The Post Occupancy Agreement addresses a common scenario in real estate transactions where sellers need additional time to vacate the property after closing. This might occur due to delays in their new housing arrangements, school year considerations, or other logistical challenges. The agreement protects both parties' interests by clearly defining the terms of temporary occupancy, including rent payments, maintenance responsibilities, insurance requirements, and move-out conditions. It's particularly relevant in fast-moving real estate markets where closing dates might not align perfectly with relocation plans, and it's subject to varying state-specific requirements across the United States.
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1. Parties: Identifies the seller (current occupant) and buyer (new owner) of the property
2. Background: States the context of the sale and need for post-occupancy arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Term and Occupancy: Specifies the duration of post-occupancy period and key dates
5. Compensation: Details the rent/fee structure for the post-occupancy period
6. Insurance and Liability: Outlines required insurance coverage and liability obligations
7. Property Condition: Describes maintenance responsibilities and property condition requirements
8. Termination: States conditions for early termination and process
1. Security Deposit: Details of security deposit requirements and handling during post-occupancy period
2. Utilities: Specific arrangements for utility payments and transfer of services
3. Property Access: Terms governing buyer's access rights during the post-occupancy period
4. Storage: Provisions for storage of seller's belongings beyond the occupancy period
1. Property Inspection Report: Detailed condition report of property at start of post-occupancy
2. Insurance Certificates: Copies of required insurance policies
3. Payment Schedule: Detailed breakdown of rent/fee payments if applicable
4. Property Rules and Regulations: Specific rules applicable during post-occupancy period
5. Move-out Checklist: Required conditions for property at end of post-occupancy
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