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What is earnest money?

Earnest money is put down before closing on a house to show you're serious about purchasing. It's also known as a good faith deposit. When a buyer and seller enter into a purchase agreement, the seller takes the home off the market while the transaction moves through the entire process to closing.

What is a pre settlement in Australia?

A pre-settlement inspection is done about a week before settlement. Its aim is to make sure any special conditions have been met, and that the property is in the same state as when the contract was signed. You can do the pre-settlement inspection with the agent or the seller.

What is the meaning of possession date?

Possession date is the date on which the builder or the seller of the property has promised to hand over the said property to the buyer. Under RERA, the possession date must be mentioned in the sale agreement.

What is Prepossession in real estate?

What are such agreements? A \u201cpre-possession\u201d agreement means an agreement by which the buyer is permitted to take possession of the property prior to (or \u201cpre\u201d) closing. A \u201cpost-possession\u201d agreement means an agreement by which the seller is permitted to retain possession for a certain period after (or \u201cpost\u201d) closing.

What does close plus 30 days mean?

It's called a Post Occupancy - and it has an Agreement for the terms during that stay. Rent is customary - and expected (maybe the realtor would like to have them stay at his/her house for free for 30 days...be sure to ask).

What is the proper way to deal with a request by a buyer to move in a week prior to closing?

What is the proper way to deal with a request by a buyer to move in a week prior to closing? Contact an attorney to prepare a lease.

What does possession negotiable mean?

It allows the sellers the option of asking the buyers to let the sellers rent the home after the sale until the sellers can move into their new place. This type of possession is usually negotiable and caution should be exercised anytime the right of possession does not coincide with closing.

What does early possession mean?

Early occupancy, sometimes referred to as early possession, is when a tenant is granted access to part or all of a space they have leased prior to the lease's start date. In most early occupancy cases, a landlord typically agrees to early occupancy as a way to encourage a tenant to sign the lease.

Who should determine time and location of closing?

Who should determine time and location of closing? The listing agent generally requests it from the broker at least 24 hours before closing.

What does early possession mean?

Early occupancy, sometimes referred to as early possession, is when a tenant is granted access to part or all of a space they have leased prior to the lease's start date. In most early occupancy cases, a landlord typically agrees to early occupancy as a way to encourage a tenant to sign the lease.

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