What is a leaseback?

“Leasebacks” (otherwise known as rent-backs or temporary occupancy) allow the seller to stay in the property for a specified period of time after the close of escrow. If your offer has a leaseback, please read the following below.

How do I know if my offer is a Leaseback?

Divvy will send you an email. We will also ask for your signature on an Addendum that explains the risks of a Leaseback.

What is my move-in date?

Your move-in date/lease start date will be the day after the seller moves out of the home with a completed submission of the Final Walkthrough Waiver and sign-off from Divvy.

What is the Final Walkthrough Waiver?

The Final Walkthrough Waiver is a checklist for you to report any significant cosmetic damages, structural, or mechanical issues caused by the seller during the Leaseback period in order to claim any necessary repairs. 

What if there are damages to the property during my move-in that were caused by the seller during the Leaseback?

You will have the opportunity to perform a Final Walkthrough of the property within 24 hours of the seller vacating to ensure the home is in acceptable condition and will sign a Final Walkthrough Waiver accepting the final condition of the home. Please note that Divvy will not repair, nor withhold funds to the seller for minor cosmetics issues. Any non-minor cosmetics issues must be raised at time of final walkthrough in order to address with the seller, as any items not addressed at Final Walkthrough will become your responsibility.

What if I don’t perform the Final Walkthrough Waiver?

If you fail to notify Divvy of such damages before Divvy releases funds in escrow (i.e. if the final walkthrough is not completed within 24 hours of the seller vacating and you do not notify Divvy of any issues), damages will thus become your responsibility. 

What happens if I terminate the lease while the seller is still living in the property?

If you choose to terminate your tenancy, without cause, Divvy will retain the entire Earnest Money deposit.

What happens if I can’t move in on time?

In a Leaseback offer, you are acknowledging that the move out date can be subject to change at any time given unforeseen circumstances. These changes may include, but are not limited to, leftover trash in the home, cosmetic damages to the interior and exterior, seller moving out late, HOA rental requirements, City and Municipal rulings, and any natural disasters. 

What happens if the seller doesn’t move out?

In the case that the seller decides to stay in the home past the pre-agreed move out date, you will have the option of terminating the lease and receive a full Earnest Money reimbursement. Otherwise you can choose to wait until the seller fully moves out of the home.

Does Divvy pay for relocation or housing expenses if I move-in late?

Divvy does not service relocation or housing expenses due to a delayed lease start date. You will be responsible for any inconvenience or delays.