Sellers Want To Rent Back From The Buyer After A Real Estate Sale
Home Sellers Can & Do Rent The Property From The Buyers
If for varying reasons it makes sense for the home sellers to rent back from the buyers after a real estate transaction there are two ways to go about this.
When the seller only needs to stay for a short time it makes sense to not enter into a tenancy agreement. Simply adjust the completion date and decide the compensation for the sellers staying after completion. This can either be added to the purchase price or written up as a separate addendum within the contract of purchase and sale.
If the seller wants to remain as a tenant for an extended period or even indefinitely then it is best to add a subject to the seller entering into a tenancy agreement in a form satisfactory to the buyer's lawyer or notary. Logic would be to use the standard form provided by the Residential Tenancy Office albeit over seen by a legal professional.