Rental Agreement Issues in San Juan Island Real Estate Transactions
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.