My advice to my Buyer clients is to divide your total mortgage payment...including principal, interest, taxes and insurance (PITI)...by 30 days and this will be the Sellers daily rate. Also, be sure and ask for a daily holdover rate in the range of $100 to $200. This will hopefully prevent the Sellers from staying in the property for longer than the term of the lease. The fee for this temporary lease...daily rate X # of days plus any deposit you may want to charge...is due to you in total at closing...not at the end of the lease. Also, be sure and do a walk-thru prior to closing AND a walk-thru just prior to the lease termination date. Hope this helps.
Please feel free to call or email if I can assist you in any way.
Best regards and good luck with your home purchase.
Like NO ONE Else!
As Naima stated each state is a little different in the forms and they use and some nuances in the real estate law. What I am referring to is a North Carolina form. But, you do need something to make sure that there is a clear definition of liability. Plus you will need to perform another walk through since you will be then taking possession.
The fom Larry refers to isn't used in Texas, all the terms are highlighted in the form you're using.
Alan's answer is correct. Did you fill out a seller's possession after closing addendum? Usually you have to have the addendum to release each party from liabilities during the period of time that you close and the seller is not gone. Legally the home now belongs to the buyer and with that the liability. So if someone gets hurt on the property it is now the new owner's liability. As far as the rent Alan is correct with simply taking the mortgage payment and dividing by 30. Although as the buyer you can charge whatever you want. I had a buyer charge 200 for one day just because the deal had gone a little sour at the end and he was in the driver's seat.
Coldwell Banker Triad
When there is a lease back for a seller in a home few suggestions:
a) Monthly mortgage payment, tax, insurance divide by 30 days to determine the lease back
b) Not knowing how long the seller wants to remain, I could recommend $100 per day
c) Do you have a deposit so if the seller does not move out you maintain their deposits?
d) There is an art for the leaseback to confirm the buyer is not placed in a difficult situation, once the real estate purchase is closed all the realtors frankly can walk off leave you the circumstance too deal with it on your own