- Agreement Negotiation: Both parties negotiate terms, including the sale price, lease terms, and any specific conditions.
- Sale and Closing: The property is sold to the buyer, and the transaction is finalized through the closing process.
- Lease Agreement: The seller enters into a lease agreement with the buyer, defining the rental terms, duration, and any other conditions.
- Post-Closing Occupancy: The seller continues to live in the property as a tenant, paying rent to the new owner.
It's essential to carefully review the terms of the lease and understand the implications of this arrangement. Buyers should consider factors like rental income, property maintenance, and potential resale value.