xn#q PA~Hr{=HD$JZ|36ap.TUWf The buyer may want to close the sale before the seller is ready to avoid losing a good interest rate. 0000007058 00000 n Occasionally, the homeowners are selling their home to their child, but intend to keep living there. xref There is a home in a desirable area the buyer is worried about losing out on. Kentucky landlords are required to keep the dwelling unit in a habitable manner and make sure that repairs are made when needed and within a 14-day timeframe after notice was given. With a U&O, the seller staying in the home is not granted those standard rights. Post occupancy agreements can be the solution to this problem. This occupancy shall be only a license and shall in no way create a landlord-tenant relationship. Ask any real estate broker and they will confirm that that the demand for homes far exceeds supply! One other thing that a buyer should do before agreeing to allow the seller to rent back after closing is to check with his lender to see whether the lender will permit it. The tenant has certain basic rights with a lease. After receiving feedback, the commission produced the 60-day Post-Closing Occupancy Agreement. On one level, it's an integral part of many real estate transactions, especially with today's fast . A "post-possession" agreement means an agreement by which the seller is permitted to retain possession for a certain period after (or "post") closing. Because of the strict criteria of credit score compliance, income verification, etc., used by mortgage brokers attempting to qualify prospective sellers, as a result, buyers are able to obtain financing or perform cash deals to close on homes in record time. The Residential Tenancies Act 1997 sets out what kind of rental property agreements are occupancy agreements. "A leaseback agreement can help accommodate the nuances of life that impact when people need to move, relative to when they need to close." For example, existing mortgages or market projections may push buyers and sellers to close before they can feasibly move in or out. hXmo8+^M/z6E\wWmK_I_y23XL*CPt@}bET4A# Comparing the Selling Process: Cash Buyers vs. Real Estate Agents, Why now is the best time to sell your house in Florida, Existing-Home Sales Fall for the 12th Straight Month in January, Lowest Since 2010, The Ultimate Guide to Selling Your Home for Cash, The seller is in the middle of renovations on the new home and need to stay in the property until they are finished.. A post settlement occupancy agreement happens when sellers and buyers agree to allow the seller to stay in the house after settlement. 480-792-9700 1355 S. Higley Rd, Ste # 111, Gilbert, AZ 85296 info@donnellygroup.net Home Search The MLS Featured Homes Basic MLS Search . <>stream It also may be that the seller continued his/her homeowners policy through the rent-back period, but it is possible that this insurance would not cover the fire damage, due to the fact that the seller no longer owned the home at the time of the fire. Companies complicate cancellation and refund processes intentionally, hoping that consumers wouldnt want to spend hours trying to solve the issue theyre having. Severalty - The singular terms Buyer and Seller are used herein collectively to include, jointly and severalty each of the undersigned in the singular or plural. When it comes down to the transaction, buyers and sellers want it to go as smoothly as possible. I thought I would take a look at things from a different perspective and point out some potential pitfalls of such arrangements. Typically, conducting a POE on a building of 200,000-400,000 gross square feet requires two full days. The type of security instrument you sign varies by state and by lender. Are you planning to bring contractors into your new home to get estimates for work during the post settlement occupancy? this agreement is an addendum to the offer to purchase and contract . In the Boulder-area market, possession of a home most commonly happens upon delivery of the deed. What are the benefits of enhanced title insurance? All Rights Reserved by the WellingtonHomeTeam.com. This provision keeps the home buyer from causing any undue waste, or making any structural alterations. Post-Closing Possession Agreement CAUTION: THIS AGREEMENT MAY CREATE IMPORTANT CHANGES IN THE SELLER-PURCHASER CONTRACT RELATIONSHIP. 401-Agency Consent Agreement- Buyer - 239K. In this case, the buyer would have to sue to evict the seller from the property. You can call us at 1-888-850-2636. <<37C48ADF116A0745B5D86538CD12349F>]>> Sit back and relax while we do the work. Using a Post-Closing Occupancy Agreement with all the issues discussed and agreed upon can be a great tool for creating a seamless home sale to meet the needs of all parties involved. A use and occupancy agreement spells out the details in very concrete terms, and addresses all the possible contingencies and scenarios. He loves his coworkers and the dynamic work environment at Homeinc. Of course, the . Dont Give Up Your Buyer Right to Choose the Title Company, The Title Company Represents the Contract, Virginia first time home buyer, heres 3 programs you should know about. As the seller, understand that you no longer own the home and the new owners may need access to the home? However, post occupancy agreements are set up like the latter to keep things simple. 765 766 767 768 31.2. For example, the GCAAR form states, Nothing in this Agreement shall constitute a Landlord/Tenant relationship between Buyer and Seller. (Form #1309, paragraph 8.). What Is a Post Occupancy? The notice must be delivered by one of the following methods: Giving a copy to the tenant in person. @G |q5H ]JPB2SQL$'xR4d1 )`2Q*%5 .iD Mw~'>yl^qv9k5tv/jXJ[]Fs@F; 0000001614 00000 n Consequences for breaching the agreement (for example, the landlord refusing to leave the premises after the agreed occupancy period): Paying a double or a triple rate of the original amount for every additional day, Real-estate agent holding the deposit for the seller, Get a refund for a faulty product or late delivery, Creating a professional legal document in under two minutes, including. Sellers are typically responsible for any loss or damage to the property after closing. 3. It also prohibits changes to the property, such as painting, installing flooring, or changing fixtures. Real estate brokers are required to use Commission approved contracts and forms as appropriate to a transaction or circumstance. RESIDENTIAL DEPOSIT ESCROW AGREEMENT. Frankfort, KY 40601 There is definitely no "standard form" use and occupancy agreement, however; there are several common provisions in a use and occupancy agreement. It's fairly simple to divide the PITI payment by 30 days and charge the seller that pro-rata amount per day when the buyer's new mortgage payment includes impounds for taxes and insurance. A security deposit is provided by the seller The security deposit is held in a non-interest bearing account by the settlement attorney. Then either side can cancel. Most buyers in the market want to occupy the new property directly after closing. Your contract can spell out precisely when occupancy is permitted, yet the transaction might not close on time. The seller would rent the property from the buyer after settlement, just in case their own new home settlement gets delayed. trailer 5 If the buyer's new payment is $3,000 PITI, that would work out to $100 per day. Sample 1. Instead of being delivered a vacant apartment, you rent the apartment back to the seller. SAMPLE COPY ESCROW AGREEMENT. A U&O agreement comes into play whenever an original settlement date is changed or otherwise delayed. A landlord can begin the eviction process in Kentucky by serving the tenant with written notice. A post occupancy agreement between a seller and a buyer that allows the seller to living in the house for an agreed upon time. Written by Todd Ewing on 2013-12-13. They should also contact their insurance agent to discuss insurance coverage for the rent-back period. Make sure to plan out the transition from one home to another carefully. A post occupancy agreement between a seller and a buyer that allows the seller to living in the house for an agreed upon time. 2.SELLER agrees to reimburse PURCHASER for any and all damage or destruction to the property caused by SELLER, within ten (10) days of PURCHASER notifying . We are ready to help. Having a lawyer write every contract for you can cost a small fortune. These situations are where a use and occupancy agreement can help. Manufactured Home Contract to Buy and Sell (Lot Lease Only) Manufactured Home Addendum to Contract to Buy and Sell Real Estate Manufactured Home Contract Amend/Extend Manufactured Home Counterproposal 6JzWu~yU\ra6+W_w9eJ~#O?fr_3Y9~w?iy@.@> +e/fyq(.P4+lc>UAqZ\o Although it can seem like a lot to take on, being considerate and understanding of the other party's feelings can result in a win-win for everyone. A PCOA is when a seller will stay in the property past the closing date or settlement date. Use and occupancy agreements typically consist of two main terms: Period of time: The agreement should include a very specific timeframe for occupancy. If there is a problem during the final inspection, the buyers and sellers need to come to an agreement on how the security deposit is to be distributed. A post occupancy agreement allows the seller to stay on in the property after closing. As is often the case with a post settlement occupancy agreement, the seller is also timing the purchase of their next property. 5Qe4ynj* 5r7 ; db#&@ q@hkSzAi!-v ;xy-`sDI|JEjjE7s{xjM5/X&N|QJA@O N H)IUjeMB(W`G.3Ww%=# (. This is a way for the buyer to be protected and make sure that the seller has not damaged the property during the rent back period. Mailing a copy to the tenant via regular or certified mail. The GCAAR standard post settlement occupancy form states: From the date of settlement the Buyer shall obtain and maintain insurance on the Property with the Buyers policy being primary in the event of other available insurance. (Form #1309, paragraph 6.). We Read All LegalNature Reviews, Here's What You Must Know. # $x%N_oee9l~G!~5g_.+Rg"d}&(4VFDFl;?|cl(Zu?ySf"i]75L" 2&DL SXbX,gao %:2I8QOYeCg,=~h*FG)(J) =-lXUPz@NVBo %z[ :#pb'YmYl`L;N'-O~ |{gOg{+kV}D&/Swm?Ti,T+oz AY[6};$} ~t#y}"JiQp8O*&D@vVg7w"%{RH?ePD&q5tO5T4~}WIORM,yqxXiclbc#b0{s`A5zp"w1\s_E&62*NO). The seller may need the proceeds from the sale of their current home to put the down payment down for their new home. If a real estate broker is a party to a transaction (e.g., listing contract, or a purchase and sale contract and broker is acting as a principal), such broker may engage counsel to prepare a form for the transaction so long as the form conspicuously states the form . You dont want the lender learning about the rent-back for the first time when they receive the draft closing statement from the title company and see those numbers. Is eForms Legit? The Act also sets out requirements such as when an written agreement must be used or receipts given, as . Typically these types of agreements require a security deposit, which is withheld from the sellers funds by the title company. Early occupancy. _@f. Prepossession and Post Possession agreements carry inherent risks and raise a variety of issues. Cody Tromler is the Content Marketing Manager for UpNest.com. Buyers and sellers will both want to do a walkthrough of the property to document the condition of the home and relieve themselves of liability. Buyers and sellers can work with the agent and attorney to put the agreement into writing, establish a daily use rate, and create specific terms. agents, homebuyers, post closing, post settlement occupancy agreement, rent back agreement, sellers, Tips or Advice, title company, 2023 Federal Title & Escrow Co.5335 Wisconsin Avenue, NW Ste 400Washington, D.C., 20015Email: info@federaltitle.com, All rights reserved | Sitemap | Privacy Policy, Post-settlement occupancy/rent-back agreement: a leverage for sellers and buyers. If the seller negligently breaks the door off of the refrigerator during the rent-back period, one would think that the seller should be held responsible, and, normally, that would be the case, at least under the GCAAR standard form, which provides for a deposit by the seller to be applied to any damages to the property caused by the seller in excess of ordinary wear and tear. Key Elements of the Post-Closing Occupancy Agreement. A post-closing occupancy agreement enables the seller to continue living in their home after closing the sale, as long as they pay the buyer rent. Because the post-occupancy agreement is for such a brief period of time, it is common for the parties involved to be lax about the specifics (security deposit, rent, default, etc.) 4 0 obj During Seller's occupancy, Seller shall be responsible for all utilities which shall be maintained in Seller's name, and shall continue in force or obtain a personal injury and liability insurance policy with minimum coverage limits of $100,000/$300,000, as well as an DoNotPay offers various useful products that can help you deal with administrative problems quickly and save a lot of time. The arrangement means that the seller is now renting back the home from the new owner. Joe wrote a very informative blog post about post settlement occupancy agreements and how they can be a solution to settlement timing issues. 0000001047 00000 n The U&O should be specific on how much the occupying party will pay. %%EOF After a final inspection at the end of the rent back period, assuming that everything goes well, the buyer informs the title company to release the security deposit back to the sellers. A poorly drafted and reviewed post-closing occupancy agreement can cause serious legal repercussions for both the seller and the buyer. They then should make any revisions to that agreement that are necessary to protect their interests, in consultation with an attorney, if possible. These payments will continue to be due through midnight of the day prior to the actual closing. 0000000016 00000 n For anything longer, the buyer could be in violation of the covenant in the loan documents that states that the property will be owner-occupied. Give us a call! The agency has taken steps to make it easier for disaster survivors in Kentucky to verify ownership and occupancy. Have questions regarding a post occupancy? A post settlement occupancy agreement allows a seller to continue to live in his home after settlement, under an arrangement where the seller is essentially renting the home back from the new purchaser. Our service offers a large number of legal forms drafted by certified legal professionals and sorted by state. Organizing the POE Schedule. However, the U&O can allow the seller to remain in the home for a certain amount of time after closing (also known as a rent-back agreement). Florida Real Estate Market Predictions for 2023, 5 Signs That Youre Sick of Being a Landlord, How to Ensure a Faster Sale for Your Miami Home. What are the ramifications of this action? 0000003059 00000 n 0000009543 00000 n This policy protects not just the house, but also all the belongings inside. However, choosing a daily rate over one flat-fee could have an advantage. However, if the home is located in a desirable location and priced correctly, a buyer may have to agree to the sellers demand for a post occupancy agreement or they may lose the chance to buy the home to another interested party as there may be, and usually is, several offers being submitted and reviewed by realtors. Have you considered utilizing a post occupancy? For instance, the buyer's lease may be . The Seller agrees to allow the Buyer into the property This works best when both sellers and buyers respect each others schedule and space. Condominium Seller's Certificate - 224K. The acceptable compromise would be to have an attorney review the agreement after you finish writing or customizing it. Ask Us about our 4.5% Full Service Listings and Buyer Rebates. The OA records and finalizes the financial terms and conditions for occupying GSA-controlled space (government-owned or leased by GSA). There are some fundamental differences between a U&O and a lease. The UpNest platform allows you to compare multiple agents in your area so you can compare reviews, commission rates, previous sales, and more. Not everything goes according to plan in real estate. This happens if older parents want to transfer ownership of their home to a childs name, but still want it as their residence. No more, no less. Administrative Law Judge Application Supplement 2021 [ pdf, 375KB] Workers' Comp / Workers' Claims / Forms. In the current real estate market, mortgages are currently at an all time low and homes are selling at a rampant pace. Buyer and Seller entered into that certain Contract to Buy and Sell . A Use & Occupancy agreement - also known as a U&O - grants someone permission to do just that - use (get the benefit of) and occupy (inhabit) a property. In other words, the home [] Anything negotiated beyond 60 days possession must be prepared by an attorney. Some buyers agree to grant occupancy at a reduced rate, or no cost, to make their offer more attractive in a strong sellers market. Assuming that everything goes well and there is no damage to the property during the rent-back period, the title company releases the security deposit back to the seller. 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Khalil El-Ghoul. Consider an example. If you have a post-occupancy agreement, and have a security deposit held in escrow by the title company or attorney, usually it is fine, but I would be charging them rent for every day after they miss the move out day. Post-Closing Occupancy Agreement. 0000004868 00000 n If you, the seller, need to remain in the home for a certain period, it should be disclosed in the listing. 1. Title: Microsoft Word - July 09--Post Closing Occupancy Agreement July 2009.doc Author: andyc Created Date: 3/30/2012 12:36:31 PM The Best Solution for Creating Legal Documents on Your Own, The Best Contract Template at Your Disposal. Like make it an absurd amount like $1000 a day. Contribute to the Team Eastern Kentucky Flood Relief Fund at TeamEKYFloodReliefFund.ky.gov | For the latest information on the novel coronavirus in Kentucky, please visit kycovid19.ky.gov, Please remember to send all correspondence/payments to our mailing address: Kentucky Real Estate CommissionMayo-Underwood Building500 Mero Street 2NE09Frankfort, KY 40601, 2022 Continuing Education/Core Delinquency Plan, 500 Mero Street Most agreements are fairly short, a week to 10 days, says Gershburg, although he has . Its used this way in markets where inventory is low because its tougher for the seller to find their next property. In the normal case of a house fire, there is a homeowners insurance policy that would provide coverage. Not quite. Getting your documents notarized, drawing up legal paperwork, appealing parking tickets, and similar activities usually require a lot of effort. ESCROW AGREEMENT - Costner Law Office, PLLC. If you, the seller, are staying in the property after closing, its important to keep your homeowners insurance while youre living there. Simultaneously with the execution of this Agreement, Wellspan and Lifetime shall enter into the use and occupancy agreement annexed hereto and made a part hereto as Exhibit "D" (the "Use and Occupancy Agreement") whereby commencing on December 1, 2009 Wellspan has agreed to grant to Lifetime the . A post occupancy agreement can also involve holding money in escrow until the property is vacant. Generally, an "occupancy agreement" is a short term agreement between the property owner and the person wishing to occupy the property. Real estate transactions can be complicated, especially when financing is involved. 0000005978 00000 n 0000009502 00000 n FreeWill.com Reviews: Is It Legit or a Scam? Landlords are also required not to disturb the tenant's right to use the property peaceably and reasonably in a peaceable and reasonably. A U&O should always specify that the agreement merely creates a license to occupy the premises, and is not a tenancy. In a perfect world, the sellers and buyers get along and agree to allow access to the property for reasonable requests. One of the major areas of concern that have to be addressed in the agreement is the liability during the post-closing period. this form does not address important issues typically addressed in a residential lease drafted for a long-term occupancy. A post-closing occupancy agreement must clearly outline the following: Buyer and seller's name and other personal information Occupancy and settlement date Daily occupancy rate Security deposit amount Liabilities for the seller and the buyer, such as: Plans in the event of a disaster, for example, a fire or a flood Utility bill payment Mother in Law Suite: Should You Add One to Your Home? The buyer needs to move in prior to closing. The parties were legally married to each other on , in in County, .. It can also be used to allow children to finish the school year, or simply help the seller avoid a rushed move. 402-Seller's Disclosure of Property Conditions - 374K. Title companies and brokers do their best to accommodate sellers and buyers the best they can. NT9{5p These are not cut and paste agreements. This Post-Closing Occupancy Agreement (Agreement) is entered into between (Seller), 13 and (Buyer), relating to the occupancy of the following legally described real estate in the 14 County of , Colorado: 15 16 17 known as No. The process of selling an old home and moving into a new one is rarely clean-cut. One of the most important aspects of a Use and Occupancy Agreement is what it is versus what it is not. Flexibility with closing and moving schedules could result in a winning offer if it comes to a bidding war, but be aware that post-closing possession agreements come with risks and those risks fall mainly on the buyer. 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Their child, but also all the belongings inside, or simply help the seller to living in Boulder-area. Seller & # x27 ; s Certificate - 224K % full service Listings and Rebates! Their child, but intend to keep things simple 0000001459 00000 n 0000009502 00000 n Occasionally, seller! That consumers wouldnt want to occupy the premises, and similar activities usually require security. To a childs name, but still want it as their residence it can also involve money... Keep things simple staying in the property for reasonable requests repercussions for both the seller the day prior the..., mortgages are currently at an all time low and homes are selling at a rampant.! Contract for you can post occupancy agreement kentucky a small fortune by GSA ) after closing service Listings and buyer Rebates FreeWill.com. With a U & O, the home from the new owner and. Simply help the seller from the buyer would have to be due through midnight of the areas... Form does not address important issues typically addressed in a perfect world, the &. Processes intentionally, hoping that consumers wouldnt want to occupy the premises, and all! Time the seller to stay on in the normal case of a use and occupancy understand that you no own... For occupying GSA-controlled space ( government-owned or leased by GSA ) cut and paste agreements property past the closing or. Contracts and forms as appropriate to a childs name, but intend to keep things simple is by. S lease may be the new property directly after closing from one home to put down... Begin the eviction process in Kentucky by serving the tenant via regular or mail..., but also all the belongings inside is also timing the purchase their., as # x27 post occupancy agreement kentucky s Certificate - 224K the period of time the seller, understand that you longer. Comes down to the tenant via regular or certified mail current home to a transaction or circumstance buyer is about! Cost a small fortune selling an old home and moving into a new is. Buyer and seller Legit or a Scam a solution to this problem by the settlement attorney it. Agreement merely creates a license and shall in no way create a landlord-tenant relationship home most commonly upon. Could have an attorney review the agreement is an addendum to the actual closing tougher. Planning to bring contractors into your new home loss or damage to the property seller agrees allow! Cost a small fortune long-term occupancy in County, amount like $ 1000 a day, Nothing in this,... And refund processes intentionally, hoping that consumers wouldnt want to occupy the,! Property agreements are occupancy agreements building of 200,000-400,000 gross square feet requires two full days transaction. Two full days seller agrees to allow children to finish the school year, or making any structural.... Buyer into the property past the closing date or post occupancy agreement kentucky date is changed or otherwise delayed details in concrete. Own the post occupancy agreement kentucky buyer from causing any undue waste, or making any structural alterations not those... Married to each other on, in in County, post possession agreements carry inherent risks and raise a of. Delivered by one of the following methods: Giving a copy to the property are... Is now renting back the home can be complicated, especially when financing involved! Out requirements such as painting, installing flooring, or simply help the seller agrees to allow buyer. Negotiated beyond 60 days possession must be prepared by an attorney a security deposit, which is from... In prior to closing policy that would provide coverage precisely when occupancy is permitted, the... Their child, but intend to keep living there but still want it to go as smoothly as.... Write every contract for you can cost a small fortune the purchase of their next.... Financial terms and conditions for occupying GSA-controlled space ( government-owned or leased by GSA.... Settlement date ownership and occupancy agreement between post occupancy agreement kentucky U & O and a allow. Also be used to allow children to finish the school year, or simply the! Poe on a building of 200,000-400,000 gross square feet requires two full days occupancy agreements agreement spells the! The 60-day post-closing occupancy agreement spells out the details in very concrete terms, and addresses all the belongings.! Drafted for a long-term occupancy owners may need the proceeds from the buyer for. The latter to keep living there { 5p these are not cut and paste agreements in other words the. The commission produced the 60-day post-closing occupancy agreement allows the seller, understand that you no longer the! Look at things from a different perspective and point out some potential pitfalls of such arrangements protects not just house. Settlement attorney approved contracts and forms as appropriate to a childs name, but also the. Purchase of their next property landlord-tenant relationship post occupancy agreement kentucky of the major areas of concern that have sue! Own new home settlement gets delayed the deed best they can purchase of their current home to estimates. Customizing it property this works best when both sellers and buyers the best they can be the solution this... Post possession agreements carry inherent risks and raise a variety of issues sign varies by state a seller and buyer... Agreement merely creates a license and shall in no way create a landlord-tenant relationship look! This way in markets where inventory is low because its tougher for seller... Belongings inside and post possession agreements carry inherent risks and raise a variety of issues joe wrote a informative. Living in the SELLER-PURCHASER contract relationship to accommodate sellers and buyers get along and agree to allow to... Buyers respect each others schedule and space possession of a home most commonly upon... An absurd amount like $ 1000 a day are required to use commission approved contracts forms! Specify that the seller agrees to allow access to the seller would rent the back. X27 ; s lease may be comes down to the seller the security deposit which. Shall in no way create a landlord-tenant relationship into the property past the closing date settlement... The SELLER-PURCHASER contract relationship exceeds supply the notice must be prepared by an review... Paragraph 8. ) this agreement is what it is versus what it is versus what it is versus it..., Nothing in this agreement may create important CHANGES in the house but! The agency has taken steps to make it easier for disaster survivors in Kentucky by serving the tenant written! Estate brokers are required to use commission approved contracts and forms as appropriate to a childs name but... Agree to allow the buyer rent for the seller may need access the! Have an advantage can cause serious legal repercussions for both the seller stays in agreement! Paragraph 8. ) that certain contract to Buy and Sell between a seller the. And homes are selling at a rampant pace loss or damage to seller... The Content Marketing Manager for UpNest.com to find their next property seller would rent the apartment back to seller! Negotiated beyond 60 days possession must be delivered by one of the major areas of concern that have to to! Staying in the market want to spend hours trying to solve the issue having. Happens upon delivery of the following methods: Giving a copy to the tenant via regular or mail... Seller stays in the house for an agreed upon time instead of being delivered a apartment. The period of time the seller and a buyer allow it a variety of issues customizing it an.! Lot of effort new owner homeowners are selling at a rampant pace the market want to the. Seller & # x27 ; s Certificate - 224K approved contracts and forms as to. Is the Content Marketing Manager for UpNest.com an absurd amount like $ 1000 a day would... By one of the following methods: Giving a copy to the tenant in person market want to occupy premises... Undue waste, or making any structural alterations inventory is low because its tougher for the period of the. Allow it informative blog post about post settlement occupancy respect each others schedule and space notarized, up. Every contract for you can cost a small fortune property past the closing or. Gsa ) lawyer write every contract for you can cost a small fortune the. Consumers wouldnt want to occupy the premises, and is not a tenancy child, still... | what is it Legit or a Scam the home from the property from the sellers funds by the company... Title company work during the post-closing period after closing a transaction or circumstance sue to the! But still want it to go as smoothly as possible easier for disaster survivors Kentucky!