Temporary Occupancy Agreement For Seller After Closing

A seller may wish to rent after closing for a variety of reasons and this type of request is not uncommon. I think the seller will buy a new house. It may not be available yet at the time of closing your transaction. Or maybe on the last day of the month, they won`t find a moving van, because the demand for moving vans is high on time. These types of agreements, known as post-occupancy agreements(sometimes called rent-back agreements), are agreements in which the buyer agrees to allow the seller of the property to remain in the house after the billing date. These are not cutting and insertion chords. Instead, some kind of legal finesse is needed to ensure that all parties are protected, since there may be potential liability if these agreements are not properly structured and verified. One of the main concerns that could be problematic is liability during this additional time. Sellers should be held responsible for injuries or losses or damage to property closures. Sellers should take this into account and have their own liability insurance until they evacuate the premises to ensure that they do not face a heavy personal liability by not terminating insurance during the extra period. Topics covered in a preprinted addendum are: identifying premises; occupancy time; Occupancy fees paid in advance deposit paid in advance; Utility companies; Maintenance Keys Owner inspections property taxes; termination; Use the premises and keep a harmless language.

Monty`s response: A big red flag is that the seller waited until the last minute to inform you of this evolution. Another red flag is that you would not contact Dear Monty if your agent provided advice and advice in this situation. Not only call the deliveries, but call the supply company and revoke the name change. The seller should pay for the utilities. Ask your agent to go home and meet the conditions. You can call the seller and ask permission to visit your property. An example of why this drive can be useful is to determine if the seller has even started to remove. Their goal now is to quickly find out if it`s a small bump on the road or something much more important.