If you`re in the market to buy or sell a home in Arizona, you may come across a pre possession agreement form. This document is used to establish the terms and conditions of a temporary occupancy arrangement, where the buyer moves into the home before the transaction is complete.
A pre possession agreement can offer benefits for both the buyer and seller. For the buyer, it can provide a chance to get a head start on moving in and making any necessary repairs or improvements before the official closing date. For the seller, it can help alleviate the stress and cost of maintaining an empty property while waiting for the sale to finalize.
When using a pre possession agreement form in Arizona, it is important to ensure that all the necessary details are included. This typically includes the following information:
– Names and addresses of the buyer, seller, and any other occupants
– Property details such as address, legal description, and condition
– Start and end dates for the pre possession period
– Rent or other payment terms, including any security deposit or prorated rent
– Responsibilities for maintenance, utilities, and insurance during the pre possession period
– Terms for termination of the agreement and eviction procedures if necessary
It`s important to note that a pre possession agreement is not the same as a lease agreement. While some of the terms may be similar, a pre possession agreement is a temporary arrangement that only lasts until the sale is finalized and ownership is transferred.
Before signing a pre possession agreement, it`s important to consult with a real estate attorney to ensure that the terms are fair and in your best interests. Additionally, it`s a good idea to conduct a thorough inspection of the property before moving in to ensure that any necessary repairs or maintenance are addressed prior to occupancy.
In summary, a pre possession agreement form can be a useful tool for buyers and sellers in Arizona. By establishing the terms of a temporary occupancy arrangement, it can help ensure a smooth and stress-free transaction process. However, it`s important to make sure that all the necessary details are included and to seek legal guidance before signing any agreements.