Occupancy and Possession Continued
Section (b) applies when the property is subject to a lease or rental agreement by someone other than the buyer or seller after the closing date. In this situation, the seller is required to disclose this information in writing to the buyer and also provide the buyer with copies of the lease or rental agreement within 5 days after Effective Date. If the buyer determines that the lease or rental agreement is not acceptable to them they have the ability to terminate the contract. This is done by delivering written notice to the seller 5 days after seller provided the buyer with the copy of the lease or agreement. Seller then must refund the deposit and release the buyer from all duties they had to perform under the contract. If the occupancy is by the seller, there is a separate form for this called Rider U Post-Closing Occupancy by Seller.