Each month, Texas REALTOR® magazine features a common question TAR attorneys have been asked on their Legal Hotline calls. Here’s the latest from the June issue.
I’ve talked to many agents with sellers who want to stay past the termination date in their temporary residential lease. Often, these agents think that Paragraph 19, Holding Over, gives the sellers the right to remain in the property past the termination date for a fee. That’s not the case. The parties need to amend the Seller’s Temporary Residential Lease or the buyers could file for eviction.
Hunter Jackson, associate counsel
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I would hope that looks at something like this as a problem in how the contract is written and tries to find remedies in the contract language that prevent this sort of issue. In my humble but professional opinion, if you are getting lots of calls concerning this as an issue, maybe it is time to clarify the language of the contract so that this is no longer an issue (and run the changes past high volume buyer’s agents in the field who write these contracts every week of our life). Kindly, tT
I would hope that TAR Legal Committee looks at something like this as a problem in how the contract is written and tries to find remedies in the contract language that prevent this sort of issue in the future. In my humble, but professional opinion, if you are getting lots of calls concerning this as an issue, maybe it is time to clarify the language in the contract so that this is no longer an issue (and run those changes past high volume buyer’s agents in the field who write these contracts every week of our life). Kindly, tT
The only problem with the Buyer filing an eviction as a remedy, is that more often than not, the Seller will be long gone by the time the Buyer’s eviction suit is heard.
Does it matter if the need for extension occurs after funding but before the original lease termination? Still just do an amendment as if before funding?
would you do that on an amendment or is there a form
As dumb as it may sound, Is there a provision for the seller to have a 6 or a 9-month leaseback – provided the buyer agrees for it too ?
How long does the amendment get the seller ?
Also, does the amendment has to be approved in order for the seller to continue staying at the property ?
Is there a specific time the Seller must move out on the last day of the leaseback?