Seller wants to lease - Posted by Lee Thomas

Posted by Jim FL on July 31, 2001 at 13:57:33:

This is something that happens all the time, and is often called a “rent back” or “lease back”.
All you do is include in the agreement to purchase that you will be renting the home back to the sellers after close for $xx per month, for xx number of months.
I’d set the rent at whatever the market there determine it should be.
Just make sure they are actually getting into another home, verify it.
I’d certainly hate to rent to someone expecting them to leave on a certain date and then they won’t or cannot.
Maybe even get a seperate lease signed, short term, with language as to when they will leave the place, and in what kind of shape they’ll leave it.
Also, you may want to include language that allows you to market the home for rent or for sale, whatever your intentions are for it.
Not enough detail here to really give you anything concrete, so just some general ideas.

Jim FL

Seller wants to lease - Posted by Lee Thomas

Posted by Lee Thomas on July 31, 2001 at 12:35:34:

I have a seller who wants us to take their property. The would like to lease the property back from us while they wait for another home to be finished. Can we do this? Do we charge the seller and how much, and how is it done. Thank you in advance. Lee(NV)