How Seller Rent Backs After Closing are Handled

When sellers can't move out at closing, it's common to execute a seller rent back agreement between the buyer and seller.

Sometimes no agreement is executed at all, and buyers just willingly give sellers an extra day or two to move out. Not every seller moves the moment the transaction closes. Moreover, the buyer's date of possession varies around the country, depending on local custom.

But there are times when the seller has no choice but to rent back. For example, if the home the seller is buying has delayed its closing, and that second seller's home is not ready, it can trigger a collapse of closings all the way down the line. If the first seller has to close anyway, then that seller may need to rent back.

It's not always possible to anticipate when a rent back situation might occur, but there are ways that all parties can protect themselves . . . read more about Seller Rent Backs.

More Articles by Elizabeth Weintraub, click below:

• Contingencies for Selling Buyer's Home
  
• The Final Walk-Through Inspection
  
• The Home Closing Process

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