Rental Agreement Issues in San Juan Island Real Estate Transactions

Posted October 8, 2021 at 5:40 am by

It is not uncom­mon for a rental agree­ment to play a role in a real estate trans­ac­tion.   Tim­ing can be every­thing and often the homes on the mar­ket are occu­pied by a ten­ant or sell­ers are unable to time the clos­ing of their cur­rent home and the pur­chase of their next home. In some cas­es, homes are sell­ing so fast, many of our sell­ers are unable to relo­cate with­in the con­tract peri­od.  In these sit­u­a­tions, a short-term delayed pos­ses­sion agree­ment is in order.

When buy­ing a prop­er­ty that is cur­rent­ly occu­pied by a long-term ten­ant (month-to month or lease) the fol­low­ing pro­vi­sions should be includ­ed in the con­tract so that it is clear that either; 1.  The buy­er inher­its the ten­ant and lives hap­pi­ly ever after, or 2.  The ten­ant has vacat­ed by the time that the buy­er takes pos­ses­sion of the property. 

I typ­i­cal­ly write some­thing in the con­tracts sim­i­lar to the lan­guage below.  This lan­guage has been approved by my attor­ney for my use only and oth­er agents may have their own approved lan­guage.  This lan­guage is just for the pur­pose of this arti­cle and should not be relied upon.

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Categories: Education, People, Real Estate

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