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Temporary Residential Lease Occupied by Purchaser

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Temporary Residential Lease Occupied by Purchaser Powered By Docstoc
					This agreement authorizes a purchaser of residential real estate to occupy the property
earlier than the closing date of the purchase. Delays in closing the real estate
transaction can prompt the purchaser to take possession of the property earlier than
possible. This agreement establishes the relationship between the purchaser, as a
tenant, and the seller, as a landlord, for a maximum ninety (90) day lease of the
property until the real estate sale is finalized. This agreement can be used by
individuals or entities pursuant to a sale of property when the purchaser wants to take
possession of the property as a tenant before closing.
        [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 _________________

     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.
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


     © Copyright 2012 Docstoc Inc.                                                          2
         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 Twenty
         one     (21)    days        as   per   Section    ________________________________,          of
         _________________ Code, 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.
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]




     © Copyright 2012 Docstoc Inc.                                                           3
          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.
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.



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Description: This agreement authorizes a purchaser of residential real estate to occupy the property earlier than the closing date of the purchase. Delays in closing the real estate transaction can prompt the purchaser to take possession of the property earlier than possible. This agreement establishes the relationship between the purchaser, as a tenant, and the seller, as a landlord, for a maximum ninety (90) day lease of the property until the real estate sale is finalized. This agreement can be used by individuals or entities pursuant to a sale of property when the purchaser wants to take possession of the property as a tenant before closing.