Great Question Marjorie,
One thing that seems to be overlooked in the buying and selling process is the ability for a temporary residential lease by either the buyer or the seller in a real estate transaction.
For instance, the seller needs some extra time to vacate the property....and doesnâ€™t want to do it prior to closing. For instance, what happens if they move out and the closing doesnâ€™t happen? They can request to have time through an agreement to sell and then lease back the property for up to 90 days. Ask your agent to show you "Sellers Temporary Residential Lease" Form TAR-1910
In some rare cases, the buyer can also have a temporary residential lease. There is a form promulgated by the Texas Real Estate commission for the buyer to be able to lease prior to closing & funding the sale for up to 90 days. Generally the seller does not want the buyer to occupy the property prior to closing, but there are some valid reasons for it. For instance, if the buyer closed on Friday afternoon, but closed too late in the day for funding to take place. In order for them to take possession on the property (get the keys), the seller can allow the buyer to move in over the weekend with this temporary lease while the parties wait for funding to happen on the first bank work day after the weekend. We have seen closings happen and the following Monday fall on a National Holiday where the banks are closed. This would push funding of the closing into Tuesday.....You would use the "Buyers Temporary Residential Lease" TAR Form 1911
Ask your agent for some ideas and if your situation falls into a category that you could use one of these options the next time you buy or sell.
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Chris Schilling, ABR, GRI, CRS, GREEN
Real Estate Broker