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Knowledebase Tag: Daily rental
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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?
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