@Bryan Otteson thanks for the reply. Yes it's around the University of Delaware. The demand is extremely high and the property is one of the best in town.

@Rakan Abuzahra if he doesn't own the home, he doesn't have any ability to contract anything related to the property. You could offer a binder agreement to a prospective tenant that says something like "you will hold a 3 bed, 2 bath property for them as soon as one is available for up to 45 days. If you cannot provide such a property they will receive their consideration back in full. If you do provide a property they have x days to accept that unit." Something like that. I don't know why a renter would do this unless you are in an A-class area and there is no inventory in that school district.

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Updated over 8 years ago on 10/17/2016. Most recent reply

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Rakan AbuzahraPoster

Real Estate Agent
Middletown, DE

Real Estate Deal Analysis & Advice

Pre-emotive lease?

Rakan AbuzahraPoster

Real Estate Agent
Middletown, DE

Posted October 07, 2016 20:37

Hi guys, So I'm working with an investor who's interested in purchasing a rental property. We have potential tenants lined up already; the thing is he doesn't want to lose those tenants while in the process of closing on the home. Is there some kind of conditional commitment or pre emotive lease agreement he could have the tenants sign agreeing to rent the house after he closes? I'm in DE if that makes any difference.

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