All Forum Posts by: Ian MacDougall

@Jason Duryea oh nice wasn't even thinking of that, they're open to it as well. I'm going to have them sign an agreement for a non-refundable deposit of half month's rent, then apply it to the first month of rent if they end up closing. Thank you sir!

What's up BP,

I'm about to rent out my first property (house hack) in central VA to tenants that aren't friends - as in, I went through the full screening process and application. I have a couple that look to be a great fit, and I approved them today after they passed all background/income/credit checks. They're looking to rent for at least a year. However, upon asking their move-in date, the wife had a question about nullifying the lease. They're selling their current residence before moving into my rental, and plan to close in the middle of October. Based on a similar experience selling a house a few years ago, she's worried if the buyer pulls out before closing then they would be stuck with their mortgage as well as a lease with me.

So, is it possible to structure my lease with a nullification clause that if their sale falls through before close, then they can break the lease? If so, how should I go about including that clause, or is it worth waiting until after their closing date (couple weeks from now) for them to sign the lease?

I know this is likely a question for a RE attorney (don't worry I won't sue for any advice you give :) ) especially if I need them to add the clause, but I figured I'd ask for anyone's thoughts if they had experience with this.

Thanks in advance!

-Ian