How to Sell Your Home With a Rent-Back Agreement

Accepting a good offer on your home from the right buyer should be celebrated. But if you’ve sold your home before you’ve found a new one — or maybe your new one isn’t ready, or perhaps you want to stay put until the end of the school year — you may not be ready to pop the champagne cork. Don’t panic. You have options, such as a rent-back agreement, also known as a lease-back deal, that would allow you to stay in the home you just sold a bit longer to give you time to find a new place, to wait for the next home to be built, or to let your children finish the school year. Partner With an Agent Who Can Negotiate a Rent-Back Agreement If you’re selling your home and considering the benefits of a rent-back agreement with the buyer, partner with a top agent in your market who has the experience to make it happen. Read on for some of the benefits and drawbacks of a rent-back agreement, as well as some advice on how to protect yourself if you decide to sell and stay in your home for a period of time. What is a rent-back agreement? In this scenario, the buyer agrees to rent back the home to the seller for an agreed-upon amount of time (typically, no more than 60 days) after closing. It can...