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Agreement Of Sale With Possession for the United States

Agreement Of Sale With Possession Template for United States

A legally binding document used in the United States that combines a standard property sale agreement with specific provisions for possession arrangements. It outlines the terms of sale, purchase price, closing conditions, and detailed arrangements for when and how the buyer will take possession of the property. This agreement is particularly useful when possession dates don't align with closing dates, requiring special arrangements between parties.

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Agreement Of Sale With Possession

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What is a Agreement Of Sale With Possession?

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.

What sections should be included in a Agreement Of Sale With Possession?

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

What sections are optional to include in a Agreement Of Sale With Possession?

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

What schedules should be included in a Agreement Of Sale With Possession?

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

Authors

Alex Denne

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

Jurisdiction

United States

Document Type

Sale Agreement

Cost

Free to use
Clauses

































Industries

State-Specific Real Estate Laws: State-level regulations governing real estate transactions, including disclosure requirements, recording and filing procedures, and state-specific real estate transfer taxes

Federal Laws: Key federal regulations including Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), Fair Housing Act, and Interstate Land Sales Full Disclosure Act

Property Laws: Local and state property codes, zoning ordinances, homeowners association rules, easement laws, and property tax regulations

Contract Laws: State-specific contract laws, Statute of Frauds requirements, and contract formation and enforcement rules

Title Considerations: Requirements related to title insurance, chain of title verification, and handling of liens and encumbrances

Environmental Laws: Environmental protection regulations, lead-based paint disclosure requirements for pre-1978 homes, and state-specific environmental requirements

Consumer Protection Laws: State consumer protection statutes, cooling-off periods, and mandatory disclosure requirements

Possession-Specific Considerations: Regulations concerning possession including landlord-tenant laws, possession before closing regulations, risk of loss provisions, and insurance requirements

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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