What if you are a seller that 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 you 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 staying for FREE. It is 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 totally 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!
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Hi, we're Chantel Henson and Betty Stringer and we'd love to assist you. We are a mother-daughter team, committed to assisting you with your Real Estate needs! Providing you with Local Real Estate updates and advice for Monterey, Santa Cruz, Santa Clara, & San Benito County's real estate market for over 24 years.
We will provide you the FACTS! For an honest answer, call us. Our goal is, not to make a sale, but to create a Customer for Life!
Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having real estate professionals by your side. We'd be honored to put our real estate experience to work for you.
Chantel Henson & Betty Stringer
Broker/Owner & Broker Associate
Realtors®
DRE # 01271580 & 02042438
[email protected]
VANCO Real Estate Executives
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***Disclaimer- A Realtor has a fiduciary duty to Buyers and Sellers individually. Our goal is to have a strong knowledge base of contracts. However, we are not Real Estate attorneys. Please contact a Real Estate attorney for more information about how to protect yourself from liability and Real Estate contracts affect you and your situation directly.***