These type of agreements are between a buyer and a seller, to allow one of them to remain on the property for an extended period of time before or after the closing. Meaning a buyer gets to enter prior to the closing of a title, or an agreement whereby after a closing, the seller gets to remain in the property for a period of time. This is something that has to be negotiated by the parties in advance and is not something that one party brings up at the closing or a day or two beforehand. What this involves is an agreement between the parties, whose attorneys are involved in the process, to define the scope and the nature of this occupancy which is out of the ordinary. There are no rules. Every situation is unique but an attorney will make sure that your respective rights, whether you’re a buyer or a seller, are protected during this process. Very often, money will either be held in escrow or held aside, pending this successful resolution regarding occupancy. Whether it’s early entry or a late exit, protections are put into place so that all involved individuals know that their interests are protected.
Marc N. Needelman is an experienced real estate attorney, located in Hartford, CT. Contact the law office with questions and get a free initial consultation.
