Sell and Stay is for single family homeowners who need to access their home equity, but do not want to, or are not ready to move.
If reverse mortgage fees are too expensive or you don’t qualify for a home equity line of credit, then Sell and Stay may be the perfect fit.
We can close in 21 days.
The “Sell” is governed by a purchase and sale agreement, and the “Stay” is governed by a residential lease.
We use lawyers to draft our agreements, which are then sent to you. You or your lawyer will be responsible for reviewing the documents. We highly recommend you use a lawyer too!
We aim to have you pay “market rent.” Market rent is based on the rent being paid for similar homes in your area.
A year is the standard minimum lease length. Longer terms are available, or, you can renew your year lease with 3 months notice.
You will be given written notice of the default and the opportunity to fix the problem (aka cure the default). If you do not cooperate and cure the default (fix the problem), we may be forced to evict. Even if your lease ends with an eviction, we will still give you the net sale proceeds after deducting the back rent, legal expenses and selling costs. Please note, we will sell the property using an auction-sale process, to prevent conflicts of interest and ensure transparency around this sale.
With the option language in your lease, you receive any appreciation after EasyKnock fees.
The tenant is responsible for maintenance including cutting the grass, snow removal and appliance repairs.
The lease for the Repurchase plan has an “Option Agreement” with specific language that allows you to repurchase your home at any point, as long as you have the funds.
The Lease with an Option Agreement also has language allowing you to authorize the sale of your house at any time. You will have the ability to control the timing, asking price, and real estate agent, if you’d like. If a sale is finalized prior to your lease end date, you are able to terminate the lease early.
We are happy to refer you to our partners. Your lawyer is also able to assist with this.
Easyknock will pay the property taxes.
If you have a standard lease, there will be a local property manager. If you have a Lease with an Option, you will not have a local property manager.
A lawyer is not needed, but recommended.
We recommend all tenants consider renters insurance.