I'm setting up a Purchase Agreement for a home with a seller that wants to stay another 30 days after closing, and rent the home back for that period, as a "move out period". It's my first time negotiating with a seller that wanted to stay in the house another 30 days after closing. Should I just extend the Closing Date to whenever they're ready to deliver Possession? Or should I try to set up a lease after closing for that month?
I'm a bit lost so I'd really appreciate any help,
Thank you guys in advance!
I would extend the closing date. There is no good reason for a seller not to be out at closing.
You generally always want the seller out at closing, but they may need the money from the sale to move, so delaying the closing may not help.
Yes, you need to set up an agreement/lease but have a much larger hold back from escrow, say an extra $10k or so, above the one month rental.