Whether you represent the buyer or seller if you are involved in a real estate sale transaction in which the buyer will occupy the property before the count or the seller will occupy the property after the count, it is important to ensure that the conditions of occupancy are properly documented. Sometimes the parties and real estate agents involved in such transactions do not focus on the fact that an agreement on the occupancy of the property by the buyer before colonization or occupation of the property by the seller after the count is essentially a lease agreement between the parties. Therefore, the occupancy agreement should cover the same fundamental issues that are addressed in a duly developed lease. It is also important to ensure that buyers and sellers have the right type of hazard and liability insurance for the property during occupancy. Who bears the risk of loss if the property is damaged or destroyed by fire or other disaster during the period of occupation? The buyer who is taken into possession before the count cannot rely on the owner`s policy that begins on the day of the billing. The buyer is not yet the owner of the house. How long does the occupation last and what is the deposit and the amount of deposit that the owner of the establishment receives? Obviously, the larger the deposit, the more secure the arrangement will be for the homeowner. If the buyer occupies the property prior to colonization, the diseditled verification of the property is carried out if the buyer occupies the property or at the time of colonization? If the seller remains in the property, the buyer should have the opportunity to check the property both before the count and at the time the occupation is completed after the seller`s count. Finally, make sure that all appropriate parties, both the buyer and the seller, sign the occupancy agreement. James C. „Beautiful“ Brincefield has been a real estate lawyer for more than 30 years. He held a license for real estate agents before becoming a lawyer, and was president of the real estate departments of Alexandria, District of Columbia and Virginia State Bars. Mr.
Brincefield also has a master`s degree in real estate and finance. He has worked for many years in real estate construction, development, marketing, real estate management and finance in the Washington metropolitan area and is a senior attorney at the law firm Brincefield Hartnett Maloof and Paleos, P.C. in Alexandria, Virginia. Consider the different ways in which a buyer/tenant may break the pre-billing contract: What happens, for example, if the buyer/tenant does not settle in on time? Can the buyer/tenant extend the billing date? Can the seller terminate the sales contract, cancel the deposit and distribute the buyer/tenant? If you are dealing with a post-billing contract, you will certainly want the agreement to at least allow the 15-hour occupancy fee to double or triple if the seller/tenant is late. However, depending on the circumstances of this case, the purchaser/lessor may, in addition to the statute of limitations and other legal costs, be faced with considerable additional costs related to the application of the contract, which may not be covered by a simple doubling or even a tripling of the daily occupancy tax.