Section 4. Possession re-write has some good updates:
Here 's the old REPC Section 4 text:
4. POSSESSION. Seller shall deliver physical possession to Buyer within: [ ] hours [ ] days after Closing; [ ] Other (specify)_____________________________
That's it ...one sentence ...
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Here's the new REPC Section 4 text:
4. POSSESSION. Seller shall deliver physical possession of the Property to Buyer as follows: [ ] Upon Closing; [ ] ___Hours after Closing; [ ] Calendar Days after Closing. Any contracted rental of the Property prior to or after Closing, between Buyer and Seller, shall be by separate written agreement. Seller and Buyer shall each be responsible for any insurance coverage each party deems necessary for the Property including any personal property and belongings. Seller agrees to deliver the Property to Buyer in broom-clean condition and free of debris and personal belongings. Any Seller or tenant moving-related damage to the Property shall be repaired at Seller's expense. The provisions of this Section shall survive Closing.
...and the new REPC form itself:
Hold down your control key and click on the image to open it full size.
New Section 4. Possession discussion ...
Buyer and seller agree in this new REPC section to the date of physical possession--a key date and agreement when the title insurance and loan companies are allowed four calendar days to record the transaction.
The seller additionally agrees in this section to deliver the property free of personal property and be broom swept--free of debris.
One of the key effects of these changes is to avoid the infamous ... buyers move in--do repairs/updates over the weekend (before the transaction actually closes and records, only to find out there's a problem and the transaction changes or fails.
--------- *** ---------- I’m remarking on the new REPC changes as I see them. This isn't legal advice.
Next up .... Section 5. Confirmation of Agency Disclosure
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Mike B. Class Star®
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