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.
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