What if you are a seller who can't move out of the home right away? Maybe you need the funds from closing to make the move. Or possibly you bought another home that is not quite ready for you to move into yet. What do you do? This addendum can help! We receive an offer, you can counter the offer with this addendum attached.
First off, this addendum is specific for short-term agreements; 1-29 days.
There are several items that it covers over but we wanted to give you the main points.
1. Term
How many days do you need? Again, anywhere between 1 and 29 days could be requested. Or you can specify a certain date. We rarely use that feature. Most often we do x amount of days AFTER the close of escrow (aka the day the buyers are the legal owners).
2. Consideration
How much are you willing to pay to stay at the property? This is all negotiable. In some markets, sellers can negotiate to stay for FREE. It is on a case-by-case basis. The other way you can break down the payment is by offering to pay the buyer's PITI payment. P.I.T.I. stands for Payment, Interest, Taxes, & Insurance. Take the buyer's total monthly payment and divide it by 30 days- this gives you a "per diem" amount. Again, this part is negotiable and it has to be agreed upon by the buyer and seller.
3. Keys
Are you okay with handing over a set of keys on the date you close escrow? Or would you rather hold on to them until you officially move out? One little box can change this option.
Below is a screenshot of what the form looks like. We would be happy to sit down and explain it in its entirety. Give us a call or text if you have any questions!
