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Old 03-11-2017, 06:33 AM
 
Location: Wonderland
44,483 posts, read 35,950,842 times
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Quote:
Originally Posted by RichardPerry View Post
Just so you know, the language of the leaseback protects you in every way. In fact, it creates a bonafide lease. But this is where gut instinct has to come in. The seller isn't some stranger off the street. This is a person who has lived in this house for a period of time, sometimes a very long time. They really have no interest is wrecking your house, knowing that you could take them to court and win.

When I write the leaseback for a buyer, I ask the seller if they plan on being out by closing, or if they need time. I then let the buyer know. If the buyer doesn't give any instruction, I write it with no deposit, no rent, 72 hours after closing, and a $500/day holdover. Buyer gets the keys at closing, house is usually vacant within 24 hours, and everyone is good to go. And, we always do a walkthrough the day of, or before, signing to ensure that the house is in the proper condition.

It's the surprises that cause problems, so I try to prepare my clients before hand, and during, to avoid the surprises.
Great info. I also don't see any reason to charge the previous owners rent for the first two or three days of a leaseback. Sock it to them if they're not out by the third day though.
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Old 05-17-2017, 01:12 PM
 
27 posts, read 22,338 times
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For what it's worth, in my recent purchase, I was also told that this was not unusual for the seller to request a day or three. He did, we went with it, but in the end he didn't use 'em. Possession same day, which has been my universal experience in the several other states in which I've purchased homes to date.
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Old 05-18-2017, 06:33 PM
 
2,638 posts, read 3,569,013 times
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Quote:
Originally Posted by yishmeray View Post
For what it's worth, in my recent purchase, I was also told that this was not unusual for the seller to request a day or three. He did, we went with it, but in the end he didn't use 'em. Possession same day, which has been my universal experience in the several other states in which I've purchased homes to date.
Welcome to the Tyler area, hope it meets your expectation. Keep us informed. Best to you.
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Old 05-20-2017, 03:40 PM
 
27 posts, read 22,338 times
Reputation: 14
Default Thanks!

Thank you, Mark Senior. You were gracious and helpful as we considered the move, and have remained so.
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