How to get a lease signed before closing on a new rental?

6 Replies

Hello BP and thank you for taking the time to help me navigate this situation!

Im buying a new construction single family rental and there is some uncertainty about the exact closing date. The builder is bogged down by busy subs and its starting to look like we could miss closing on 1/31 if the home isn't done in time, might take up to two weeks longer than planned. I have a renter ready to sign a lease and move in on Feb 1st, luckily she is flexible on her move in date. The renter has agreed to sign a lease with an addendum stating that the exact move in date is dependent on the completion of the home and the first month rent will be prorated based on when she is able to move it. Is this a viable solution?

Im using the Oregon Rental Housing Association fixed term rental agreement as a lease template but ORHA doesn't provide an addendum template for my situation. Any advice on how to make this addendum legitimate would be appreciated, thank you!

Use a blank addendum/make one up, attach it.

You don't need a template....just weite down what you guys verbally agreed, in normal language.

Originally posted by @Grayson Graham :

Hello BP and thank you for taking the time to help me navigate this situation!

Im buying a new construction single family rental and there is some uncertainty about the exact closing date. The builder is bogged down by busy subs and its starting to look like we could miss closing on 1/31 if the home isn't done in time, might take up to two weeks longer than planned. I have a renter ready to sign a lease and move in on Feb 1st, luckily she is flexible on her move in date. The renter has agreed to sign a lease with an addendum stating that the exact move in date is dependent on the completion of the home and the first month rent will be prorated based on when she is able to move it. Is this a viable solution?

Im using the Oregon Rental Housing Association fixed term rental agreement as a lease template but ORHA doesn't provide an addendum template for my situation. Any advice on how to make this addendum legitimate would be appreciated, thank you!

 Just have her fill out a form stating she has a non refundable deposit & the move in date will be somewhere between 2.1.18 & 2.15.18. Once you get the keys have her sign the lease at that time.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

@Grayson Graham

What the others have suggested is what I would do, just have her sign form stating the condition of your situation and you should be good. As long as it is all in writing.

Thank you everyone for the input. It sounds like I may have been overthinking it.

What i did is add a section called "Move-In Addendum" to the lease and then iv attached the addendum which reads:

"The lease shall not begin until after the property at 63846 Hunters Cir receives its Certificate of Occupancy from the City of Bend. The first month’s rent shall be prorated based on the move-in date."

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