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