Lease Back Agreement

[jpritchett81]

GA

I closed on a home in December and decided to allow an up to 60 day lease back until the sellers find their home. Yesterday the seller's wife tells me that they found a home and will close by 1/31/06. They want me to sign a rental document stating that the wife rented from me. No problem but she faxes the document and the line items are blank. I'm not signing a blank document. I want to know **if** I were to sign it and she fills in that she's rented longer than she really did to get the loan.....can I get into any legal trouble?? Am I really even obligated to sign such a document? I say she just use the cancelled check and the HUD. Thanks

[justalayman]

Rule number one: never sign a blank contract

What is the purpose of the document?

[Litigation!]

Dear Ms. Pritchet:

Are you nuts? Second Rule: Never sign a blank contract!

Remember, she's renting from you. Therefore, you require First Month rent in the sum of your new mortgage payment, plus you require a Security Deposit in the sum of two month's mortgage payment. Then, you need a beginning and ending date. Then, you need a forfeiture clause of one month's rent, and a $35.00 per day rental fee for each day over the "end date".

IAAL

[jpritchett81]

Originally Posted by justalayman

Rule number one: never sign a blank contract

What is the purpose of the document?

1st off thanks for the prompt reply!!!

Well here's the story....this couple has issues(I won't even get into how they pissed me off!!!)... Basically the home I purchased was in the husband's name only. Since he had a poor mortgage history the seller's wife is trying to purchase the new home in her name only. They need rental history on her. I get the feeling that they can't use the HUD because the home was in the husband's name. I really think that if I sign it she's not going to say she just rented from me in Jan 06. That doesn't make sense for the loan to depend on a 1 month history.....more like 12 or 24.

[jpritchett81]

Originally Posted by Litigation!

Dear Ms. Pritchet:

Are you nuts? Second Rule: Never sign a blank contract!

Remember, she's renting from you. Therefore, you require First Month rent in the sum of your new mortgage payment, plus you require a Security Deposit in the sum of two month's mortgage payment. Then, you need a beginning and ending date. Then, you need a forfeiture clause of one month's rent, and a $35.00 per day rental fee for each day over the "end date".

IAAL

Thanks. I just don't want any crap from them when I say I'm not signing it. I know there has to be a way for her to get her loan without tying my name into it. Right??

[justalayman]

Originally Posted by jpritchett81

Thanks. I just don't want any crap from them when I say I'm not signing it. I know there has to be a way for her to get her loan without tying my name into it. Right??

If you have already closed, who cares. It's their problem. If you don't want to do it, don't. Just that simple.

[HomeGuru]

Originally Posted by jpritchett81

Thanks. I just don't want any crap from them when I say I'm not signing it. I know there has to be a way for her to get her loan without tying my name into it. Right??

**A: this is so simple. Take the lease and fill in the blanks with the correct info, then sign it.

[jpritchett81]

Originally Posted by HomeGuru

**A: this is so simple. Take the lease and fill in the blanks with the correct info, then sign it.

I talked to them earlier today. I told them I filled in the blanks with the correct info(written) and I'm about to fax it back to them. The loan officer said I shouldn't have done that they need to type in the info. I asked to type in the info 1st then send me another copy and I'll sign it. She said she'll call me back. She hasn't called back yet or faxed the new document. I'm going to leave it alone.

[HomeGuru]

Originally Posted by jpritchett81

I talked to them earlier today. I told them I filled in the blanks with the correct info(written) and I'm about to fax it back to them. The loan officer said I shouldn't have done that they need to type in the info. I asked to type in the info 1st then send me another copy and I'll sign it. She said she'll call me back. She hasn't called back yet or faxed the new document. I'm going to leave it alone.

**A: yes, tell them that's all you are going to do.

[jpritchett81]

Even during leasebacks aren't the people renting from you required to give 30 days notice???


** If the wording of my contract is needed I can post it in about 2 hours when I get home**

[HomeGuru]

Originally Posted by jpritchett81

Even during leasebacks aren't the people renting from you required to give 30 days notice???


** If the wording of my contract is needed I can post it in about 2 hours when I get home**

**A: your 2 hours were up long ago.

[pojo2]

Originally Posted by justalayman

If you have already closed, who cares. It's their problem. If you don't want to do it, don't. Just that simple.

Actually it IS the buyer's problem they are/were still in his house and well ticked off people do ticked off things!

But enabling the seller to commit fraud by signing a blank paper is unacceptable too.

[jpritchett81]

Originally Posted by HomeGuru

**A: your 2 hours were up long ago.

Ooops I forgot I posted!!!!

[justalayman]

[quote=pojo2]Actually it IS the buyer's problem they are/were still in his house and well ticked off people do ticked off things!
QUOTE]

True, i wasn't thinking about that

[HomeGuru]

[quote=justalayman]

Originally Posted by pojo2

Actually it IS the buyer's problem they are/were still in his house and well ticked off people do ticked off things!
QUOTE]

True, i wasn't thinking about that

**A: and you did not recommend getting a tick and flea collar.