PRE-CLOSING OCCUPANCY AGREEMENT - mcba.org

1 Copyright 2015 by the Monroe County Bar Association. All Rights 1 of 4 PRE-CLOSING OCCUPANCY AGREEMENT (All Prior Versions are Obsolete) (Revised 6/2015)_____Seller s InitialsBuyer s InitialsSPECIMEN FORMTHIS IS A FORM AGREEMENT PREPARED BY THE MONROE COUNTY BAR ASSOCIATION REAL ESTATE COUNCIL AND ISINTENDED TO BE A GENERIC FORM TO BE TAILORED TO THE NEEDS OF THE PARTIES TO SPECIFIC SHOULD CONSULT WITH THEIR ATTORNEYS BEFORE USING THIS FORM. MATERIAL ADDITIONS OR DELETIONSTO THIS FORM MUST BE CLEARLY INDICATED OR SUCH CHANGES SHALL AUTOMATICALLY BE DEEMED MODIFIED TOBE THE SAME AS IN THE APPROVED PRE-CLOSING OCCUPANCY AGREEMENT OCCUPANCY AGREEMENTNOTE: This form may not be used for PRE-CLOSING OCCUPANCY greater than ninety (90) days (seeNY RPAPL 713)THISPRE-CLOSINGOCCUPANCYAGREEMENT(th e AGREEMENT ) is made this ____ day of _____, 20___, by and between_____, residing at _____ ( Seller ); and_____, residing at _____ ( Buyer ).

2 WHEREAS, Seller and Buyer have entered into a Purchase and Sale Contract dated _____ (the Contract ) forcertain property set forth in Paragraphs 1 and 2 of the Contract (the Property ) providing that the closing was/is to occur on or about_____, 20____(the Closing ); andWHEREAS, circumstances have now arisen whereby Buyer wishes to obtain, and Seller has agreed to permit Buyer to have,possession of the Property prior to the Closing upon the terms and conditions hereinafter THEREFORE, for good and valuable consideration, Seller and Buyer covenant and agree as Landlord-Tenant Relationship. This AGREEMENT does not create a Landlord-Tenant relationship between Seller and does not have the rights of a tenant under New York State law, including but not limited to the Civil Practice Law andRules, Executive Law, General Obligations Law, Real Property Law, and Real Property Actions and Proceedings Law ( RPAPL ).

3 (a) Upon full execution of this AGREEMENT , Buyer shall be permitted to enter into possession of the Property as provided inparagraph 2(b) ( Possession ) from _____, 20_____, at ____:____ (the Possession Date ) until_____, 20_____( the Closing if blank), unless sooner terminated by Seller in accordance with thisAgreement (the Termination Date ). The period of time from the Possession Date until the Termination Date shall bereferred to as the Term . Notwithstanding the status of the Contract, nothing contained herein shall impose any duty onSeller, whether express or implied, to permit Buyer to remain in Possession after the Termination Date. Notwithstanding theforegoing, at least forty-eight (48) hours prior to the Termination Date, Buyer and Seller may agree in writing to extend theTerm upon the same terms, covenants and conditions set forth herein (the Extended Term ).

4 (b) Buyer s Possession of the Property shall be for the following purpose checked below:(check one (1) box only): Move in personal property ( , furnishings) and physically occupy the Property; or Store personal property at the Property without physically occupying the Property; or Store personal property in the following areas without physically occupying the Property( Garage if blank) shall pay Seller, as compensation, a PRE-CLOSING OCCUPANCY fee ( PCOF ) for the Possession of the Property, atthe rate of $_____ per day, which amount includes compensation for real property taxes, homeowner s insurance, andcommon charges, if any, during the Term and any Extended Term. In the event Buyer vacates the Property prior to the ClosingDate and/or the PCOF paid is for a period extending beyond the Termination Date no refund shall be given.

5 All money payableby Buyer under this AGREEMENT shall be paid by official bank draft or certified check at closing (check one (1) box only), oras otherwise agreed to in writing between the parties. None of the sums paid hereunder shall be applied to the purchase priceunder the terms of the Contract, except as otherwise specifically set forth herein. Closing adjustments shall be made as providedunder the terms of the Deposit. Buyer shall deposit the sum of $_____ (the Escrow Deposit ) upon the signing of this Agreementwhich shall be held by the Buyer s attorney Seller s attorney(check one box only)(the Escrow Agent ). The duties of theEscrow Agent shall be governed solely by the Attorney as Escrow Agent Addendum attached hereto and made a part s Right ofInspection.

6 The final inspection shall take place on _____, 20___, or such other date and time asthe parties may agree in writing (the Final Inspection ). Buyer acknowledges that Buyer has had the opportunity to conduct theFinal Inspection. Upon taking Possession of the Property, Buyer hereby waives any objections to closing based upon thecondition of the Property (including any personal property acquired by Buyer under the Contract). This shall not be a waiver ofany other rights, credits or obligations under the Contract or as agreed upon between the parties. If Buyer fully complies with theterms hereof, the Escrow Deposit shall be promptly returned to Buyer. If Buyer does not fully comply with the terms hereof, theCopyright 2015 by the Monroe County Bar Association.

7 All Rights 2 of 4 PRE-CLOSING OCCUPANCY AGREEMENT (All Prior Versions are Obsolete) (Revised 6/2015)_____Seller s InitialsBuyer s InitialsEscrow Deposit may be used by Seller to pay amounts owed hereunder by Buyer, including damages to the Property as a resultof Buyer s OCCUPANCY during the Term. Seller shall have the right to enter the Property at reasonable times and upon reasonablenotice to inspect the Property and to perform necessary repairs and maintenance neglected and/or omitted by Other Expenses Ordinary Maintenance and Repair.(a) Buyer shall be responsible for and pay all utility charges and service contracts, including but not limited to all refusecollection, lawn, landscaping, pool and/or spa/hot tub maintenance (including applicable motors, filter systems, cleaningsystems and heaters, if any), snow removal, gas, electricity, telephone, water and pure waters, propane and/or fuel oil use,and cable and security system charges, except where such services are provided by an owner s association and included inthe monthly owner s association dues, common charges or assessments for the Property.

8 Seller shall not be liable for anyloss or damage resulting from outages, interruptions or fluctuations in utilities after the Possession Date.(b) Buyer shall maintain the Property, including the smoke alarm and carbon monoxide detectors, in the same order andcondition as of the Possession Date, reasonable wear and tear excepted. Buyer shall not make any alterations or changesto the appearance of the Property during the Term without the prior written consent of Seller, including, without limitation, theremoval of any carpeting, the painting of all or any portion of the interior or exterior of any structures, the redecorating orremodeling of any portion of the Property, the removal any trees or landscaping, or the installing or removal of any fencing.

9 (c) Buyer shall promptly inform Seller as to any repairs in excess of $ ( if blank). Unless an emergencysituation exists, Buyer shall not make any repairs in excess of $ ( if blank)without Seller s writtenconsent. Except for repairs necessitated by the intentional or negligent act of Seller, Seller s agents, contractors, employees,invitees, guests and permitees, Buyer shall be responsible for the cost of all repairs necessitated by damage resulting fromBuyer s use or OCCUPANCY of the Property. Should closing not occur for whatever reason, any improvements or alterationsmade to the Property by Buyer shall become the property of Seller without any compensation to with Laws. Buyer shall comply with the requirements of all laws, orders, ordinances and regulations of anycompetent authority imposing any duty on Buyer with respect to Buyer s use or OCCUPANCY of the Property.

10 Buyer shall beresponsible to pay all fines or violations levied against Buyer or the Property due to Buyer s actions or conduct in violation of anycovenants, restrictions and/or rules and regulations of any applicable condominium or homeowner s (a) Seller shall maintain existing homeowner s insurance coverage on the Property. Buyer acknowledges that Buyer s personalproperty is not insured under Seller s insurance coverage and Buyer accepts full responsibility for any loss incurred.(b) During the Term, Buyer shall obtain and maintain comprehensive personal liability insurance against bodily injury andproperty damage with minimum limits of $_____/$_____( $300, $300, if blank). Buyer shalldeliver evidence of the foregoing coverage, and receipts evidencing payment of the premium for such coverages, to Sellerand/or Seller s attorney prior to the Possession Date.