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This Post-Closing Possession Rider (Rider) is made a part of and incorporated into that certain real estate contract 2025

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The document is a Post-Closing Possession Rider from the Chicago Association of REALTORS®, which outlines the terms under which the Seller may retain possession of the property after closing. It specifies conditions for possession duration, escrow deposits, payment obligations, and clarifies that it does not create a landlord-tenant relationship. The Rider modifies the original real estate contract while ensuring all other terms remain effective.

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What is the purpose of a rider in a contract?

What is a rider in a contract? A rider is a document that addresses additional details, conditions, or terms of a contract. For example, in real estate, an attorney may draft a contract rider to supplement a standard purchase and sale agreement.

What is a rider in a real estate contract?

With later possession dates, or those that are 30 to 90 days after closing, the buyer may offer a lease-back agreement to the seller (also called a post-closing possession agreement). This means the buyer leases the home back to the seller for a certain period of time after closing at an agreed-upon price.

What is a post-closing possession agreement?

What is a post-closing possession agreement? Its a clause in which the buyer rents the home back to the seller, allowing them to continue living in the home (for a specific time period) after closing.

What is a real estate rider?

An ancillary document that amends or supplements the primary document is known as a rider. A rider may create additional terms to a contract .

What is the purpose of a rider?

The purpose of a rider is to modify, clarify, or add more information to the initial contract after it has already been signed by the legal parties involved. These modifications or additions, when accomplished by means of a rider, save everyone the time and expense of having to rewrite a new contract from scratch.