House rental question.?

[dallen47]

I am waiting on a short-sale to go through with the bank. In the meantime I am trying to find a place to rent month to month. I have the option to rent the same house that I am trying to buy.
Below is a section of the lease agreement that I do not understand, and I was hoping that some would could explain it to me.

Rent Increases:
Rent will not increase during the initial month term of this lease. In the event of a subsequent rent increase, Tenant shall be
notified pursuant to applicable state laws and/or statutes.
Since time is of the essence in all matters of this Lease, and especially with respect to the issue of renewal, if Tenant shall
hold over after Tenant has signed a release of contract for purchase of the property, Tenant shall continue to be a tenant
from month to month, as defined by applicable Virginia law, at the monthly rate of $2100 beginning 15 days after the
release of contract to purchase has been signed, the resultant rent being Landlord’s present regular rental fee. All other
terms and provisions of this Lease shall remain in full force and effect.

[modraed]

It is basically stating that you agree to pay $2100 rent for each month until your sale goes through...which means that even after you signed the contract to purchase this home, you will still be considered a tenant until the sale goes through. If there is a catch, it is in the wording you did not give us....the all terms and provisions of this lease shall remain in full force and effect. I hope you have a realtor selling you this property...he/she should go in GREAT DETAIL explaining the implications of this lease....house insurance is one concern I have....and also if the house doesn't appraise out for the price you are buying it at...are you stuck renting it?? good luck to you....if' you're not using a realtor... get a real estate attorney to look it over...you will need one for closing on the home anyway....good luck in your new home and I hope everything works out. PS YOU MAY WANT TO HAVE YOUR HOME INSPECTION DONE BEFORE YOU MOVE AS A TENANT...IF THERE IS ANY MAJOR -PROBLEMS THAT MAY DELAY THE SALE OR IF THE SELLER IS NOT WILLING TO FIX THE PROBLEMS, YOU CAN BACK OUT NOW BEFORE ANY MONEY IS GIVEN TO THE SELLER.