Escrow & Title
A NH seller who retains possession after closing under a post-closing occupancy agreement (leaseback) is acting as:
AAn owner who never transferred title
BA tenant of the new owner✓ Correct
CA co-mortgagor
DA licensee with unlimited rights
Explanation
Under a post-closing leaseback (rent-back agreement), the seller becomes a tenant of the buyer after closing. The buyer is the new owner/landlord, and the seller pays rent for the agreed-upon period.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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