Is Tenant Lease-back Allowed For Chapter 13 Seller?
I am in contract to purchase a commercial property where the seller is in bankruptcy (personal). Seller is requesting to rent office space in property for 6 months ( to clean up his storage, find a new place etc) for $1000/month. He has refused to prepay the rent but promises to pay monthly with a $1k sec deposit. I want to protect myself in worse case scenario by making sure 1) this leaseback is legally allowed; 2) i can file eviction if he does not pay ; 3)he does not file another bankruptcy and tie occupancy up, etc.... please advise thanks. chapter 13
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Thus another testimony for doing away with "Dual Agency."
We did our last dual agency 8 years ago and realized we had not fully represented either the buyer or seller. Dual agents cannot advise, only fill in the papers.