Rent Back – What To Do If You Still Need To Live In Your Orange County Home After It’s Sold
Are you planning on selling your Orange County Home? Many homeowners in Orange County and across the United States are planning on selling their homes right now because, the real estate market is still hot right now and there’s never been a better time to buy or sell a home in the United States. Even though it’s the perfect time to be involved in the Real Estate market what happens if you sell your home and you’re unable to find another home before the home that you sold closes Escrow? The answer to this question is called Rent Back.
What Is Seller Rent Back?
This Real Estate term is exactly what it seems. If you sell your home before it closes Escrow, you will want to arrange to pay the buyer a fair market rental value for the days or weeks until you can find another home in Orange County.
Get Everything In Writing
Even though it may be inconvenient for the buyer to work out a Rent Back agreement with the seller, this situation must be handled no differently than any other business arrangement and everything should be put into writing including the following details:
- Move Out Date – The seller must be clear with the buyer when they will be moving out of the home.
- Terms And Conditions – The buyer must clarify specific terms and conditions with the seller so that their rights as the new owner of the home are respected.
- Utilities – Even though the seller is continuing to live in the property, both the buyer and seller must come to an agreement as to who will pay the utilities for the home like: water, sewer, gas and trash.
To learn more about Rent Back and how to properly set up a rent back agreement if you plan on selling your home soon, or to view a list of Orange County homes for sale, contact Fred Sed & Associates today by calling: (949) 272-0125.