This form should be used for the sale of a commercial property. The Agreement of Sale Without Possession is a legal document used in real estate transactions where the seller transfers the property to the buyer but remains in possession until certain conditions are met. This format of agreement provides a comprehensive framework for the sale of property without the immediate physical possession being handed over. In this agreement, both parties, the seller and the buyer, agree to the terms and conditions of the sale without possession. It includes details about the property being sold, such as its location, boundaries, measurements, and any other relevant descriptions. The agreement also outlines the purchase price, payment terms, and any additional costs such as taxes or legal fees. The main feature of this agreement is that it allows the seller to stay in possession of the property until specific conditions are fulfilled. These conditions can vary depending on the agreement and may include the completion of certain repairs or renovations, securing another property for the seller, or waiting for a specific event to occur before vacating the premises. There are different types of Agreement of Sale Without Possession formats based on the specific conditions involved. Some common formats include: 1. Agreement with Condition of Repairs: In this format, the seller agrees to complete specific repairs or renovations on the property before vacating it. The buyer agrees to purchase the property knowing that they will not get immediate possession but will receive a property in good condition. 2. Agreement with Alternative Accommodation: Here, the seller agrees to sell the property but remains in possession until they secure alternative accommodation. This format allows the seller to find a new home before moving out of the sold property. 3. Agreement with Specified Event: In this type of agreement, possession is delayed until a certain event occurs, such as the completion of construction on a new property for the seller or the expiration of a lease they may hold elsewhere. The Agreement of Sale Without Possession format provides a legal framework that protects the interests of both parties involved in the transaction. It ensures that the buyer gets the property they desire while allowing the seller to stay in possession until certain conditions are met. It is essential to consult with legal professionals to ensure the agreement is legally binding and adequately protects the rights and obligations of both the buyer and seller.
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