Temporary Residential Lease
(Occupied by Purchaser)
This Temporary Residential Lease (Occupied by Purchaser) can be used by
ocstoc Legal Agreements
any individual as Purchaser who wishes to occupy the property after the
closing. The purpose of the leaseback is to free up the Sellers’s
capital/equity while allowing the Purchaser to use the property. The Seller
becomes the Landlord and the Purchaser becomes the tenant in this
transaction.
ALL INFORMATION AND FORMS ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED
WARRANTY, INCLUDING AS TO LEGAL EFFECT OR COMPLETENESS. They are for guidance and should be
modified by you or your attorney to meet your specific needs and the laws of your state. Use at your own
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®
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Entire document © Docstoc, Inc., 2010, 2011
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Attorney Drafted
NOTICE: For use only when Purchaser occupies the property for no more than 90 days PRIOR
to closing.
TEMPORARY RESIDENTIAL LEASE (OCCUPIED BY PURCHASER)
STATE OF NEW MEXICO
COUNTY OF UNITED STATES OF AMERICA
1. PARTIES.
The parties to this lease are _____________________________ [Instruction: Insert the
name of landlord], having place of residence at _____________________________
[Instruction: Insert the address of landlord] (hereinafter “Landlord”), and
________________________________ [Instruction: Insert the name of tenant], having
place of residence at _____________________________ [Instruction: Insert the address of
tenant] (hereinafter “Tenant”). Landlord and Tenant may individually be referred to as
“Party” or collectively as “Parties”.
2. LEASE.
Landlord leases to Tenant the property described in the contract between Landlord as seller
and Tenant as purchaser dated ____ [Month] ____ [Date], 20____, and known as
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
[Instruction: Insert the address of property].
3. TERM.
The term of this lease commences on ____ [Month] ____ [Date], 20____ [Instruction:
Insert the commencement term of the lease] and terminates as specified in Paragraph 18.
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4. RENTAL.
Rental will be ________ ($___) per day [Instruction: Insert the rent by researching local
rental market E.g., Fifty dollars only ($ 50)]. Upon commencement of this lease, Tenant
shall pay to Landlord the full amount of rental of ________ ($___) [Instruction: Insert the
full rental amount e.g. One thousand dollar only ($1,000)] per day for the anticipated
term of the lease (commencement date to the closing date specified in Paragraph 18a of the
contract). If the actual term of this lease differs from the anticipated term, rent will be
prorated and paid at closing through the actual closing date. No portion of the rental will be
applied to payment of any items covered by the contract.
5. SECURITY DEPOSIT.
1. Tenant has paid to Landlord ________ ($___) [Instruction: Insert the security deposit E.g.,
Five hundred dollars only ($ 500)] as a deposit to secure performance of this lease by
Tenant. If this lease is terminated before the closing, Landlord may use the deposit to satisfy
Tenant's obligations under this lease. Landlord shall refund to Tenant any unused portion of
the deposit together with an itemized list of all deductions from the deposit within Thirty (30)
days as per Section 18, Title 48, Chapter 8, of New Mexico Statues, after Tenant:
a. surrenders possession of the property; and
b. Provides Landlord written notice of Tenant’s forwarding address. If this lease is
terminated by the closing of the sale of the property, the unused portion of the deposit
will be refunded to Tenant at closing, together with an itemized list of all deductions from
the deposit.
NOTICE: The security deposit must be in addition to the earnest money under the contract.
6. UTILITIES.
Tenant shall pay all utility connections, deposits and charges except
___________________________________________________________________________
___________________________________________________________________________
[Instruction: Insert the utility charges payable by Landlord] which Landlord shall pay.
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7. USE OF PROPERTY.
Tenant may use the Property only for single family dwelling purposes. Tenant may not
assign this lease or sublet any part of the property.
8. PETS.
[Instruction: Choose any one option]
Tenant shall be entitled to keep no more than ___________ (___) [[Instruction: Insert the
number of pets allowed e.g. two (2)] domestic dogs, cats or birds; however, at such time as
Tenant shall actually keep any such animal on the Premises. [Instruction: Choose this
clause if tenant is entitled to keep pets in the premises]
Or
Tenant agrees that, no animals, birds, other pets of any kind whatsoever shall be brought on
the Premises without the prior written consent of the Landlord. [Instruction: Choose this
clause if tenant is not entitled to keep any pets in the premises]
9. CONDITION OF PROPERTY.
Tenant accepts the property in its present condition and state of repair, but Landlord shall
make all repairs and improvements required by the contract. If this Lease is terminated prior
to closing, Tenant shall surrender possession of the property to Landlord in its present
condition, as improved by Landlord, except normal wear and tear and any casualty loss.
10. ALTERATIONS.
Tenant may not:
a. make any holes or drive nails into the woodwork, floors, walls or ceilings;
b. alter, paint or decorate the property; or
c. install improvements or fixtures without the prior written consent of Landlord. Any
improvements or fixtures placed on the property during the lease become a part of the
property.
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11. SPECIAL PROVISIONS. (Optional)
___________________________________________________________________________
___________________________________________________________________________
[Comment: Choose this clause if the Parties want to add any special provisions
regarding this Lease]
12. INSPECTIONS.
Landlord may enter at reasonable times to inspect, replace, repair or complete the
improvements.
13. LAWS.
Tenant shall comply with all applicable laws, restrictions, ordinances, rules and regulations
with respect to the property.
14. REPAIRS AND MAINTENANCE.
Tenant shall bear all expense of repairing and maintaining the property, including but not
limited to yard, trees and shrubs, unless otherwise required by state law. Tenant shall
promptly repair at Tenant's expense any damage to the property caused directly or indirectly
by any act or omission of the Tenant or any person other than Landlord, Landlord's agents or
invitees.
15. INDEMNITY.
Tenant indemnifies Landlord from the claims of all third parties for injury or damage to the
person or property of such third party arising from the use or occupancy of the property by
Tenant. This indemnification includes attorney's fees, costs and expenses incurred by
Landlord.
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16. INSURANCE.
Landlord and Tenant shall each maintain such insurance on the contents and property as each
Party may deem appropriate during the term of this lease. [Comment: Consult Your
Insurance Agent Prior to Closing]. Possession of the property by purchaser as Tenant may
change insurance policy coverage.
17. DEFAULT.
If Tenant fails to perform or observe any provision of this lease and fails, within
____________ hours [◊ Instruction: Insert number of hours required by Tenant to fulfill
obligation of Landlord e.g. Twenty four (24)] after notice by Landlord, to commence and
diligently pursue to remedy such failure, Tenant will be in default.
18. TERMINATION.
This lease terminates upon:
a. closing of the sale under the contract;
b. termination of the contract prior to closing;
c. Tenant’s default under this lease; or
d. Tenant’s default under the contract, whichever occurs first.
Upon termination other than by closing of the sale, Tenant shall surrender possession of the
property.
19. HOLDING OVER.
Any possession by Tenant after termination creates a tenancy at sufferance and will not
operate to renew or extend this lease. Tenant shall pay per day during the period of any
possession after termination as damages, in addition to any other remedies to which Landlord
is entitled.
20. ATTORNEY’S FEES.
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The prevailing Party in any legal proceeding brought under or with respect to the transaction
described in this lease is entitled to recover from the non-prevailing Party all costs of such
proceeding and reasonable attorney's fees.
21. SMOKE DETECTORS.
State law may require Landlord to install smoke detectors in certain locations within the
property at Landlord’s expense. Tenant expressly waives Landlord’s duties, if any, to inspect
and repair smoke detectors.
22. SECURITY DEVICES.
State law may impose on Landlord certain duties related to security devices at Landlord’s
expense. In some states, such obligations do not apply to leases with a term of 90 days or
less. Tenant expressly waives Landlord’s duties, if any, related to security devices.
23. NOTICES.
Except as otherwise provided herein, all notices and approvals hereunder shall be in writing
and, except as each Party may change its address pursuant hereto, addressed to the Parties as
follows:
To Landlord:
Name ______________________________
Address ______________________________
______________________________
______________________________
To Tenant:
Name ______________________________
Address ______________________________
______________________________
______________________________
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24. GOVERNING LAW.
This agreement shall be construed and governed according to the laws of state of New
Mexico.
EXECUTED the ____ [Month] ____ [Date], 20____.
______________________________ __________________________________
[Instruction: Insert the signature of Landlord] [Instruction: Insert the signature of Tenant]
________________________________ __________________________________
[Instruction: Insert the address of Landlord] [Instruction: Insert the address of Tenant]
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Note: Carefully read and follow the Instructions and Comments contained in this document for
your customization to suit your specific circumstances and requirements. You will want to
delete the Instructions and Comments from open bracket (“[“) to close bracket (“]”) after
reading and following them. You (or your attorney) may want to make additional modifications
to meet your specific needs and the laws of your state
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practicing in your state, and be reasonable.
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