30 day lease back on residential house

[Ava Sinatra]

The seller needs my funds to pay cash for a smaller house and is asking for a 30 day lease-back. Will the seller (renter now) have full tenant rights or do those only kick in after 30 day lease? I've read conflicting answers. 

[Bill B.]

I’ve done this a few times. The correct answer is have 6 months of rent plus a regular security deposit held in escrow with the title company. And then write up a lease that says month 1 & 2 rent is $X (market rent plus hassle factor.). (Assuming you aren’t buying as your primary and have to move in within 60 days. Otherwise just month 1.) rent to increase $x ($2-300) per month after that. 

This way you can say, hew, I know you only need 1 month but I’m giving you 2 months in case something comes up. But “I need you out as soon as possible so the rent escalates beyond that.)

I would also ask, before buying. Is there any damage I can’t see right now? If not, you are going to be responsible for all damage at the time you move out. (Plenty of before pictures.)

I’ve held $20-$30k in escrow making it pretty much risk free. They are usually out in a few weeks to avoid higher rent kicking in and to get their hands on the money from title company.