Once you sell your house and need to rent it back, it’s important to try and assess the possibility of enacting a rent-back agreement before the sale of the home is completed, though predicting this need may not always be possible. The DiMora Team are real estate experts in the Novi and Northville neighborhoods, and we know that despite completing all of the necessary paperwork to close the sale of the home, it’s crucial that a legally binding contract is drawn up to define the terms of the rent-back agreement. A rent-back agreement is similar to a rental agreement. From a logistical perspective, a rent-back agreement is typically managed from the perspective of the buyer operating in the capacity of a landlord, while the home seller is the tenant. It’s also a good idea to decide upon and define terms for what should happen in the event of repairs, who pays the homeowner’s insurance, and other issues that may arise. Check out below to see what sold in The Townes at Liberty Park in November 2024:
27877 Floyd Lane, Novi: 3 bedrooms, 2.1 bathrooms, 1,520 sq. feet, 2 car garage, Sold Price: $360,000
The Townes at Liberty Park Home Sold
November 2024
If you’re unsure, your professional real estate agent can help you define these terms clearly. Still, it’s preferred to have the terms and agreement reviewed by a real estate attorney to ensure nothing is missed, and that the best interest of both parties is fairly and adequately protected. For more information on The Townes at Liberty Park, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.