What is the name of your state?What is the name of your state?Mayland
I am selling my home in Maryland. The buyers and sellers have all signed the contract for the purchase of the home. This contract stated that the sellers (myself and my husband) are to rent back at no charge for a period of one month after settlement. Two weeks after signing this contract, the buyers' agent sends a post settlement occupancy agreement for us to sign. It states that we will rent back at no charge but that we are to put money in an escrow account for the amount of one months mortgage (at the buyers' new rate) plus one months HOA fees as a security deposit in case of damage to the property. It also stated that we, as the sellers, are responsible for ALL damage to the property during the rent back period. Do I have to sign this? Isn't the original contract sufficient to conver me. They never mentioned this security deposit before. It was not in the original contract we signed. If I do have to sign the post settlement agreement, what can I do to protect myself? For example, is this amount reasonable for a security deposit? It seems high to me. Do I have to be responsible for ALL damage, including acts of nature? How can I negotiate this so that I am not being taken advantage of.
Concerned,
MD Seller
I am selling my home in Maryland. The buyers and sellers have all signed the contract for the purchase of the home. This contract stated that the sellers (myself and my husband) are to rent back at no charge for a period of one month after settlement. Two weeks after signing this contract, the buyers' agent sends a post settlement occupancy agreement for us to sign. It states that we will rent back at no charge but that we are to put money in an escrow account for the amount of one months mortgage (at the buyers' new rate) plus one months HOA fees as a security deposit in case of damage to the property. It also stated that we, as the sellers, are responsible for ALL damage to the property during the rent back period. Do I have to sign this? Isn't the original contract sufficient to conver me. They never mentioned this security deposit before. It was not in the original contract we signed. If I do have to sign the post settlement agreement, what can I do to protect myself? For example, is this amount reasonable for a security deposit? It seems high to me. Do I have to be responsible for ALL damage, including acts of nature? How can I negotiate this so that I am not being taken advantage of.
Concerned,
MD Seller