The Important Details of a Rentback

Have you considered using a rentback? A rentback is when the seller rents the home back from the buyer for a short time because they need a little longer to get out of the house. After closing, they would stay in the house and pay rent to the buyers. This can be helpful for those sellers, but attorneys don’t normally like to do this because, as you can imagine, there is quite a bit of risk involved.

I recently did a final walkthrough of my client’s home when they left at the end of their rentback. The attorneys are holding a $10,000 deposit to make sure that the buyers are fully covered and that the sellers have not done any damage to the house. Fortunately, the house is in perfect condition. However, this process can be risky. 

I encourage you to take a look at the walkthrough of the house, starting at 1:30 in the video above. If you have any questions about rentbacks, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you!