Real Estate Agent · Washington, DC + Central VA · Member since 2018 · 16 posts · 13 votes
What's up BP,
I'm about to rent out my first property (house hack) in central VA to tenants that aren't friends - as in, I went through the full screening process and application. I have a couple that look to be a great fit, and I approved them today after they passed all background/income/credit checks. They're looking to rent for at least a year. However, upon asking their move-in date, the wife had a question about nullifying the lease. They're selling their current residence before moving into my rental, and plan to close in the middle of October. Based on a similar experience selling a house a few years ago, she's worried if the buyer pulls out before closing then they would be stuck with their mortgage as well as a lease with me.
So, is it possible to structure my lease with a nullification clause that if their sale falls through before close, then they can break the lease? If so, how should I go about including that clause, or is it worth waiting until after their closing date (couple weeks from now) for them to sign the lease?
I know this is likely a question for a RE attorney (don't worry I won't sue for any advice you give :) ) especially if I need them to add the clause, but I figured I'd ask for anyone's thoughts if they had experience with this.
@Jason Duryea oh nice wasn't even thinking of that, they're open to it as well. I'm going to have them sign an agreement for a non-refundable deposit of half month's rent, then apply it to the first month of rent if they end up closing. Thank you sir!