Buyer - We love this home, and can see ourselves living in this home.   In the MLS it states the Sellers would like a 30 day rent-back, can they do this?   How does this work?

 


So happy you love this home, and first I will contact the listing agent and see if they HAVE to have these 30 days, or if you could have possession at closing.    If it says they would "like" to have a rent-back, doesn't necessarily mean they have to stay for 30 days.

 

If you do agree to this rent-back, there will be a post occupancy agreement prepared addressing who pays the electric/gas and water, that the Sellers will have renter's insurance to cover their personal possessions, and there should be a deposit collected for any damage done after closing.    Usually the Sellers pay a rent equal to the Buyer's mortgage payment.  (if the mortgage will be $2,000/month then the rent for a 30-day month would be $66.67 per day)    The water is usually transferred by the title company day of closing, so this amount should be added to the daily rent payment.

 

The rent check is paid to the Buyers at closing and the buyers get one key to the home, and the other keys and garage door openers are left in the home day of possession.    If the sellers remain in the property after the agreed upon date in the post closing occupancy agreement, the amount on the contract for every day they are in the property will apply.