Seller(Tenant) Temp Lease Help

[DP Patel]

I am relatively NEW to REI and also on BP (2 months) but found this forum very helpful. I need your advice on my 1st property temp rental.

I am about to do my 1st ever SFH buy-n-hold closing on 6/30. Everything is in sync and ready to go. Today, I have heard from Seller's realtor (thru my realtor) that Seller wants to do a TEMP resi lease for 48 hours from ME with an option to extend it further for $42/day. So, they can transfer a fund and complete their NEW home closing with the down payment of my closing. The avg rent expected from a regular tenant is approx $1,400/per month. Here are some more details:

Seller (Tenant) Temp Resi Lease Terms:

• Lease commence on closing date and terminates 48 hours later
• Tenant pay $0 (Zero) as rental for 48 hours with $0 Deposit with all utilities paid by tenant
• Tenant pay $42/per day during the possession after the termination of the lease

Buyer (Landlord) Intention

• Since, it's a summer time, I (Buyer/Landlord) would prefer seller (tenant) to vacate as early as possible so I can put it for regular rent
• Is it reasonable to offer 48 hours for FREE without ANY rental/deposit? BTW, That was a suggestion from my Realtor (Buyer)
• Can I have HEAVY penalty beyond termination of temp lease (beyond 48 hours) for ex very HIGH daily rent $100/per day, after termination of the lease so, there is a clear message to seller (tenant) to vacate the property as early as possible.
• Also, I have few service like minor work with GC and promoting for rental has been lined up from 7/1.

Any feedback/advice will be greatly appreciated.

Thanks,
DP