Rent-back
An agreement letting the seller stay in the home for a set time after closing, usually paying rent or a daily fee. It helps sellers who need time to move.
Also called: leaseback, seller rent back, post-closing occupancy, seller possession after closing
Related terms
When the buyer gets the keys and the right to occupy the home. It is often at closing or funding, but the contract can set a later date.
The final step of a sale, when documents are signed, money changes hands, the deed is recorded and the buyer gets ownership. In some states everyone signs at a table; in others signing and funding happen separately.
A deal where a business sells property it uses and then leases it back from the buyer, usually on a long-term net lease. It frees up cash while the business keeps operating in place.
A contract term that makes the purchase depend on the buyer selling their current home. Sellers often accept it only with a kick-out clause.