Check out our video on Seller Rent Backs!
What is a Seller Rent Back? Understanding Post-Settlement Occupancy
What is a rent back? Well, a rent back refers to a seller post-settlement occupancy agreement. It’s an addendum that we can attach to a sales contract here in Virginia, allowing the seller to stay in the home after closing. This can be negotiated anywhere from 1 to 60 days.
Key Negotiable Aspects of a Rent Back:
- Duration: The number of days the seller stays post-closing.
- Cost: The rent amount for the extended stay.
- Deposit: A security deposit held by the title company.
Why Do I Love Rent Backs?
A rent back is a great tool for sellers for several reasons:
Flexibility for Your Next Move – If you're selling your home and need the equity for your next purchase, a rent back lets you stay in your home while finalizing your next transaction. You won’t have to move twice, making the transition seamless.
Peace of Mind – Many sellers feel more comfortable waiting until they see the funds in their account before loading the moving truck. A rent back can provide security and ease during this time.
A Solution That Works for Many Sellers – While some may be uncomfortable with the idea of staying in a home they no longer own, for many, it’s a lifesaver during a transitional period.
If you're thinking about selling and want to explore the option of a rent back, reach out! I’d love to help you navigate your real estate journey with ease.
Diana Geremia, Real Estate Agent – Helping sellers maximize their home sales while ensuring a smooth transition.
