When considering a rent-back agreement, here’s how to make sure you’re covered. Understand the reason for the agreement. Its your real estate agents job to communicate with the listing agent to find out why the seller wants a rent-back agreement. It could be that the seller needs extra time to moveor may need the proceeds from the sale to purchase a new home. Understanding the situation will help you to determine the terms of the agreement. Charge a fair price. http://perfectlucyshaw.universitypunjabi.org/2016/09/13/a-further-analysis-of-logical-strategies-of-job-hunting/Dont try to gouge the seller on rent.Jennifer Baxter, an associate broker at Coldwell Banker RMR in Suwanee, Georgia says you should charge the equivalent of what youll be paying for your mortgage, which includes your principal, interest, taxes, and insurance. If the seller isnt going to stay in the home for a month or two full months, you can use a prorated rent calculator to determine how much to charge. Your best move: Collect the money upfront, says Baxter. Additionally, the lease agreement should spell out who is responsible for paying for utilities. Typically, the services remain in the sellers name until you take possession of the property, according to Baxter.
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