Contracts
A Minnesota real estate purchase agreement states that possession will be 'at closing.' However, the seller is still moving out 3 days after closing. This arrangement should be formalized with a:
AVerbal agreement between the parties
BPost-closing occupancy agreement (seller rent-back agreement)✓ Correct
CAmendment to the purchase agreement only
DSimple email from the seller confirming their departure date
Explanation
When sellers need to remain in the property after closing, a post-closing occupancy agreement (rent-back agreement) formalizes the arrangement, specifying the rental rate, security deposit, duration, and conditions. This protects both parties legally. Informal arrangements for post-closing occupancy create significant risk if the seller fails to vacate on time or damages the property.
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