Dont sign a lease that lasts more than 60 days. Like a standard lease, rent-back agreement needs to stipulate when the tenant will vacate the property. HomepageIf you agree that the seller will remain in the home for more than 60 days after closing, however, the home will be considered an investment property by your mortgage lender, says Richard Redmond, broker at All California Mortgage in Larkspur, Calif. Because loans for investment properties have interest rates that can be up to 1.25 percent higher than a mortgage rate, setting a 60-day cap for the sellers stay is crucial. Charge a penalty if the seller stays longer than agreed. The rent-back agreement should include a holdover fee just in case the seller doesnt vacate the house on the move-out date. Sanderfoot recommends charging the tenant an extra $100 per day spent in the home, but the amount can vary depending on where you live. This fee could help you to avoid evicting the seller, which is a time-consuming, often-complicated process. Collect a security deposit. hr interview skills trainingA security deposit offers you protection if the seller damages the property during the rental period. Require renters insurance.
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