Condo : Allow To Seller To Stay For Another 6 Mths After Sale

[HappyHouse88 0]

hmm..

if i buy a property and agreed that the seller could stay for another 6 mths after completion.

How shld i word the agreement ?

Shld i "rent" back the house to the seller for say $100 per mth for the next 6 mths . So that I can get the rental agreement stamped, just in case, seller "dont want to go?"

[Bento28 0]

There is no such things as the seller refused to go. If based on the fact that the seller sell u on

The condition to stay another 6 month n agreed then it is a mutual trust thingy.

Eventually, thing turn ugly n u can alway call in the police to "forcefully" to remove the ex owner as the property is rightfully your now!

[pantieileen 2]

hmm..

if i buy a property and agreed that the seller could stay for another 6 mths after completion.

How shld i word the agreement ?

Shld i "rent" back the house to the seller for say $100 per mth for the next 6 mths . So that I can get the rental agreement stamped, just in case, seller "dont want to go?"

Wah $100! u so kind ah. rent room also not so cheap. But if rent for 3k a month for the next 6months is ok. Can give him $500 discount if required but if not call police liao

[Minerat 1]

6 months is a very long time. You better reconsider. If he gives you back a rundown unit you will have no recourse.

[coolting 0]

Happy> I just did a completion with a similar situation to you. We just added an additional clause in the contract "vendor shall be allowed to reside in the property rent-free from XXXth 2012 until XXXth 2012." after the usual clause that vendor needs to deliver vacant possession, subject to the below clause.

Whether or not you want to charge rent is up to you, we gave 2 mths free rent. If you want to rent, then you need a seperate deed of rental. Regardless, if they cannot/dont want to move out after 6 mths, and if they continue to stay, you can apply for order to evict them. Thats your only recourse I believe.

[coolting 0]

In any case, our tenant did move out.

[Andreja 0]

Why they should stay?? It is your property now so you suppose to use it, not they any more. It is not your problem if they sold that and do not have any other place to go, they supposed to think of that much before.

Its very nice agreement for seller - he now have the money AND still enjoy the property......very clever.... And you don't have either of that.

I will ask some lawyer for advice cause this is not common situation. What if that person(s) will ruin your property and you don't have any written agreement of their stay.....? How you will cover that cause you don't have any proof of their staying and you will not be able to force them to pay damage?

Again, why should they stay???? They sold the house and it is not their any more......

[OnTheRoad 0]

It's called sell & lease back agreement, ur agent will know how to arrange, aft all u're paying him/her.

It's not uncommon nowadays given the regulations to have such practices. Anyway, I'm sure your rental is cheaper than market because that's been factored into the purchase price right...

Of course, once ur seller finds a new place or finishes renovating their new place, u will have the property back earlier than expected.

[Plastic3 0]

Yup, it's called a leaseback.

Your Agent & Lawyer will know what to do.

If afraid the seller damage anything in the house can ask for a deposit as per standard Tenancy Agreement,

the tricky part here is to do a proper check beforehand as the buyer buys the property "as is" condition,

anything broken that the buyer did not ask about, it is technically accepted that seller not obligated to rectify.

Edited May 25, 2012 by Plastic3

[HappyHouse88 0]

thanks for all your advises.

decided to ask the seller to go.

We wanted this to a bargaining chip to lower the price. but since buyer dun intend to lower, we will just ask them to go.