Does Buyer get Keys at Closing with a Sellers Lease Back
With a Sellers Lease Back Does Buyer Get Keys at Closing
When a property owner sells a property in Texas and then leases back their former property, they most likely used a Seller’s Temporary Residential Lease document. After a seller closes they may not realize they have officially become a tenant and the buyer has just became their landlord. A landlord has the right to have keys to their property as well as pass codes and anything else that allows them access to inspect the property during the term of the lease.
Line item 12) Inspections, in the Seller’s Temporary Residential Lease (TREC 15-5, TAR 1910) states: “Landlord may enter at reasonable times to inspect the property. Tenant shall provide landlord door keys and access codes to allow access to the property during the term of the lease.”
Unless the lease is terminated early by other provisions, the buyer/landlord can not occupy the property until after the termination date shown on line 3 in the seller’s lease. So seller’s that do lease backs, hand a set of keys over to your new landlord!