Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Putting contingency in AOS - Finding a reliable Tenant
Hi,
I'm wondering if somebody faced a situation where Seller is selling in a Winter and he is not even trying to fill the vacant unit before closing.
Context - Finding Tenants in winter is very hard and Closing is scheduled for mid-December. The Seller has not put any rental listing yet and I don't think he is planning to.
Is there any way I can put a contingency in AOS that the Seller has to find a reliable Tenant (Credit score > 650, Clean Background and Income > 3 times the rent) with a signed lease (market rent), 2 weeks before the Closing else the Seller will provide Seller assist equivalent to twice the market rent? Is there a term for this clause or scenario? I'm trying to avoid negative cashflow scenario at least out of the gate (until mid Feb). Also, this will motivate the Seller as well.
Thanks for your response-
Regards,
SSS