The Agreement For Sale Without Possession addresses situations where parties wish to separate the transfer of ownership from physical possession. This arrangement is commonly used in sale-leaseback transactions, family property transfers, or business restructuring. The document details purchase terms, possession arrangements, maintenance responsibilities, and future transfer conditions, all while ensuring compliance with U.S. federal and state property laws. It provides security for both parties by clearly defining rights and obligations during the period between ownership transfer and physical possession.
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1. Parties: Identification and details of seller and buyer
2. Background: Context of the sale and current possession arrangement
3. Definitions: Key terms used throughout the agreement
4. Subject Matter of Sale: Detailed description of property being sold
5. Purchase Price: Amount and payment terms
6. Title Transfer: Terms of ownership transfer without physical possession
7. Possession Arrangements: Terms regarding current possession and future transfer
8. Representations and Warranties: Seller's and buyer's statements about the property and transaction
9. Governing Law: Applicable jurisdiction and laws
1. Insurance: Property insurance requirements during possession period - used when possession transfer is delayed
2. Maintenance Obligations: Responsibilities for property upkeep - used when current possessor continues maintenance
3. Security Arrangements: Any security interests or liens - used when payment is in installments
4. Third Party Rights: Rights of current possessor or other parties - used when third parties have interests
1. Property Description Schedule: Detailed technical description of property
2. Payment Schedule: If payments are to be made in installments
3. Possession Transfer Timeline: Schedule for future transfer of possession
4. Condition Report: Current state of property
5. Title Documents: Copies of relevant title documentation
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