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Sell Rent Back and the Few Questions Cleared about it The purchase of property is something that is done after much thought and inspection. When you sell your house – you get people looking at it for buying purpose and then after the choice is done you can offer the option for staying back at your property as a tenant. This is called the Sell Rent Back option for the owner and then the owner can stay back in a part of the house or can offer to rent the full property. This will help the owner to remain in the same premises and still not be the owner. This money that is accumulated by the selling can be used to give off a loan or for using as retirement benefits. The rent back option is a new idea and that helps the people who are the owner to remain in the same place but the new owner must be informed about this facility for they may have other plans. The new owner can agree to this term but then they will also pay a part of the amount for buying and can give conditions to pay a part later or want to adjust against the rent. These are clauses that must be checked prior to signing the contract and you must also get it approved from the legal advisor to be sure. When you go for the rent back system with the buyer you need to take everything in writing. The detailed agreement must mention the offer price and the rental details. If you are taking a portion of the premises then that needs to be mentioned or if it is the full property, the exact boundaries and the rent reviews must also be there. The buyer will also have conditions for you so that if you want to stop such arrangement then it will be mentioned in the agreement too. The tenants’ rights and responsibilities and landlord’s rights and responsibilities will also be discussed among the buyer and seller. The estate agent who will find a buyer for you must know these things and you must keep a clear picture of the thing that you want so that when they bring prospective buyer, they can discuss this point with them. Mostly the companies will agree to such condition of rent back and that is the reason when a part or full property is taken as a rent, they must feel it a good option for their company to agree with it. The Sell Rent Back is all about repossession of your home; if you are not moving on immediately and can give you option to stay back in a known zone with this option. Reference Document: edit