Docstoc Legal Agreements
This Temporary Residential Lease is used when an owner of property located in New York
sells the property and leases it back from the buyer, sometimes known as a leaseback.
The purpose of the leaseback is to free up the purchaser's capital/equity while allowing the
previous owner to use the property. This arrangement provides income to the buyer, which
may be enough to cover the buyer's mortgage payments. Temporary Residential Lease
Agreements are for short-term leases up to 90 days. The purchaser becomes the landlord
and the seller becomes the tenant in this transaction. This document contains the material
terms of the agreement including the property description, rental amount and the term of
the lease. It can be customized to fit the specific needs of the contracting parties.
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NOTICE: For use only when Seller occupies the property for no more than 90 days after the
TEMPORARY RESIDENTIAL LEASE (OCCUPIED BY SELLER)
STATE OF New York
COUNTY OF __________________________
This Temporary Residential Lease (Occupied by Seller) (hereinafter termed as the “Lease”) is
made on ____ [Month] ____ [Date], 20____ by and between
_____________________________ [Instruction: Insert the name of purchaser] having place
of residence at _____________________________ [Instruction: Insert the address of
purchaser] (hereinafter termed as “Landlord”) and ________________________________
[Instruction: Insert the name of seller] having place of residence at
_____________________________ [Instruction: Insert the address of seller] (hereinafter
termed as “Tenant”). Landlord and Tenant may individually be referred to as the “Party” and
collectively be referred to as the “Parties”.
WHEREAS, Landlord hereby leases to Tenant the Property described in the contract between
Landlord as “Purchaser” and Tenant as “Seller” dated ____ [Month] ____ [Date], 20____
attached hereto as Exhibit A and made a part hereof, all of which is hereinafter referred to as the
WHEREAS, Tenant is desirous of leasing the premises from Landlord.
NOW THEREFORE, the Parties agreed upon the following terms and conditions:
1. Term: The term of this Lease shall commence on the date the sale covered by the contract is
closed and terminates ____ [Month] ____ [Date], 20____ unless terminated earlier by
reason of other provisions.
2. Rental: In consideration for leasing of the Property, Tenant shall pay to Landlord as rental
________ ($___) [Instruction: Insert the rent by researching local rental market, e.g.,
one hundred dollars ($100)] per day with the full amount of rental for the term of the Lease
to be paid at the time of funding of the sale. Tenant will not be entitled to a refund of rental if
this Lease terminates early due to Tenant’s default or voluntary surrender of the Property.
3. Security Deposit: Tenant shall pay to Landlord at the time of funding of the sale as a deposit
of Landlord ________ ($___) [Instruction: Insert the security deposit, e.g., fifty dollars
($50)] to secure performance of this Lease by Tenant. Landlord may use the deposit to satisfy
Tenant's obligations under this Lease. Landlord shall refund any unused portion of the
deposit to Tenant with an itemized list of all deductions from the deposit within Twenty (20)
days as per [STATUTE], after Tenant:
a. surrenders possession of the Property; and
b. provides Landlord written notice of Tenant’s forwarding address.
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4. Utilities: Tenant shall pay all utility connections, deposits and charges except
[Instruction: Insert the utility charges payable by Landlord], which Landlord shall pay.
5. 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.
6. Pets: Tenant shall not keep any pets on the Property except
[Instruction: Insert the type of pet which can be kept by Tenant].
7. Property Conditions: Tenant accepts the Property in its present condition and state of repair
at the commencement of the Lease. Upon termination, Tenant shall surrender the Property to
Landlord in the condition required under the contract at the time of closing, except normal
wear and tear and any casualty loss.
8. Property Alteration: Tenant may not alter the Property or install improvements or fixtures
without the prior written consent of Landlord. Any improvements or fixtures placed on the
Property during the Lease become the property of Landlord.
9. Inspections: Landlord may enter at reasonable times to inspect, replace, repair or complete
10. Special Provisions: (Optional)
[Comment: Choose this clause if the parties want to add any special provisions
regarding this Lease]
11. Laws: Tenant shall comply with all applicable laws, restrictions, ordinances, rules and
regulations with respect to the Property.
12. Repairs and Maintenance: Tenant shall incur all expenses of repairing and maintaining the
Property, including, but not limited to, the 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.
13. 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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14. Insurance: Each party shall maintain such insurance on the contents and Property as each
party may deem appropriate during the term of this Lease. Possession of the Property by
Seller as Tenant may change insurance policy coverage.
15. 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.
16. Termination: This Lease terminates upon expiration of the term specified in Paragraph 1 or
upon Tenant's default under this Lease.
17. Holding Over: Tenant shall surrender possession of the Property upon termination of this
Lease. 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
18. Attorney’s Fees: 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.
19. 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.
20. 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
21. Notices and Approvals: 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:
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22. GOVERNING LAW: This agreement shall be construed and governed according to the
laws of State of New York.
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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Kindly refer to the Recital Clause
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