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Transfer to Occur Before Closing

What is the Transfer to Occur Before Closing

The Transfer to Occur Before Closing is a document which is the Pre-closing buyer possession agreement. As per this the seller and the buyer enter in to a real estate sales agreement and this includes even the appliances, equipments as well as fixtures which are part of this agreement. As per this, the seller gives the buyer all these items or the property mentioned before the closing date of the contract.

The terms of the possession agreement include the date of the possession which the buyer and the seller agree to. This cannot be earlier than or later than the dates mentioned. The buyer also will not use the property which has be bought except for residence of a single family and that too it can only be occupied by the buyer and / or his or her immediate family and this property cannot be used for any illegal purpose. The possession agreement is not the same as a landlord, tenant relationship.

When the buyer starts to take possession of the property, he pays the seller an occupancy fee and this starts from the date of possession and it continues till the closing date and receipt of the seller of the proceeds which have been given as per the contract terms incase the transaction is closed or else it starts from the date the buyer vacates the property incase the transaction does not close.

This occupancy fee is paid weekly and it is paid in advance and the buyer is also responsible for the utility charges which are accrued during his or her occupancy.

 

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