What is a leaseback? Hi, it’s Nick with Sell My San Antonio House. So a leaseback, also known as a seller’s temporary residential lease is just when you are selling your property, but after you sell it, you need a little time to finish moving out of the property. Maybe you need the proceeds from the sale of the property to do your move, or maybe you’ve purchased another house, but it’s not quite ready. So you want to leaseback or rent back the property that you’re selling for a short amount of time before you move out.
Are leaseback’s hard? They’re not really hard to do. All you have to do is you take your standard contract. And there’s a spot in here where you either check that possession from one party to another party will transfer at closing and funding. So when you sell it and when they fund or pay for it, or according to a temporary residential lease. A temporary residential lease, the one we use here, State of Texas is this. It’s simple. It’s short. It’s two pages. It covers all the basics where a normal residential lease in the state of Texas is like 10 or 11 pages.
So it’s two short pages and both parties agree that you’re going to lease it for a certain amount of time. Couple things you want to keep in mind, like this lease in particular says it’s good for no more than 90 days. Usually when we see them, that people only need a couple of weeks, but sometimes they need 30 days. Every situation can be different. If you need a temporary lease or a lease back, you need to make sure you clearly explain that to anybody who’s looking to buy your property, because many people won’t do one. If it’s a family looking to purchase your property, they may be ready to move in. And if they buy the house, then they want to move in right away. They don’t want to purchase the property and then have to wait. They’re going to have their own situation.
When we buy them as investors, we will give people a leaseback if they need one. Why do we do it? Couple of reasons. One, we know some other people won’t do it. So it gives us an advantage. Two, it just helps people out. And we are investors. We do have rental properties. So we’re okay with leasing back the property to people for a certain amount of time so that it makes it easier for them. It creates a win-win for us. So if you’ve heard of a leaseback or you heard somebody talking about a temporary residential lease for a seller, they’re basically the same thing. It allows you to sell your property. And then, you’re going to leaseback that property for a certain amount of time. If we can help you with anything, give us a shout. 210-201-664. Or on the website, sellmysanantoniohouse.com. Thank you.