How to word something on a offer/ contract

Question

I am trying to write a cash offer for a property... Heres the situation:

The property currently has tenants, the owner has told the tenants that he is selling the property and they will have to move out.

The tenants asked if they could stay till the end of May.

The already have a place they are moving to, they just can't move in till June 1

Very reasonable, the tenants seem like they will not cause any issues

I would like to hold 10 or 15k in escrow until the tenants move out, I just dont know how to word that on a Florida offer/ contract.

Any help would be great!

Kevin Sobilo · Answer

@Ryan Cleary for wording of that nature I would have a lawyer write it up. I think that is a little beyond what an agent/broker should try to do on their own. I know it sounds simple on the surface but detailing out how this money is handled when things don't go to plan could become more involved.

Alternatively, I would consider solutions where a lawyer was not necessary.

1. A small price reduction to compensate for not making the units vacant for closing. This mitigates the risk for the buyer and allows things to get wrapped up quickly. I know I'm prepared to handle a potential bad tenant situation, so if a seller will pay me (price reduction) to take on that work/risk, then that is gravy for me.

2. Delaying the closing. In my area a cash deal might take 7-30 days depending on if there are any inspections being done as part of the deal. June 1st is only 45 days away. So, simply delaying closing a few weeks eliminates the issue entirely.