Occupancy and Possession
Section (a) states the two different ways that occupancy and possession can be delivered. The first way mentioned is when a Seller delivers occupancy and possession to Buyer at closing. In order for occupancy and possession to be delivered, the Seller must assure that the property is free of tenants, occupants and future tenancies as well as all personal items and trash before closing. Seller must also give Buy all keys and access codes associated with property. The second way that occupancy and possession can be delivered is before closing. In this scenario, when a buyer agrees to occupy the property and take possession of it before closing, they assume what is called the “risk of loss”. The risk of loss means that from the date that the buyer assumes possession of the property, the buyer are agreeing to take the property in the condition that it is and will be responsible for anything that happens to the property from that point on. However, there as special exceptions made for items identified in the property inspection and repair section of the contract.