Profile picture for nuthinelse

I'm getting ready to close on my new home, and we have agreed to a rentback period of no more than 3

  • August 28 2012 - Cincinnati
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Answers (6)

Profile picture for ShaylaTwit
I advise to have an attorney draft both a lease back addendum as well as an actual lease to be signed at closing.  This way, everything is in writing.  Good luck!  --Shayla Twit, Sarasota Realtor [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • August 28 2012
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days or weeks? have you met the tenants? Make sure you secure a deposit to ensure no damage is done and also charge them a prorated amount for the days they agreed to stay. Also make sure you have a clause in the Lease back that they pay 100/day or more for days they stay after lease back has expired.
  • August 28 2012
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Profile picture for Ofe Polack
Obviously your message was cut short.....what did you want to say.....try again please
  • August 28 2012
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Profile picture for Travw777
You should have a specific amount of rentset for your new tenants since you will own the home when they will be there.. Secondly you are in charge now and set the rules.

The answers below are good but not complelty correct.

Here is Texas we do not take out any extra money or deposits when you do a lease back eithier.
  • August 28 2012
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Profile picture for wetdawgs
If you agree to a rent back period, make sure the agreement is vetted by an attorney.  Consider holding back a considerable portion of the purchase price in escrow until they are out and the property satisfactory on walk through.   (I'd suggest 10 to 30%).
  • August 28 2012
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Profile picture for sunnyview
Be careful. Rent backs without a tight contract and deposits can be a problem. Some owners do unauthorized "repairs" or create damages that were not there on the sale walkthrough. Others owners refuse to leave and must be evicted as a tenant would.

Everything needs to be in writing and you should to have additional deposits held in escrow for any damages. Also should consider having a penalty clause in the contract if they refuse to leave that gives you additional money per day for every day that is outside of the rent back agreement pending the eviction proceeding. An attorney can help you structure an agreement to try to protect your position.
  • August 28 2012
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