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Old 02-10-2011, 07:31 PM
 
2,628 posts, read 8,795,791 times
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Quote:
Originally Posted by Poltracker View Post
No you can't. Like it or not, those folks are considered tenants and would have all the protection afforded them by state law. If a written lease does not exist, they are considered month to month (depends on when payments are due i.e. week to week). To get them out you would have to go through the eviction process.
He is correct on this.
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Old 02-10-2011, 10:47 PM
 
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Thank you for your kind replies. My real estate agent is looking into it and I hope we will come up with some solution.
The lady has 3 boys under the age of 10 and already used house equity so my purchase was probably a month away before bank seize it.
I was a single mom once and It remind me how close I was to fall in that situation. I am married to a wonderful guy but out of job for almost a year. What would have happen to me if I was still single mom?

There is a lease contract protecting me from repairs but it is for only 90 days after closing. It is sellers temporary lease. The regular lease contract make me responsible for all the repairs and I don't want to take that liability


Any lease contract specifies that "each party is responsible for their own insurance" . I have to have flood and title insurance etc regardless of the house situation.

As far as I am concern; it would be nice to have someone in the house instead of some drug addicts to break in since I won't be there to look after.

I really would like to this regardless of the risks...
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Old 02-11-2011, 04:24 PM
 
12 posts, read 18,487 times
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Update:

This is what I got back from my agent. This seems like a good way of doing it.

"Here is how we are going to do it...We will put $1 and cross the daily and make it monthly (get it initiled). We will cross the 90 days and write 180 days and get it initialed by all parties. (the agent mentioned that they might leave earlier than 180 days and I will try to get an exact move-out date. Are you o.k with them leaving earlier than 6 months? In that case you don't need to keep the property vacant, you can go ahead and demolish it, clear the lot and cancel the insurance policy). As far as I am concerned you don't pay any income tax on a seller's temp. lease back, since lease backs normally cover the buyer's expenses like mortgage payments, real estate taxes and insurance and they are pro-rated on a daily basis.

Under the special provisions the following wording will go as follows for your protection:

The home is being occupied/rented as-is whereis. The seller/tenant agrees to hold the buyers harmless and indemnify them from any at all rights, claims, liabilities and damages in any way resulting from the seller/tenant occupancy of the property after the closing. The seller/tenant shall carry a renter's insurance during their stay."

we are good to go!
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Old 11-21-2011, 08:39 AM
 
12 posts, read 18,487 times
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Default result

unlike the saying "good deed doesn't go unpunished" mine did. The family was so happy with their stay and left the house as we agreed...
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Old 11-21-2011, 08:52 AM
 
9 posts, read 13,122 times
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Really happy that your good deed worked out without any problems. I am a firm believer in the saying "what goes around comes around" so I hope your future house on the plot gives you years of happiness!
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