Unlocking Early Possession: What You Need to Know

Moving into your new home is an exciting milestone, but navigating early possession agreements requires careful planning. At Rothschild Group, we guide buyers and sellers through the legalities to ensure a smooth and legally sound transition.

Understanding Early Possession Agreements

1. Standard Possession Timeline

• Typically, buyers receive possession of the property after settlement.
• If the seller is still residing in the property, they generally have until noon the following day to vacate.

2. Negotiating Early Possession

• Buyers eager to move in before settlement can negotiate an early possession agreement.
• This agreement often includes conditions such as rental payments, property maintenance responsibilities, and insurance coverage.
• Key Risk: Buyers typically accept the property “as is”, meaning no further repairs or special conditions can be enforced.

3. Legal Considerations Before Early Possession

• Early possession agreements should always be formally documented.
• Both parties should seek legal advice to mitigate risks, including potential disputes over damage, insurance, or default on settlement.
• Sellers should ensure that they are protected from liabilities until the transfer of ownership is completed.

Why Work with Rothschild Group?

• Expert legal support in drafting and reviewing early possession agreements.
• Ensuring compliance with contractual obligations and risk mitigation.
• Tailored legal solutions for buyers and sellers to facilitate a stress-free transition.

Considering early possession? Contact Rothschild Group today for expert property legal advice.