RE Q&A: Should I Let Buyers Rent Condo?
Until a sale is finalized, the legal owner could face damage, liability or deal complications if the buyer occupies the property early. Consult an attorney first.
FORT LAUDERDALE, Fla. -- Question: I’m about to sell our condo, and the new buyers want to rent it for the weekend before closing. Have you ever heard of this? Should I say yes, or is this a reason for them to cancel the sale if they don’t like staying there? — Doug
Answer: While it is not uncommon for buyers to ask for early access to a property before closing, you should approach it with caution.
Sometimes, buyers want to move in a few days early or, as in your case, rent the condo for a weekend before the sale is finalized.
Although this might seem like a simple request, there are significant risks and considerations to keep in mind.
First and foremost, remember that until the closing is finalized, you are still the legal owner of the condo.
If you allow the buyers to stay in the property before the sale is complete, you are essentially becoming their landlord, even if only for a short period.
This can lead to legal issues if something goes wrong. For example, if the buyers damage the property, refuse to leave, or find something they dislike, you could end up in a challenging situation.
In some cases, early occupancy can even give buyers leverage to renegotiate the deal or back out entirely.
If you are thinking about saying yes, make sure you have a written agreement that clearly states the terms of their stay. This should include the dates, who is responsible for damage or repairs, any rent you are charging, and a security deposit.
Be sure to check with your closing attorney before agreeing to anything. They can help you understand the risks and draft an agreement that protects your interests.
On the other hand, if you choose to say no, it is not likely to be a dealbreaker for most buyers.
You can politely explain that your insurance doesn’t cover renters or that your attorney advised against it.
Most buyers will understand that early occupancy is uncommon and that you are simply following best practices.
While I understand that it can be difficult to say no, especially if you are getting along with your buyer, I have found that pre-occupancy agreements can often lead to unnecessary problems.
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