MULTIFAMILY DEAL, CURRENT OWNER WANTS "RENT BACK AGREEMENT"?
Hello All!
Thanks for reading my post.
I currently own a handful of rentals and am pursuing a 9 unit multi-family deal in Thurston County, Washington State. The current owner of this property is living on site, and has done so for almost 20 years. He has a really big 40 x 60 shop that is packed full of stuff. He is asking for a "Rent-back Agreement" so that he can live on the property for an additional 2 to 3 months while he moves out, has a garage sale, etc. I am concerned about this, as there is obviously additional liability I would be taking on. Is this something that I should rely on my agent to write up in the contract, or should I potentially seek legal advise? Any unknown risks associated that I am not thinking about? We will certainly have them sign a month to month lease and will require a deposit. Your input and suggestions are appreciated!
Key words: Olympia, Tumwater, Pierce County, Lewis County, Mason County, WA, multi-family, landlord, self manage, property management, contract, lawyer,