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Seller Rent-Back: Role Reversal That's Clear as Mud for Buyers and Sellers
Seller rent- back has been a brilliant solution utilized by parties in a contract to resolve the logistics of possession, but the role reversal between what was the seller now tenant and the buyer now landlord is clear as mud for most parties involved. The typical time frame for a seller to remain in the property is 3 days but can extend for weeks depending upon negotiated terms.
At the closing table all is well and amiable and usually no issues arise, but with all successful transactions there are those that bring to light the flip side and the need for our new 2012 Colorado Post-Closing Occupancy Agreement also known as the Colorado Seller Rent-Back Agreement.
For the Colorado Realtors, the form is a solution and blessing that forces both parties to resolve potential problems before they arise. Most buyers after closing are not ready to assume full financial/liability responsibility for a home they have not yet stepped foot in, but that’s essentially what they have done the minute money changed hands and the deed was delivered. Tempers will flare with the first phone call that the hot water tank needs replacing but the financial responsibility of the ... more
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