Unless otherwise agreed to by all parties (buyer and seller), you’ll need to fully vacate the property before closing, which is also when you’ll provide all copies of the keys to the buyer.
There is a form we can attach to the contract if you need to remain in the property after closing. This situation may arise when the buyer wants to close by a certain date (e.g. rate lock expiration) and the seller’s next residence isn’t ready to be moved into yet (e.g. seller moving to new construction and needs to install a fence for their outdoor dogs but can’t install the fence until they close on it).
The “Seller Occupancy Agreement After Closing (30 Days or Less)” form is only able to be used if both buyer and seller agree to it. Some buyers aren’t able to extend this option to sellers because they need a place to move into right away after closing.
If this form is able to be used, the seller is obligated to keep utilities and insurance in their name; the price per day is specified on the form; and the seller pays the full amount up front at closing. For example, if the agreement is for $50 per day for 7 days, the seller would provide $350 to the buyer at closing, even if they end up staying in the property for only 4 of those 7 days.
The form also states: “In the event that Seller’s occupancy shall continue for a period of more than thirty (30) days, the rights of the parties shall be controlled by the Oklahoma Residential Landlord Tenant Act,” which can be found on OREC’s website.
Juggling all parties’ needs and preferences and negotiating accordingly is part of our job so don’t stress about your situation. Just fully communicate your needs and wants, and let us take care of it.