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Dear Forms Committee: Does the OREF Sale Agreement state that the buyer gets possession of the property once the deed is recorded?

Section 31.1 of OREF 001 Residential Real Estate Sale Agreement provides specific options for when the buyer will take possession of the property. Buyers and sellers can use the pre-printed options or add other terms to the Additional Provisions section. If the buyer and seller agree to the “By 5 pm on the date of Closing” option, then the buyer would take possession at 5 pm on the closing date, not after recording on the closing date. If the parties intend for the buyer to take possession upon recording, then the buyer should specify that in their offer or an amendment so there is no dispute.

And if possession will not be delivered on the day of closing, remember to use an OREF 053 Agreement to Occupy Before Closing or OREF 054 Agreement to Occupy After Closing, and remind your client to make sure the appropriate insurance is in place.

All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.