Seller License To Remain In Possession Addendum

Seller License To Remain In Possession Addendum for Australia

Seller License To Remain In Possession Addendum Template for Australia

A legal document used in Australian property transactions that establishes the terms and conditions under which a property seller may continue to occupy the property after the sale has been completed. This addendum creates a license arrangement between the buyer (new owner) and seller (now licensee), detailing the duration of continued occupation, any applicable fees, maintenance responsibilities, insurance requirements, and conditions for termination. The document ensures compliance with Australian property law while protecting both parties' interests during this transitional period.

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What is a Seller License To Remain In Possession Addendum?

The Seller License To Remain In Possession Addendum is a crucial document in Australian property transactions where sellers require continued occupation of their property after sale completion. This situation commonly arises when sellers need additional time to relocate, are waiting for another property to become available, or have other legitimate reasons for delayed vacancy. The addendum supplements the main sale contract and establishes a formal license arrangement, ensuring legal protection for both parties while avoiding the complexities of a full tenancy agreement. It must comply with Australian property law and includes specific terms regarding duration, fees, maintenance, insurance, and access rights. This document is particularly relevant in situations involving delayed settlements, transitional arrangements, or when sellers need flexibility in their moving timeline.

What sections should be included in a Seller License To Remain In Possession Addendum?

1. Parties: Identifies and provides full details of the Buyer (new owner) and Seller (future occupant)

2. Background: Outlines the context of the agreement, including reference to the main sale contract and the parties' intention for the seller to remain in possession

3. Definitions: Defines key terms used throughout the document for clarity and legal certainty

4. Grant of License: Specifies the formal grant of license from buyer to seller to remain in possession of the property

5. Term of License: Defines the duration of the license period, including start and end dates

6. License Fee: Specifies any fee payable by the seller for the continued occupation, payment terms, and method

7. Seller's Obligations: Details the seller's responsibilities during the license period, including maintenance and conduct requirements

8. Property Condition: Establishes the condition in which the property must be maintained and eventually surrendered

9. Insurance and Risk: Outlines insurance requirements and allocation of risk during the license period

10. Utilities and Outgoings: Specifies responsibility for utility payments and other ongoing costs

11. Access Rights: Defines the buyer's rights to access the property during the license period

12. Termination: Sets out circumstances and procedures for early termination of the license

13. Governing Law: Specifies the applicable law and jurisdiction governing the agreement

What sections are optional to include in a Seller License To Remain In Possession Addendum?

1. Security Deposit: Required when the parties agree that the seller must provide a security deposit during the license period

2. Special Conditions: Used when there are unique circumstances or additional requirements specific to the arrangement

3. Permitted Occupants: Necessary when other occupants besides the seller will remain in the property

4. Property Improvements: Required when the seller wishes to make or complete improvements during the license period

5. Sublicensing Prohibition: Added when explicit prohibition of sublicensing needs to be emphasized

6. Holding Over: Included when parties want to address the possibility of occupation beyond the initial license period

7. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard legal remedies

What schedules should be included in a Seller License To Remain In Possession Addendum?

1. Property Details: Detailed description of the property including address and any excluded areas

2. License Fee Schedule: Breakdown of license fee calculations and payment schedule if applicable

3. Condition Report: Detailed report on the property's condition at the start of the license period

4. Inventory List: List of any furnishings or items included in the license arrangement

5. Special Conditions: Detailed listing of any special conditions or requirements

6. Insurance Requirements: Specific details of required insurance coverage during the license period

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

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Cost

Free to use

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