Final answer:
The Seller's and Buyer's Temporary Lease Addendum are used in real estate for temporary occupancy arrangements by the seller or buyer. Termination of these agreements requires a 30-day written notice and may involve consequences for failing to properly vacate the property.
Step-by-step explanation:
The Seller's Temporary Lease Addendum and the Buyer's Temporary Lease Addendum are typically used in real estate transactions when either the seller needs to continue occupying the property for a short period after the sale, or the buyer wishes to occupy the property before the closing of the sale.
It allows for a temporary lease arrangement to be formalized between the parties. The lease agreement usually stipulates terms such as lease duration, rent, and the responsibilities of each party.
Termination of such agreements is an important aspect to consider. After the lease period expires, the agreement might automatically renew month-to-month but can be terminated by either party with a 30-day written notice.
The agreement also outlines the conditions under which the property should be vacated and what constitutes the premises being vacated, such as removal of all belongings and return of keys. Should the resident not vacate on time, they may be held liable for additional rent and damages, potentially including compensation for the owner's lost opportunity with new renters.