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WHAT IS A LEASEBACK?

Tuesday, May 21, 2024   /   by Ameil Gill

WHAT IS A LEASEBACK?

WHAT IS A LEASEBACK?


Have you thought about selling recently but wondered, “But where will I go?”


You’re not alone!


If you need to sell before buying, whether it’s because you need the money for the downpayment or wouldn’t qualify to hold both mortgages at the same time, a leaseback option may be something to consider!


So, what exactly is a leaseback? It’s an arrangement between the buyer and seller in which the seller remains in the home for a set period post-settlement, with the buyer assuming the role of landlord (meaning you, the seller, essentially become the tenant!).


This can be a great option if you need to sell your home first in order to qualify for your new home or if you need the money from the sale for the downpayment and don’t want to move twice or into temporary housing!


 


Have questions about how you can buy and sell simultaneously in our current market? Send me a message. I would love to discuss your options to help make your next move seamless and enjoyable!

REMAX Realty One Inc. - The Gill Team
Ameil Gill
50 Burnhamthorpe Road West Sussex Centre Ste #102
Mississauga, ON L5B 3C2
416-884-1359

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated June 15, 2024
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