If you are looking to purchase a property, you may have heard about a possession by seller agreement. Essentially, this agreement outlines when the seller is required to vacate the property and when the buyer will take possession.
A possession by seller agreement is not a standard part of a real estate contract, but it can be an important aspect for both buyers and sellers. In some cases, the seller may need extra time to move out of the property after closing, while the buyer may need to move in quickly due to personal circumstances.
Typically, a possession by seller agreement will specify a move-out date for the seller and a move-in date for the buyer. The agreement may also outline penalties for either party if they do not meet the agreed-upon terms.
There are a few different ways that possession by seller agreements can be structured. One common approach is for the buyer to allow the seller to remain in the property for a certain number of days after closing, often paying rent for that time period. Another option is for the buyer to take possession immediately after closing, but allow the seller to move out over a certain period of time.
Regardless of the specific terms of the agreement, it is important to have it in writing and signed by both parties. This can help prevent any confusion or disputes down the line.
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