The Seller lives in her home

2 Replies

You will need to sign a lease agreement with her. For the rent amount, stipulate $X for 1 week and show it as a credit to your purchase price. The reason you want to do this is because it sets rent price and allows you to collect rent if she refuses to leave. You can also build penalties for hold-over (staying past lease end day) in the lease. You can state $XX per day in hold over fees if tenant doesn't leave on X date at 12PM.

If you are wholesaling this property, make sure the buyer is aware of the tenant and share the lease agreement with them.

Failure to sign a lease agreement doesn't mean you don't have a tenant, it just means you don't have lease terms. That will only turn out badly for the owner.

Originally posted by @Joe Splitrock :

You will need to sign a lease agreement with her. For the rent amount, stipulate $X for 1 week and show it as a credit to your purchase price. The reason you want to do this is because it sets rent price and allows you to collect rent if she refuses to leave. You can also build penalties for hold-over (staying past lease end day) in the lease. You can state $XX per day in hold over fees if tenant doesn't leave on X date at 12PM.

If you are wholesaling this property, make sure the buyer is aware of the tenant and share the lease agreement with them.

Failure to sign a lease agreement doesn't mean you don't have a tenant, it just means you don't have lease terms. That will only turn out badly for the owner.

 THANK YOU