A rent-back lets you sell and close, then stay in the home you sold for an agreed time while you buy and move into the next one. It is one of the cleanest ways to sell first without moving twice.
How it works in Georgia
The stay is written on a temporary occupancy agreement for the seller after closing, attached to the purchase contract. After closing the buyer owns the home and you are their temporary occupant, so the agreement should cover:
- the number of days, and what happens if you overstay;
- the daily or total charge, if any, and how it is paid;
- any deposit held back from your proceeds;
- utilities, repairs and the condition the home must be left in;
- insurance: the buyer insures the house, so ask your agent about cover for your belongings while you are an occupant.
Why it helps a two-home move
- You shop with the net from a closed sale; no bridge financing.
- Your offer on the next home needs no sale contingency.
- Once your old loan is paid off at closing, your lender has no second payment to count, which avoids the rule that counts both payments when the old home has not closed.
When it does not fit
A buyer who needs to move in right away, or a lender that limits how long the buyer can let someone else occupy, will cut a rent-back short. Agree the length during negotiation, not after, and put the dates into the timeline planner to see if they line up with your purchase.