Many people have concerns over the post-closing possession period (aka the Possession Period). I get a lot of questions like â€œWhat happens if I let the Seller have three days of possession and they put a hole in the wall during that time?â€ Unfortunately the Seller is not liable for any damages incurred during the Possession Period by default. I say by default because the standard purchase contract does not include language protecting the Buyerâ€™s new home during the possession period. So if the Seller requests three days of possession after closing to allow them a few extra days to move out, they can incur damages they are not responsible for fixing.
A way around this is to amend the possession clause in the contract to include language that will ultimately protect the Buyer. The Buyerâ€™s real estate agent will be able to do this and be sure the language explicitly spells out that the property must be in the same condition as it was at the time of contract acceptance. The amended language should also specify that any and all damage done during the possession period must be remedied prior to Buyerâ€™s possession.