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The Temporary Lease in Real Estate Transactions
Dated: September 1 2021
A temporary lease used in a real estate transaction will either allow the seller to stay at the property after closing, or will allow the buyer to take possession of a property before closing.
1) When would a seller use a Seller's Temporary Lease?
· A seller would use a temporary lease if they need more time to move out of the house after closing.
· The buyer and seller will agree on a specific number of days the seller can temporarily stay in the home.
· The buyer and seller will agree to a daily rental rate, a deposit, and a holdover rate. The number of pets allowed are also included on the temporary lease, as well as which utilities the seller is responsible for.
· A set of keys is typically given to the buyer at closing for access and inspections during the lease term.
· The Seller's Temporary Lease is only valid for up to 90 days.
· Maintenance issues and repairs may become part of the new owner’s responsibility.
2) When would a buyer use a Buyer's Temporary Lease?
· A buyer may use a Buyer’s Temporary Residential Lease if they need to take possession of the home prior to closing.
· The buyer and seller will agree on the daily rental rate, deposit, the number of pets, and the utilities the buyer will be responsible for prior to closing.
· A Buyer's Temporary Residential Lease is valid for up to 90 days.
A realtor can assist with the negotiation of a temporary lease, and it is included as part of the contract. The temporary lease can be a good thing, and a reason your contract becomes accepted.
I would love to hear from you! You can send me your questions via the comment section below, or on Facebook.
Janet Wingrove has been a licensed realtor in the State of Texas since 2007 and has been selling real estate in San Antonio ever since. "My #1 goal is to help you achieve your real estate dreams!" - Janet
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