what is seller leaseback?

[Account Closed]

I have come across some terms that are new to me. What does when "seller needs leaseback"? I figured I would post because someone here in BP has to know. I would appreciate any response if someone knows:)

[Kyle Doney]

@Sahana R. Is pretty close. We do these here and there when the seller needs to collect their money first but cant afford to move. We will pay them their proceeds but usually hold about 5K at title in an escrow account until they leave after an agreed upon time. We charge them our holding costs for every day they stay. When they leave title, cuts them a check less the daily fee.