The Agreement Of Sale With Possession is essential in real estate transactions where standard closing and possession timelines need modification. This document is commonly used in the United States when buyers need early possession before closing, or sellers require extended possession after closing. It includes comprehensive terms covering the sale process, purchase price, possession arrangements, liability during possession periods, and relevant insurance requirements. The agreement protects both parties' interests during the transition period and clearly defines responsibilities and obligations during the possession period.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the sale and brief property description
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Amount and payment terms
6. Possession Terms: Details of when and how possession will be transferred
7. Closing and Settlement: Terms and conditions for closing the sale
8. Representations and Warranties: Statements of fact and promises made by both parties
9. Default and Remedies: Consequences of breach and available remedies
10. General Provisions: Standard legal provisions including governing law, notices, and amendments
1. Financing Contingency: Terms related to buyer's ability to secure financing, included when buyer requires mortgage financing
2. Inspection Contingency: Terms related to property inspection rights, included when buyer wants right to inspect before closing
3. Tenant Rights: Provisions dealing with existing tenant considerations, included when property is currently tenanted
4. Environmental Matters: Provisions dealing with environmental issues and requirements, included for properties with potential environmental concerns
5. HOA Provisions: Terms related to homeowners association requirements, included when property is part of an HOA
1. Schedule A - Property Inventory: Detailed list of included fixtures, fittings, and personal property
2. Schedule B - Title Documents: Copies of relevant title documents and searches
3. Schedule C - Property Disclosure Statement: Seller's disclosure of property condition and known issues
4. Schedule D - Environmental Reports: Environmental assessments or reports if applicable
5. Schedule E - Inspection Reports: Property inspection reports and findings
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