Updates to the Short-term Lease-back Addendum
The Forms Committee recently updated the following sections of the UAR’s Short-term Lease-back Addendum:
SECTION 3: This is the utilities section. We added checkboxes to allow for negotiation of utilities between the Buyer and Seller, but also made it more clear that if no utility box is checked, then the Seller will be responsible for paying that utility.
SECTION 7: This section deals with the condition of the Property. We added language that requires the Seller to notify the Buyer of any damage that has occurred. We also added language that makes it clear that the Buyer needs the Seller’s consent to make any nonemergency alterations to the Property.
SECTION 15: This section requires the Buyer and Seller to provide to each other their contact information upon Closing.
SECTION 16: This section makes clear that any changes to the Lease-Back have to be in writing and that the Buyer should consult with their lender about making changes to the terms of Lease-Back after Closing (i.e. extensions, rent adjustments, etc.).