Simply speaking, a seller's temporary leaseback begins when you sell your home. Many times, buyers and sellers will agree, in their purchase contract, to allow the sellers a certain amount of days past their closing and funding date to move out. Leasebacks are a negotiated agreement between parties and once signed, becomes binding on both parties unless amended by the written consent of both parties.
What are the reasons for a lease back?
- The overwhelming main reason is that sellers want to ensure their homes actually close and fund before spending thousands of dollars in expenses moving out. I have seen the horror that occurs when a seller moves out before closing only to find out their buyer could not get final loan approval, was involved in an