September 19, 2023

By Isabel Guzman, Realtor®

Video Transcription

Are you selling your 1 acre plus home and need some extra time to move out? Selling a home can be an exciting yet stressful process especially if you need more time to move out however with the option of a leaseback agreement sellers can experience a smoother transition that allows for more time.

Hi I'm Isabel Guzman Broker Associate and Realtor with EXP Realty. You may be wondering well what is a leaseback agreement?

Well, a leaseback agreement is a negotiation between buyers and sellers often done at the time of the offer by the way sometimes it's also called a rent back now this lease back agreement is a legally binding short-term lease that allows a seller to remain in their home after closing for a specific period of time.

This is often done if the seller needs more time to move into their next property or to relocate to a new job for instance now both parties need to decide on the lease back period the rate and security deposit once everyone agrees and the transaction closes the buyers will officially take possession of the property and the sellers technically becomes tenant in a seller's market leaseback agreements are often included in an offer to make the offer more appealing to the seller and often free of charge in a balanced market buyers and sellers will have a bit more negotiations to do to get the terms that best suits both parties.

As always it's always best to have an experienced agent with good negotiating skills who can get the best possible terms on your leaseback. If you're a homeowner looking to sell your home on a 1 Acre Plus or more feel free to reach out to me anytime so I can help get you the best possible terms on your property I'm Isabelle and I'm always happy to help