As a Seller, you will need to choose a place to go unless you have already vacated the property. If you plan to purchase a different property, contact a lender early on to learn the appropriate price range for your next place, and whether your purchase is contingent upon the sale of your current home. These elements are important for planning purposes, because you might want to make the purchase contract contingent on the sale if necessary, and because you will want to make suitable arrangements for the moving and storage of your possessions during the two closings. If you plan to rent instead, you will need to identify a suitable property and execute a lease.
Planning the move should not be overlooked. It takes time and resources. If you are moving from a condominium or other high-rise community, there may be moving hours, other rules, forms and fees to reserve an elevator. Moving companies, and storage if necessary, also need to be arranged in advance.
Most real estate contracts provide for a transfer of possession at closing. That means that you and your possessions have to be out of the premises, and that the keys have to be turned over at closing. If you plan to retain possession after the closing for any reason, you should communicate that with both your real estate broker and your attorney, so that appropriate terms can be negotiated and put into writing. Absent a written agreement, do not assume you can stay after the closing.
Windy City Legal assists clients in Chicago with real estate, business law, and asset protection matters.