Putting contingency in AOS - Finding a reliable Tenant

[Sandeep Sood]

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

[Thomas S.]

You are much farther ahead to take possession with vacancy. Never rely on a sellers choice of tenant. Lower your offer by the equilivant of a couple of months rent and take vacant occupancy. Alternately once your offer is accepted simply ask if you may advertise and screen a tenant of your own before closing.

There are tenants available 12 months of the year and although the winter is slower it is not a reason to be overly concerned.....find your own tenant.