Post Closing Occupancy Agreement Template Florida

Post Closing Occupancy Agreement Template for Florida Homebuyers

As a homebuyer, the process of finding the perfect property and going through the closing process can be a long and arduous journey. However, even after closing, it may not be possible to move into your new home immediately. There may be instances where the seller needs some additional time to move out of the property or organize their belongings. This is where a Post Closing Occupancy Agreement (PCOA) can come in handy.

A PCOA is a contract between the buyer and the seller that allows the buyer to move into the property after the closing date but before the seller has vacated the premises. This type of agreement is common in real estate transactions, and it provides clarity for both parties involved. In Florida, a PCOA must be drafted in compliance with the state`s laws and regulations. Below is a sample template for a PCOA that can be used by homebuyers in Florida.

POST CLOSING OCCUPANCY AGREEMENT

This Post Closing Occupancy Agreement (the “Agreement”) is made and entered into on the ____ day of ________, 20____, by and between [buyer`s name], (“Buyer”) and [seller`s name] (“Seller”) (collectively referred to as the “Parties”).

WHEREAS, Buyer has purchased the property at [address] (“Property”) from Seller, and the closing has been completed;

WHEREAS, the Seller requires additional time to vacate the property;

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the Parties agree as follows:

1. Occupancy Period: The Seller shall vacate the Property no later than ________, 20____. The Buyer shall be permitted to occupy the Property beginning on the day following the closing date and ending on ________, 20____.

2. Rent: The Buyer shall pay rent to the Seller in the amount of ________ per day beginning on the day following the closing date and ending on ________, 20____. The rent shall be paid on a prorated basis and shall be due on the first day of each month.

3. Security Deposit: The Buyer shall provide a security deposit in the amount of $________ to the Seller. The security deposit shall be refundable, provided that the Buyer does not damage the Property during the occupancy period.

4. Condition of the Property: The Seller shall deliver the Property to the Buyer in good condition, and the Buyer shall maintain the Property in the same condition during the occupancy period. The Seller shall have the right to inspect the Property during the occupancy period to ensure that it is being maintained properly.

5. Utilities: The Buyer shall be responsible for paying for all utilities during the occupancy period.

6. Termination: This Agreement shall terminate automatically on ________, 20____. However, the Parties may terminate this Agreement earlier upon mutual agreement in writing.

7. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of Florida.

8. Entire Agreement: This Agreement constitutes the entire understanding of the Parties and supersedes all previous negotiations, understandings, and agreements between the Parties, whether oral or written.

9. Amendments: This Agreement may only be amended in writing and executed by both Parties.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

Buyer:

Print Name: _______________________

Signature: ________________________

Date: ____________________________

Seller:

Print Name: _______________________

Signature: ________________________

Date: ____________________________

It is advisable to have an attorney review the agreement before both parties sign it. The agreement must be signed by both the buyer and the seller and should be kept with all other closing documents. By using this template, buyers in Florida can ensure that they have a clear and legal agreement that protects their interests during the occupancy period.