Knowledebase Tag: Closing date
- My client wants to submit a back-up offer on a property that’s already under contract. I see that Paragraph B of the Addendum for Back-Up Contract (TAR 1909) is for the contingency date when the first contract has to terminate or else the back-up contract terminates. What date should I put here?
- A seller received an offer on his home, but he needs to stay in the property for two weeks after the buyer’s proposed closing date. Both parties are OK with a temporary-lease situation, but the buyer’s agent says the Seller’s Temporary Residential Lease (TREC 15-5, TAR 1910) must have a daily rental amount in Paragraph 4 to be effective. The seller says his agreement to sell the property with an early closing date should be sufficient consideration for the temporary rental and doesn’t want to pay a daily rental fee. Can the parties enter into an effective temporary lease without a daily rental amount in Paragraph 4?
