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: