home 4 days before the deadline, then I do need the definition of the deadline. I didnt delay closing or handing over a six figure bank check, in fact they went on vacation the day after I handed over the check. My agent has reminded them that they are tenants and no longer own this home. I guess I am miffed because they are not packed and I am afraid I am going to have movers there on Sunday 15th and they will still be there. Just trying to be pro active. thanks to all for the advise!

Oops forgot to mention that they requested an additional week in the purchase agreement to vacate, and we gave it to them!

**A: I would like to know what the definition of the words are according to your Realtor.

 

[Zigner]

Ok, I'll be straight on this. They have to turn over possession "On" the 15th. So long as they hand you the keys before midnight on the 15th, they are fine.

With that said...why would you schedule the movers if you don't think they'll be gone? Honestly, that would be a stupid thing to do.