Verbal contract...valid?

[seller2]

selling our home in Iowa. buyers offered first of January, we accepted and had our attorney draw up the purchase agreement. closing date is set for this friday. a month ago the buyer and I agreed that we would be able to take up to two weeks to move due to work and school schedule. now days before closing they tell us we need to pay them rent for however long it takes us to move. we were more than patient with them since they had to sell their house still after agreeing to buy ours, plus we had the original purchase agreement ammended to meet their needs which was an additional cost to us.

we realize now that we should have put our moving time frame into the purchase agreement, but since we were so patient with them and worked with them we assumed they would stick to their word.

what, if anything can we do so we don't have to pay rent when we had this agreement with them?

Thanks so much...

 

[I AM ALWAYS LIABLE]

My response:

Nothing. You blew it, and they know it.

IAAL

 

[seller2]

Yep, that's what I thought. Live and learn.

Now, let me ask you this. Our purchase agreement states, "possession date will be March 29..." Is possession date the same as the closing date? I'm asking because we are willing to close 7 days before possession date (according to purchase contract). So, do we have 7 days before they can start demanding rent? The buyer told me that we bumped up the closing date, which in fact we did not do, we simply told them the sooner the better, their lender called us and told us the buyer picked what day they wanted to close.

do you think we might have this 7 day window or not?

Thanks for your time...

 

[HomeGuru]

The date of closing/recordation would be the date of posession. The sooner you close, the sooner the Buyer's will be the new owners and can demand rent for the days that you continue to remain in THEIR property.

 

[seller2]

Next question:

Can we choose how long we pay rent, or is that determined by the buyers? We're starting finals week and won't be able to be out until the middle of April or so.

 

[HomeGuru]

The rent and duration of your tenancy as tenants is a negotiated matter. Suffice it so say, the longer you remain, the more rent you will need to pay. Also, the Buyer can refuse the long term and demand that you move out earlier than you desire.

 

[seller2]

Just how long do we have to move out, without having to pay rent? A friend of mine, who's taken legal courses told us we have up to 48 hours after close. A parallegal that my husband goes to school with said she thought we had to be out the same day as close. Any idea?

Thanks...

 

[HomeGuru]

Just how long do we have to move out, without having to pay rent? A friend of mine, who's taken legal courses told us we have up to 48 hours after close. A parallegal that my husband goes to school with said she thought we had to be out the same day as close. Any idea?

Thanks...

My response: you can accept my information or believe that of a friend whose taken legal courses or a paralegal who thinks she knows the answer. Your choice.
Hint: the paralegal knows more than your friend.