Hi all.
I am buying my first house. I am about to exchange contracts but am being held up by a minor disagreement between the vendor and myself.
The current owner wants to rent the house off me for two weeks after the settlement date, as he will then move overseas. I have agreed to this and have agreed to a (what I think is) below market rent per week. Now the difficult part - I have also said that to protect my interests I would need a bond, or alternatively that a small amount of the purchase price ($1500-2500) is withheld until I am sure that the property is left in the same condition as at settlement.
The owner has outright rejected this claiming there will be no problem as he is leaving for overseas the day after the rental period ends... and my solicitor seems to think that is ok... well they are certainly not pushing to get this through. I cannot help thinking that exactly for that reason (him moving overseas) I need to make sure that the house is not left in an unacceptable condition.
I am new to this game, but want make sure that I am not left exposed in this situation, does anybody have a suggestion to how I can protect myself?
I really appreciate your help as this is all we need to resolve to exchange contracts.
Cheers,
GF
I am buying my first house. I am about to exchange contracts but am being held up by a minor disagreement between the vendor and myself.
The current owner wants to rent the house off me for two weeks after the settlement date, as he will then move overseas. I have agreed to this and have agreed to a (what I think is) below market rent per week. Now the difficult part - I have also said that to protect my interests I would need a bond, or alternatively that a small amount of the purchase price ($1500-2500) is withheld until I am sure that the property is left in the same condition as at settlement.
The owner has outright rejected this claiming there will be no problem as he is leaving for overseas the day after the rental period ends... and my solicitor seems to think that is ok... well they are certainly not pushing to get this through. I cannot help thinking that exactly for that reason (him moving overseas) I need to make sure that the house is not left in an unacceptable condition.
I am new to this game, but want make sure that I am not left exposed in this situation, does anybody have a suggestion to how I can protect myself?
I really appreciate your help as this is all we need to resolve to exchange contracts.
Cheers,
GF