With summer here, many of you may be thinking about putting your property on the market and perhaps asking, "where will we go once we sell our house?" A tool that you need to know about is the Seller's Temporary Lease, also referred to as a leaseback.
A leaseback is a short term lease that will allow you to stay in your current house after closing on the sale of your property. Depending on your situation, you may be coordinating the purchase of a new home simultaneously and need several extra days to close on the sale of that home. No matter the situation, all terms are negotiable between you and the buyer, and your agent will help facilitate these negotiations. Just as you would with a typical lease agreement, a security deposit will be put in place and a term agreed upon prior to closing. You will also pay a per diem rate for staying in the property. Typically, this rate covers the buyer's daily mortgage amount. Additionally, special provisions will be laid out, such as the condition of the home and how it should be left upon final move-out.
If you are looking for added flexibility when selling your property, this is a great resource for you. If you have specific questions about leaseback details, please give me a call!
There are many great Austin homes for sale. Click here to perform a full home search, or if you’re thinking of selling your home, click here for a free home price evaluation so you know what buyers will pay for your home in today’s market.
You may also call us at 512-656-8916 for a free home buying or selling consultation, so that we may answer any of your real estate questions.