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Initialed for identification by Landlord and Tenant TREC NO. 15-5 Seller s Temporary Residential Lease Page 2 of 2 Address of Property 15. PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION TREC 12-05-11 NOTICE For use only when SELLER occupies the property for no more than 90 days AFTER the closing EQUAL HOUSING OPPORTUNITY SELLER S TEMPORARY RESIDENTIAL LEASE 1. PARTIES The parties to this Lease are Landlord and Tenant. 2. LEASE Landlord leases to Tenant the Property described in the Contract...
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Hello this jack will listening results in today I'll be discussing the sellers temporary residential lease and why you use it before we begin to discussion let's go back to the sales contract this is on page five of the residential sales contract and then paragraph ten possession and while you do it if you remember I was discussing there's two boxes you can check here one was you give possession upon closing and funding and the other was according to a residential lease it's okay to give possession at closing and funding if you're we're going to move anyway at the at the close date that was mentioned up here or your property is vacant but you're going to want to do according to a temporary residential lease if you were waiting on if you need your property to close before you move because you don't want to give possession to someone of your house before you know you've actually got your money I like to think of this as insurance so now let's go to the temporary residential lease and how you do it and I'll just go through this is a pretty simple form so I'll just go through each one number one is the parties here once you once you do a temporary residential lease and your property has already closed you become the tenant so the the buyer of your property would become the landlord appear and you become the tenant when it and the next item here is - and this would be at the address of the property the next thing is the term if you remember back in the first video I was talking about if just what's normally done you do a 2-day temporary lease so you can lease the property back for two days that you know it's clicking like to reiterate you want to make sure you've got your money then you pack your stuff and move and the industry norm is that you do a 2-day temporary release and what you would write in here it would what I like to write in is I don't like to write in a date here because a lot of times houses don't close on the actual date maybe they close late and it that's very often so which it right in here would be two days after funding that way if it say it's supposed to closed on March the 25th but it doesn't if you wrote in if it closed on March 25th and you put it in possession here March 27th well if it closed on March 27th you'd have to go back Andrea mend this agreement here so just write in two days after funding so it closed on March 27th you'll have to the 29th the rental term here the industry norm is that it's zero dollars per day if if it's just a short-term lease if you're going to do a longer term lease a lot of times what you do the rental term here would be what there are what the what the if they did a 200 if if they're buying your house and say the value is worth $200,000 then what you would do is take their total payment insurance and taxes and just whatever that would be would be the least term per day and that's a fair way to do it but when you're doing a short term lease most of the time is just zero dollars per day deposit...