After selling your home, you may not be ready to actually leave it. Whether it’s because your new home isn’t ready or because you haven’t found a new home yet, staying in your current home may be your best option. Fortunately, there are ways you can do this.
What is a Rent Back Agreement?
A rent back agreement is an agreement made between the buyer and seller. It allows the seller to stay in the home for a period of time after the sale date. In many cases, sellers will make a rent back agreement a non-negotiable term for selling the home. They will need to find a buyer who is willing to let them stay in the home for a time.
How Do They Work?
Each rent back agreement will differ, but generally, the buyer will take on the role of a landlord. They will collect rent from the seller and they may even ask for a security deposit. This means that if you cause any damage to the home, you may not get the deposit back. You need to remember that it is no longer your house. For most rent back agreements, buyers allow the seller to stay in the home for up to 60 days after the sale date. However, you may be able to negotiate a different timeline with your buyer.
Benefits
The largest benefit of a rent back agreement is it gives you more time without having the responsibility of owning a home anymore. Paying rent is typically more manageable than paying a mortgage. During your rent back agreement, you can have fewer expenses as you get ready to find and move to a new home. You also get the sale out of the way. You have the money for your home and you have extra time to get your situation in order. Lastly, you won’t need to worry about keeping up with all the home maintenance since your buyer will now be responsible.
Rent back agreements can remove a great deal of stress from your situation. You can sell your home and not have to worry about immediately moving out. Selling to a home buying company can provide you with an even easier process and they will work to provide you with the best situation.
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