Seller Lease Back Rules

Question:  A Buyer wants to buy a home and lease back to the Seller for a period of time.  What are the Lender Requirements?

Answer:  Form 50 Is the UAR’s Short Term Lease back Agreement for periods of less than 60 days.  This document is intended to be used ONLY for a short term lease-back of the Property by Seller for a period of less than 60 days. If Buyer is financing the purchase of the Property described below (either as a primary residence or as a second home) under current underwriting guidelines Buyer may be obligated to take occupancy of the Property no later than 60 days after Closing. Buyer is advised to consult with Buyer’s lender regarding the potential impact of this document.