I have a client engaged in leasing the house back to the seller for a month after close. Are the monies exchanged a part of close or separate? In other words, will my client get a check from the seller (tenant) to cover rent?
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7 answer(s)
Like
DislikeAbout 5 years ago
Kristen, definetly must have a sellers temporary residential lease signed by both parties, a deposit is always recommend it to protect your client. Monies are due the day of closing for the rent.
Good Luck!
Good Luck!
About 5 years ago
Kristen, As mentioned this should definitely be written in the contract and all funds collected from seller/tenant at closing. I have seen even a small about such as $10 be written in the contract and collected. I would. It suggest any other arrangement outside of the closing table.
About 5 years ago
This all depends on what you agreed on the lease agreement. Remember in this case the owner becomes the tenant. Therefore, to protect your client there should have been a leaseback agreement signed where both parties agreed to term.
About 5 years ago
Yes, rents and a deposit ( if written into the leaseback agreement) should be paid at the time of funding of the sale.
If you haven’t already, make sure you use TRECs “Sellers Temporary Residential Lease”.
I hope this helps you.
Good luck!
If you haven’t already, make sure you use TRECs “Sellers Temporary Residential Lease”.
I hope this helps you.
Good luck!
#1 Awarded – Best AnswerAbout 5 years ago
You should. There can even be a deposit for damages. It should be negotiated between buyer and seller before closing and written up on the temporary sellers lease and signed by all parties.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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