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SELLER HOLD OVER OCCUPATION ADDENDUM Seller: Buyer: Date: Premises: The undersigned Buyer and Seller hereby agree to the following: Upon close of escrow, Buyer agrees to allow Seller to hold over
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How to fill out seller holdover addendum

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How to fill out seller holdover addendum:

01
Begin by identifying the parties involved - the seller, the buyer, and any real estate agents or brokers involved in the transaction.
02
Clearly state the terms of the holdover period, including the start date and the end date. This is the time period in which the seller will remain in possession of the property after the closing.
03
Specify the daily holdover fee that the seller will be responsible for paying during the holdover period. This fee is typically based on the daily rental value of the property.
04
Address any additional terms or conditions that both parties agree upon during the holdover period. This may include responsibilities for maintenance and repairs, utilities, or any restrictions on the use of the property.
05
Sign and date the addendum, ensuring that all parties involved in the transaction sign as well. Keep a copy of the fully executed addendum for your records.

Who needs a seller holdover addendum:

01
Sellers who have not been able to vacate the property by the scheduled closing date may need a holdover addendum to continue temporarily residing in the property.
02
Buyers who are willing to allow the seller to stay in the property for a period of time after the closing may also require a holdover addendum to formalize the arrangement.
03
Real estate agents or brokers involved in the transaction may recommend a holdover addendum to protect the interests of their clients and ensure a smooth transition of possession.
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Seller holdover addendum is a form that extends the terms of a purchase agreement for a property when the sale has not been completed by the original deadline.
The seller is usually required to file the seller holdover addendum.
The seller must provide information about the property, the buyer, and the new terms of the extension in the seller holdover addendum form.
The purpose of seller holdover addendum is to extend the terms of a purchase agreement when the sale has not been completed by the original deadline.
The seller must report details about the property, the buyer, and the new terms of the extension on the seller holdover addendum.
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2005 Jeffery detainer tenancy vacating undersigned Holdover legality acknowledges reliance occupancy ADDENDUM reproduced liquidated detrimental herein arbitration mediation unlawful warranty constitute impractical arises expressly exceed escrow user holde

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