Temporary Occupancy Agreement For Seller After Closing
You start postponing your departure date. Do you have a financial commitment in your current residence? While the excitement of the purchase is at the heart of the real estate transaction, the greatest fear can arise long after the execution of the contract. A lease should be entered into if the seller wishes to stay for 30 days or more. In other words, you will become a homeowner before you can move into your new home. What? Why would a seller want to do this? You have to agree? Another thing a buyer should do before agreeing to the seller being able to rent after closing is to check with their lender if the lender will allow it. As a rule, lenders allow a short rent. For anything longer, the buyer could violate the agreement in the loan documents that states that the property is inhabited by the owner. .