Q: Rent Back after home closing
I'm thinking of putting an offer on a home, but the seller has notified my agent that they will need to rent back the property after closing for 30 days. Is there a standard rent-back form for this situation in Wisconsin or does it require the signing of a short term lease?
A: The Wisconsin Realtors Association has a standard form - Addendum O (Occupancy Agreement) . There are a number of variables on that form that affect your rights and risks. You should ask your agent to discuss that form with you. Please note that the form does not address insurance issues - Seller's homeowner's policy will terminate on the sale so the Seller needs to obtain separate property and liability coverage from their insurance agent and a prudent buyer would require proof of that as part of the offer.
Thomas B. Burton agrees with this answer
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