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Moving In Early - Occupying a home before you settle |
Sometimes it suits both the seller and the buyer for the buyer to take possession of a property before settlement. |
The situation is like a very short lease, and the conditions governing it are set out in a clause in the contract. Particular arrangements can be made by letters between the solicitors for the buyer and seller, or included in the contract. Normally, the seller requires an occupation fee based on a market rental for the property, and the fee is paid on settlement in addition to the balance of the purchase money. Occasionally, it is paid weekly to the agent. The contract requires rates to be adjusted from the date of possession, unless the parties agree otherwise. |
A buyer occupying a property before settlement must insure the property from the date of possession, and not make any structural change. |
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