No two clients are the same. No two situations are the same. It’s never just as simple as helping a client find a home, assisting with negotiations and getting to the closing table. Each deal is chock full or challenges, surprises and obstacles.

Highest Rated Schools

Buyers shopping for homes north of New York City often target Westchester because of its highly rated school districts and easy commute to the city. That often requires buyers to close and have possession of their new homes by a specified date. But that isn’t always is rarely possible.

Assuming the buyer is financing the property with a mortgage, a closing would typically take place between 45 and 60 days following the execution of the contract. In many cases, it could be even longer. The reasons are endless. The mortgage takes longer than expected to be approved, issues on the title report may need to be resolved, or an inspection may have found conditions that required repairs prior to closing.

The good news is there is a solution.

Buyers and Sellers can sign an agreement, usually but not always, executed alongside the contract that allows the buyer to rent (or lease) the property from the seller until the transaction is closed. This is called a leaseback.

This allows the buyer to move into their new home prior to the actual closing. It’s a solution I’ve seen many buyers utilize and relieves a great deal of stress that arises from waiting for the resolution of issues generally outside the buyers control.

To enter a leaseback, the attorneys prepare a document that spells out the terms. The price of the leaseback, is usually a reasonable monthly rent (that gets prorated) plus utilities and other costs that a seller would normally incur. In some cases, if the delay is caused by the sellers, I’ve seen the amount of the leaseback credited back to the buyer at closing.

There’s an even better option…

How about a free leaseback? Well, you can use your Broker Commission Rebate to pay for it if you buy through NestEdge Realty. Visit our site to get started today.