Contract as to possession – Closing delayed.

Things to Consider During Delayed Possession

People are often excited about going to a new home but all their excitement gets crushed when the seller delays the possession. Many times, just before closing the contract, sellers ask for extra time for giving the possession to the buyer in order to take care of some issues. Even if reasons for delay look genuine, still buyers should stay cautious. There are two important factors that buyers should pay attention to before signing the contract as to possession – closing delayed.

#Factor 1: After you seal the deal, the property belongs to you and you will be solely responsible for any damage done to the property even when it is done by anyone else. Hence, for the safety of your property you must know why the seller is taking time and how much time will he take.

#Factor 2: If the seller is delaying the possession then the prior owner should be made to pay the rent. Also, seller should be allowed to stay in the property only for certain duration of time after closing the deal. If these conditions are not acceptable by the seller then you should delay the closing of the deal till the seller is all set to give you the possession.

Also, while signing the contract for delayed possession, ensure that date of agreement, name of the buyer and seller, date of actual possession as well as delayed possession are clearly stated in the contract along with a list of other necessary declarations.

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Sample Template Preview

Contract as to possession—Closing delayed.

Agreement made this _________[date] between _________ of _________, seller, and _________ of _________, purchaser.
Recitals: By a contract in writing between the parties bearing date of _________, seller agreed to sell, and purchaser agreed to purchase, a parcel of land with buildings described in the contract. Some delay is likely to occur in consummating such sale, and purchaser is desirous of taking immediate possession of the premises.
Therefore, seller agrees to, on [date] deliver up to purchaser the full possession of the premises as if the conveyance of it had been executed. Purchaser shall be at liberty to make, in a proper and substantial manner, all such alterations in and additions to the buildings as purchaser shall require, but subject, in all respects, to the approbation of seller, and so that the value of the premises shall not be impaired. It is agreed that such taking of possession shall not be deemed a waiver of the contract of sale, or in any manner affect the rights of the parties under it; that such taking of possession shall not be deemed an acceptance of the title to the premises; but that the same shall be considered as taken conditionally upon, and without prejudice to, the due performance of the contract in all respects.
In witness of which, etc.