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  • March 27, 2008 at 11:35 PM #12270
    HarryBosch
    Participant

    When a homeowner becomes a renter of their own house at what point should they pay – hand over a check – the future buyer rent (1st and last or 1st plus deposit, etc.) during the escrow process? One month before closing? Two weeks before closing? The day after closing? (And what contingency should a lease agreement include to protect the seller – me – from losing my deposit should the sale fall apart before the close of escrow?)

    March 28, 2008 at 11:25 AM #177618
    Doofrat
    Participant

    If I were you, I wouldn’t pay until the day escrow closes if possible and write in the memo clearly that it’s for rent and deposit and for what months. That way if things fall apart or not, you can easily show that this payment was in no way related to the sale of the house.

    March 28, 2008 at 11:25 AM #177971
    Doofrat
    Participant

    If I were you, I wouldn’t pay until the day escrow closes if possible and write in the memo clearly that it’s for rent and deposit and for what months. That way if things fall apart or not, you can easily show that this payment was in no way related to the sale of the house.

    March 28, 2008 at 11:25 AM #177977
    Doofrat
    Participant

    If I were you, I wouldn’t pay until the day escrow closes if possible and write in the memo clearly that it’s for rent and deposit and for what months. That way if things fall apart or not, you can easily show that this payment was in no way related to the sale of the house.

    March 28, 2008 at 11:25 AM #177985
    Doofrat
    Participant

    If I were you, I wouldn’t pay until the day escrow closes if possible and write in the memo clearly that it’s for rent and deposit and for what months. That way if things fall apart or not, you can easily show that this payment was in no way related to the sale of the house.

    March 28, 2008 at 11:25 AM #178073
    Doofrat
    Participant

    If I were you, I wouldn’t pay until the day escrow closes if possible and write in the memo clearly that it’s for rent and deposit and for what months. That way if things fall apart or not, you can easily show that this payment was in no way related to the sale of the house.

    March 28, 2008 at 7:18 PM #177904
    SD Realtor
    Participant

    Harry this should all be spelled out for you by your realtor. It should be very clearly defined by either your purchase agreement or by necessary addendums to the purchase agreement.

    One method that is generally used is that a standard lease is drawn up by the new owners and you sign that lease as a tenant. The security deposit can be delivered from escrow to the new homeowner (as it is essentially deducted from your proceeds) and so can the first months rent.

    This protects everything such that nothing becomes effective until you actually become a tenant.

    SD Realtor

    March 28, 2008 at 7:18 PM #178358
    SD Realtor
    Participant

    Harry this should all be spelled out for you by your realtor. It should be very clearly defined by either your purchase agreement or by necessary addendums to the purchase agreement.

    One method that is generally used is that a standard lease is drawn up by the new owners and you sign that lease as a tenant. The security deposit can be delivered from escrow to the new homeowner (as it is essentially deducted from your proceeds) and so can the first months rent.

    This protects everything such that nothing becomes effective until you actually become a tenant.

    SD Realtor

    March 28, 2008 at 7:18 PM #178259
    SD Realtor
    Participant

    Harry this should all be spelled out for you by your realtor. It should be very clearly defined by either your purchase agreement or by necessary addendums to the purchase agreement.

    One method that is generally used is that a standard lease is drawn up by the new owners and you sign that lease as a tenant. The security deposit can be delivered from escrow to the new homeowner (as it is essentially deducted from your proceeds) and so can the first months rent.

    This protects everything such that nothing becomes effective until you actually become a tenant.

    SD Realtor

    March 28, 2008 at 7:18 PM #178261
    SD Realtor
    Participant

    Harry this should all be spelled out for you by your realtor. It should be very clearly defined by either your purchase agreement or by necessary addendums to the purchase agreement.

    One method that is generally used is that a standard lease is drawn up by the new owners and you sign that lease as a tenant. The security deposit can be delivered from escrow to the new homeowner (as it is essentially deducted from your proceeds) and so can the first months rent.

    This protects everything such that nothing becomes effective until you actually become a tenant.

    SD Realtor

    March 28, 2008 at 7:18 PM #178270
    SD Realtor
    Participant

    Harry this should all be spelled out for you by your realtor. It should be very clearly defined by either your purchase agreement or by necessary addendums to the purchase agreement.

    One method that is generally used is that a standard lease is drawn up by the new owners and you sign that lease as a tenant. The security deposit can be delivered from escrow to the new homeowner (as it is essentially deducted from your proceeds) and so can the first months rent.

    This protects everything such that nothing becomes effective until you actually become a tenant.

    SD Realtor

    March 28, 2008 at 10:54 PM #178302
    HarryBosch
    Participant

    doofrat and SD Realtor – thanks for your feedback. Much appreciated.

    SD – We are about half way through the sale process – still waiting for our bank’s approval of the short sale. Half way through the process, the buyer notified my realtor that they wanted to know if I (my family and I) were interested in renting our house back from them. We said yes and so we are now in the process of negotiating the rental terms before actual signing of the lease agreement. It has been 22 years since I and my wife have rented. So the process of negotiating a rental agreement during the sale of our house is new and unfamiliar to me. I dont want to leave myself exposed should the short sale fall through. But the rental agreement is being conducted outside of the short sale process. I am responsible for negotiating with the buyers on the rental terms. My realtor is working the sale process with our banks and with the buyer’s realtor.

    March 28, 2008 at 10:54 PM #178398
    HarryBosch
    Participant

    doofrat and SD Realtor – thanks for your feedback. Much appreciated.

    SD – We are about half way through the sale process – still waiting for our bank’s approval of the short sale. Half way through the process, the buyer notified my realtor that they wanted to know if I (my family and I) were interested in renting our house back from them. We said yes and so we are now in the process of negotiating the rental terms before actual signing of the lease agreement. It has been 22 years since I and my wife have rented. So the process of negotiating a rental agreement during the sale of our house is new and unfamiliar to me. I dont want to leave myself exposed should the short sale fall through. But the rental agreement is being conducted outside of the short sale process. I am responsible for negotiating with the buyers on the rental terms. My realtor is working the sale process with our banks and with the buyer’s realtor.

    March 28, 2008 at 10:54 PM #178310
    HarryBosch
    Participant

    doofrat and SD Realtor – thanks for your feedback. Much appreciated.

    SD – We are about half way through the sale process – still waiting for our bank’s approval of the short sale. Half way through the process, the buyer notified my realtor that they wanted to know if I (my family and I) were interested in renting our house back from them. We said yes and so we are now in the process of negotiating the rental terms before actual signing of the lease agreement. It has been 22 years since I and my wife have rented. So the process of negotiating a rental agreement during the sale of our house is new and unfamiliar to me. I dont want to leave myself exposed should the short sale fall through. But the rental agreement is being conducted outside of the short sale process. I am responsible for negotiating with the buyers on the rental terms. My realtor is working the sale process with our banks and with the buyer’s realtor.

    March 28, 2008 at 10:54 PM #178299
    HarryBosch
    Participant

    doofrat and SD Realtor – thanks for your feedback. Much appreciated.

    SD – We are about half way through the sale process – still waiting for our bank’s approval of the short sale. Half way through the process, the buyer notified my realtor that they wanted to know if I (my family and I) were interested in renting our house back from them. We said yes and so we are now in the process of negotiating the rental terms before actual signing of the lease agreement. It has been 22 years since I and my wife have rented. So the process of negotiating a rental agreement during the sale of our house is new and unfamiliar to me. I dont want to leave myself exposed should the short sale fall through. But the rental agreement is being conducted outside of the short sale process. I am responsible for negotiating with the buyers on the rental terms. My realtor is working the sale process with our banks and with the buyer’s realtor.

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