A Post Possession Agreement becomes necessary in situations where property sellers require continued occupation of their property after settlement has occurred. This arrangement is common in Australian real estate transactions where sellers need additional time to arrange their relocation or await completion of their new property. The agreement protects both parties' interests by clearly defining the terms of the temporary occupation, including duration, costs, and responsibilities. It ensures compliance with Australian property law and state-specific legislation, particularly regarding residential tenancy and property transfer regulations. The document typically includes provisions for occupation fees, maintenance obligations, insurance requirements, utilities management, and the process for providing vacant possession at the end of the agreed term. This type of agreement is particularly crucial in coordinating settlement timing misalignments and providing legal protection for both the new owner and the temporary occupant.
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1. Parties: Identifies and defines the Purchaser (new owner) and Seller (occupant) with their full legal names and contact details
2. Background: Outlines the context of the agreement, including reference to the primary sale contract and explanation of why post-settlement possession is required
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Term of Possession: Specifies the duration of the post-settlement possession period, including start and end dates
5. Occupation Fee: Details the amount, payment frequency, and method of payment for the seller's continued occupation
6. Seller's Obligations: Outlines the seller's responsibilities during the possession period, including maintenance and proper use of the property
7. Insurance Requirements: Specifies insurance obligations for both parties during the possession period
8. Utilities and Outgoings: Addresses responsibility for ongoing costs such as utilities, council rates, and other property-related expenses
9. Property Condition: Details requirements for maintaining the property condition and arrangements for final inspection
10. Termination: Specifies circumstances under which the agreement can be terminated and the process for doing so
11. Vacant Possession: Outlines the requirements and process for providing vacant possession at the end of the term
12. Governing Law: Specifies that the agreement is governed by Australian law and relevant state jurisdiction
1. Security Deposit: Include when a security deposit is required from the seller to ensure compliance with agreement terms
2. Special Access Requirements: Include when the purchaser needs specific access rights during the possession period
3. Subletting Prohibition: Include when explicit prohibition of subletting or allowing other occupants needs to be emphasized
4. Modifications: Include when addressing whether the seller can make any changes to the property during the possession period
5. Early Termination Rights: Include when specific circumstances for early termination need to be detailed
6. Holding Over: Include when addressing the consequences of the seller remaining in possession beyond the agreed term
7. Property Sale Activities: Include when the property will be marketed for sale during the possession period
1. Schedule 1 - Property Details: Detailed description of the property including address and any inclusions/exclusions
2. Schedule 2 - Payment Schedule: Detailed breakdown of occupation fee payments, including amounts and due dates
3. Schedule 3 - Condition Report: Detailed report of the property's condition at the start of the possession period
4. Schedule 4 - Special Conditions: Any special conditions or variations to the standard terms
5. Appendix A - Property Handover Checklist: Checklist for final inspection and handover procedures
6. Appendix B - Utility Transfer Forms: Forms and procedures for managing utility accounts during the possession period
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Property Management
Residential Property
Commercial Property
Property Development
Banking and Finance
Insurance
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Risk Management
Operations
Conveyancing
Settlement
Contract Administration
Relevant Roles
Property Lawyer
Real Estate Agent
Conveyancer
Property Manager
Legal Counsel
Contract Administrator
Settlement Agent
Real Estate Partner
Property Paralegal
Compliance Officer
Real Estate Transaction Coordinator
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