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Post Closing Possession Agreement in Indiana: What You Need to Know

If you are buying or selling a home in Indiana, you may come across a post-closing possession agreement. This agreement allows the seller to remain in the house after the closing has taken place, and can be an important tool for both parties.

In Indiana, post-closing possession agreements are typically used when the buyer wants to take possession of the home on the day of closing, but the seller needs additional time to vacate the property. This can occur for a number of reasons, including the need to find a new home or to finish up some last-minute repairs.

Here are a few things to keep in mind if you are considering a post-closing possession agreement in Indiana:

1. Get it in writing: Like any legal agreement, a post-closing possession agreement should be written down and signed by both parties. This will help ensure that everyone is clear on the terms of the agreement and can refer back to it if necessary.

2. Set a timeframe: It`s important to establish a clear timeframe for the seller`s occupancy of the property. This could be a few days, a week, or even longer depending on the circumstances. Be sure to include specific dates in the agreement so there is no confusion about when the seller needs to vacate the property.

3. Address payment: If the buyer is allowing the seller to remain in the home, it may be appropriate to require payment for that time. This could be a set fee or a daily rate, and should be specified in the agreement.

4. Inspect the property: Before both parties sign the post-closing possession agreement, it`s important to inspect the property to ensure that everything is in good condition. Both the buyer and seller should be present for the inspection and should agree on any necessary repairs or cleaning.

5. Consult with an attorney: A post-closing possession agreement can be a complex legal document, so it`s a good idea to consult with an attorney before signing anything. An attorney can help ensure that the agreement is fair and legally binding.

In summary, a post-closing possession agreement can be a useful tool for both buyers and sellers in Indiana. By getting it in writing, setting a clear timeframe, addressing payment, inspecting the property, and consulting with an attorney, you can help ensure that the agreement is fair and protects both parties.

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