Early Occupancy Agreements

Sellers should conduct a thorough background review of their buyers before accepting early detention, and home sellers and buyers should consult with their lawyers before signing binding agreements. Most home sales in the San Francisco Bay Area are written on the California Association of Realtors` Residential Purchase Agreement or Form RPA. The RPP indicates that at the time of closure, detention .m. Financial statements are deemed to be the date on which the security is transferred and registered with the county. The occupancy of buyers before this point is considered an early occupation. The RPP also allows buyers and sellers to opt for an earlier withdrawal period, but does not specify other important concepts that buyers and sellers should consider. Real estate purchase contracts and their addendum vary from state to state, but they generally contain provisions for simultaneous closure and ownership of the property – not for early occupancy. Your offer should include the amount you will pay for the right to move in early, the date you want to move in, and how much serious and extra money you will bring – as well as all the normal items you will find in a home purchase offer. Make sure there is a written agreement specifically tailored to this situation where buyers are engaged in early occupancy and who are not a conventional lease. Set the fee per diem high enough to encourage buyers to close as soon as possible and cover sellers` shipping costs. For my family, an early occupancy agreement went very well. We didn`t need to move twice, we didn`t have to pay for a hotel or storage space while we waited to close our house, and we got one step ahead of the next phase of our lives in our new home. Points in the early occupancy contract include, among other things, the date and time of occupancy, the amount of rent or day for the interim period, liability for incidental costs, maintenance of the property and insurance coverage for sellers and buyers.

The agreement can be as detailed as necessary to iron out possible bases and pitfalls such as pets, extra people who live at home, and what happens if the transaction does not end on time or never. If you are interested in an early occupancy agreement, this should be part of the offer you make to the seller if you make an offer to buy the house.