Seller Leaseback Form: Temporary Residential Lease

Temporary Residential Lease

In real estate transactions, it’s common for sellers to “leaseback” a property after a deal closes. This means the parties agree that the seller will maintain possession for some period after the sale of the property.

When this happens, a Landlord-Tenant relationship is created between the buyer and the seller. Because of this, it’s important to have a thorough Lease Agreement that outlines all terms of the rental relationship.

In addition, it’s helpful to use a Lease created for these unique circumstances. Specifically,

• Leaseback terms are usually short and sellers often Lease for days rather than weeks or months;
• Buyers (the Landlords) generally don’t have access to the property, so the Leaseback Form needs to arrange for the transfer of all keys and codes;
• Sellers usually continue to handle maintenance and upkeep in these situations.

If you’re planning to leaseback a property, it’s important to document all terms of the relationship. Because a Landlord-Tenant relationship is created, it’s often a good idea to customize a state-specific Lease Agreement to cover all terms of the rental relationship.

Depending on your needs, you can customize a state-specific Lease Agreement or use our Temporary Residential Lease.