I sold my home...and now I'm homeless! What now?
Your home went under contract in just 3 short days! Awesome! But uh oh! What happens if you weren't quite expecting things to move so quickly and now you find yourself homeless for two weeks after the sale of your home? What are you going to do now?
Luckily, there is a form called the Post Closing Occupancy Agreement, which is a tool that allows the seller to rent the home back from the buyer after they close on it. Talk about an awesome idea that can create a win-win for everyone involved! Not only does the buyer get some short term rental income, which could help them pay for extra expenses like upgrades or a moving company, but it also allows the seller to no be homeless for up to 60 days!
When you do execute this form on your contract there are going to be a few items to negotiate.
#1: The Rental Rate: the daily dollar amount the seller will be paying the buyer to rent back the home.
#2 The Rental Period: the actual number of days of the rental agreement
#3: Security Deposit: if the seller need to provide a security deposit and the amount of the deposit for the rental term and how that will be returned to the seller once the rental term is completed.
#4: The Bills: who will be paying the water, sewer, and electricity bills during the rental period
Be prepared to discuss all of these items should you need to incorporate a post closing occupancy agreement into the sale of your home! We are always here to help and we are happy to help in any way possible!
Julia Bandel Shawn Bandel