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Lease Back Question

1,058 Views | 4 Replies | Last: 2 yr ago by Agilaw
PincheDriller
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AG
Question came up about what happens at closing. If Lease Back is done to Seller's from Buyer's. What happens with keys? Are the Buyer's given keys at closing or at lease back termination? Is there anywhere this is spelled out. This is for Texas mainly
Bill Robbins
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AG
The lease back should be handled like any other landlord-tenant relationship. The new owner should be given a set of keys.
PincheDriller
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AG
Is the title company responsible for handling the key exchange?
Diggity
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AG
No
Texker
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AG
In my experience key exchange is usually handled thru R/E agent.
Agilaw
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AG
Buyers need to ask realtors to make sure a full set of keys is at their closing. The buyers should communicate with their realtor on the return of the keys, garage door openers, etc. at the end of leaseback. Always best to check with your insurance agent on how the leaseback might affect coverage for the buyers and new tenants in the event of a claim during leaseback time-period.

FYI, the tenants should also make sure they have coverage in the event of a loss as they are no longer owners of the property.
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