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When a seller needs more time to vacate a home they have sold to a buyer, they sometimes do what we call a rent back. After the buyer has purchased the home and had the settlement, they legally own the home. If the seller is to stay after the settlement date, the seller usually pays rent to the new owners for the time they stay after the home changes hands. Just like a rental transaction, a lease will be executed between the buyers and their new tenant, the seller. The lease is usually for no more than a month. The amount … (6 comments)
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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