Moving into your new home is an exciting milestone, but navigating early possession agreements requires careful planning. At Rothschild Group, we guide buyers and sellers through the legalities to ensure a smooth and legally sound transition.

Understanding Early Possession Agreements

1. Standard Possession Timeline

  • Typically, buyers receive possession of the property after settlement.
  • If the seller is still residing in the property, they generally have until noon the following day to vacate.

2. Negotiating Early Possession

  • Buyers eager to move in before settlement can negotiate an early possession agreement.
  • This agreement often includes conditions such as rental payments, property maintenance responsibilities, and insurance coverage.
  • Key Risk: Buyers typically accept the property “as is”, meaning no further repairs or special conditions can be enforced.

3. Legal Considerations Before Early Possession

  • Early possession agreements should always be formally documented.
  • Both parties should seek legal advice to mitigate risks, including potential disputes over damage, insurance, or default on settlement.
  • Sellers should ensure that they are protected from liabilities until the transfer of ownership is completed.

Why Work with Rothschild Group?

  • Expert legal support in drafting and reviewing early possession agreements.
  • Ensuring compliance with contractual obligations and risk mitigation.
  • Tailored legal solutions for buyers and sellers to facilitate a stress-free transition.

Considering early possession? Contact Rothschild Group today for expert property legal advice.