There are a lot of moving parts in the buying and selling process and one of them that can cause major complications is the actual MOVING! Every seasoned agent heard of a transaction in which the buyer and his entire family is living out of suitcases in a cheap hotel room for weeks on end while paying hefty fees for their belongings to sit in a moving van waiting on any number of things that delayed closing.
Temporary Leases are a useful tool in helping to mitigate these situations but are not without their risks. Texas Association of Realtors (TAR) provides two promulgated forms that can be used to accomplish temporary leases in a sales transaction.
The Seller’s Temporary Residential Lease allows for the seller, after closing, to remain in the home for a pre-determined length of time. This is a very common requirement for sellers, particularly when they are using the proceeds from the sale to buy a replacement home. Generally, I don’t see many problems with these leases but I do have one scary story for you to use to help your buyer’s make good choices when considering a seller’s request for a temporary lease. Continue reading “SCARY STORIES ABOUT TEMPORARY LEASES!”