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Old 04-11-2016, 09:43 AM
 
113 posts, read 154,383 times
Reputation: 189

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Hi all,

After quite a long search, I have a pending agreement to purchase a house in metro west. I was able to win the bid, in part, by allowing the seller to rent back his house up to a hard deadline. So I'm going to be a landlord, which I never intended to do, and know nothing about. Questions: (1) How do I ensure that this arrangement goes smoothly? (2) Can anyone recommend a lawyer in Lexington/Arlington/Belmont/Cambridge/Somerville to help me draft the lease? I want to make sure this lease leaves no room for misunderstandings. Please direct message me if you have a recommendation.

Thanks!
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Old 04-11-2016, 09:49 AM
 
3,176 posts, read 3,697,239 times
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Whose idea was this? Because it doesn't sound like this is what you wanted.

Personally I wouldnt be comfortable with this situation if it were me. There are way to many things that could go wrong.
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Old 04-11-2016, 09:59 AM
 
113 posts, read 154,383 times
Reputation: 189
Quote:
Originally Posted by Dm84 View Post
Whose idea was this? Because it doesn't sound like this is what you wanted.

Personally I wouldnt be comfortable with this situation if it were me. There are way to many things that could go wrong.
No, I didn't want to do this, but seller needs the accommodation to get his new house. It's part of what I did to edge out the competition. With help from a good lawyer on this, I think I'll be okay.
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Old 04-11-2016, 10:13 AM
 
434 posts, read 510,636 times
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Are you using a RE attorney for your closing? I'd just use him/her. Writing up a lease is pretty standard stuff.
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Old 04-11-2016, 10:14 AM
 
113 posts, read 154,383 times
Reputation: 189
Quote:
Originally Posted by jan0105 View Post
Are you using a RE attorney for your closing? I'd just use him/her. Writing up a lease is pretty standard stuff.
Thanks, just confirmed with my RE attorney that he handles these Use & Occupancy Agreements on a routine basis. So I'll go with him.
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Old 04-11-2016, 01:39 PM
 
Location: Needham, MA
8,545 posts, read 14,025,464 times
Reputation: 7944
Quote:
Originally Posted by Jimbo21 View Post
Thanks, just confirmed with my RE attorney that he handles these Use & Occupancy Agreements on a routine basis. So I'll go with him.
I've been a part of many transactions with a U&O Agreement. Here's a few suggestions:

1. Hold back part of the seller's proceeds in escrow as a "security deposit."
2. Write in a large per diem penalty the seller will have to pay if he stays beyond the move out date.

There's really nothing you can do to insure this will go smoothly but that doesn't mean you can't protect yourself in every way possible.

Are your parents living in the other unit?
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