LEASEBACK [Part 15] Texas Real Estate Contract Series Jay Robbins Dallas Real Estate Broker

[@jorgefigueroa2339]

Jay, if all parties are in agreement to close, let's say 3 days before the scheduled closing date, do I have to go back and modify the lease back agreement? Or what do you suggest? Also know that there isn't any extra money or rent being asked for by the new "landlord". I'm representing the buyer in this scenario.

[@linfordcox7006]

What is the sellers change their mind and wants to cancel the temporary lease back and surrender possession on the day of closing? What form should be used to cancel the temporary lease back and set the date back to where it was?

[@jorgefigueroa2339]

Is renters insurance suggested if the tenant is to stay in the home for over 30 days after closing and if so where would you add that and how would you word it??? Would it be added under #11 Special Provisions?

[@jayrobbinsrobbinsrealestat5947]

Thanks for the great question Jorge. I would recommend to a seller that they keep renters insurance. However I'm not sure if it should be a requirement under the temporary lease. Paragraph 16 of Sellers Temporary Residential Lease says that each party will maintain insurance as they seem appropriate and to consult their insurance agent.