If my tenants want to buy my house, do they still have to pay rent until closing?

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If my tenants want to buy my house, do they still have to pay rent until closing?

My current tenants want to buy my property they are currently in a month to month agreement. They send me a term sheet in which they offer a non refundable down payment. Are they obligated to pay rent until the property closes?

Asked on August 27, 2012 under Real Estate Law, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Well it would depend on what you negotiated with them and what the term sheet states.  If they are still tenants until closing then generally yes, they have to pay rent until they are owners.  I would seek out help from an attorney for this deal.  Please.  There are so many things that can go wrong.  Good luck.


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