We have a contract getting closer to agreement, with potential signing in July. Can the contract be written for possession to take place 11/1 with no "rent" paid in between? Essentially all parties can sign, but we can't get all our crap out by July.

I think you are asking can you close in July (property is conveyed to new owner) and retain possession until November. Yes you can do that in the purchase contract, but unless you write out all of the obligations and liabilities in the purchase contract, you should not. You should just do a separate lease-back with nominal consideration. The lease will cover everything without having to reinvent the wheel.

Either way you should consult a lawyer to review.

We just need everything squared away with price and obligations quite a ways out from moving out. One doesn't just pick up and move 40 years of ranch equipment and antiques overnight. A contract can say anything we want, and of course a lawyer will be consulted.

schwack schwack said:

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A contract can say anything we want, and of course a lawyer will be consulted.

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I think you answered your question.

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Thanks. Just checking.

Y'all are forgetting one important thing.....

"He who holds the gold, makes the rules."

So if you have a lender, you might should ask them. If you don't, do whatever you want with your cash.

Red Pear Realty said:

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Y'all are forgetting one important thing.....

"He who holds the gold, makes the rules."

So if you have a lender, you might should ask them. If you don't, do whatever you want with your cash.

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It's a 1035 trade. No lender, no realtor, no nothin'. I get my check and walk.

Then you make the rules!

Not a lawyer, not your agent.

What you are effectively asking to do is a seller's lease-back. Its done all the time, but the key consideration for you and the buyer is casualty liability, i.e. What happens if the house burns down while in your possession. Normally, the buyer would get insurance on the structures, and you would get a renter's policy on the contents. What you dont want to happen is for you to be liable for replacement in case of casualty. A traditional seller lease-back should accomplish this, but if you get fancy with a lawyer just watch your risk.

OP just use this template from TREC and should be good to go. You dont need a lawyer for this doc


https://www.trec.texas.gov/sites/default/files/pdf-forms/15-5.pdf

Agree with posters saying to consult a real estate attorney on this one. It's more than a simple few day lease back and several unanticipated events could arise during that time.

I thought you might say something about being an attorney. All good. I'm also a realtor so I understand that angle of transactions as well. I lean on the side of paying a few extra$ when dealing with what is likely one of the largest financial transactions of your life.

Just use a short term lease to lease the house from the new buyer for the time you need in order to move. Usually if it is pretty short term (ie weeks) then might be a very nominal amount or nothing. I moved in 2019 and leased my house for about 2 weeks ($200 total rent) and then did the reverse on the house I bought for the seller.

Sounds like leaseback would cover, but as people stated above liabilities get fun.

In the DFW Market sellers are getting conditioned to free leasebacks for 2 weeks to 2 months.