Transfer to Occur after Closing
Transfer to Occur after Closing
As per the post closing buyer possession agreement the Transfer to Occur after Closing consists of a contract where the seller and buyer sign the real estate sales agreement and this includes not only the real estate but also the appliances, equipment as well as fixtures. The seller gives the buyer the possession of the property when the closing date has lapsed. However, these are given under the following terms:
- The date of possession is given not later than the date which is agreed upon mutually by the seller and buyer.
- The buyer will give the seller the license so that he can use, possess as well as occupy the property from the time the closing date starts and till the possession date ends. The seller will not use the property for any other purpose except for his and his immediate family’s usage and the property cannot be used for illegal purposes. This also does not imply that there is a sort of tenant landlord relationship which has been created.
- When it is closed, the seller pays the buyer the sum mutually agreed upon as the amount for usage per date for the property.
- All utility bills too during the period will be paid by the seller till the property is used by the seller.
- The buyer also will pay the taxes which are accrued after the closing date.
- When it is closed, the seller deposits an escrow deposit as a security for the obligations as per this agreement.
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