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Rent Back With No End Date (virginia)

Location: Virginia

My parents are in the process of buying a business and the purchase will include multiple properties. One of the properties is a home that the seller currently resides in. The contract they have signed states that the seller can stay in the home for three months free after the sell is finalized and after the three months are over the seller will then pay $50 per day until they purchase a home. There is no specified end date for the rent back. The $50 per day is also way under market value for the type of home and area we live in, this home could realistically be rented for $3,000+ a month.

Does this seem like a reasonable request? My parents are very desperate to buy this property and I'm worried it has made them blind to glaring problems. For context, their real estate agent is also friends with the seller and this agent is the one who wrote the rent back agreement, convinced them to price the rent back at $50 per day when they originally wanted it to be $100, and has them paying $100,000+ over appraisal value for the business which is causing financial strain.

I'm worried my parents are being taken advantage of and that there will be no legal recourse to get the seller out of the home. Advice?

submitted by /u/Hesitance8
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Rent Back With No End Date (virginia)

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