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Jun 18, 2024 · Vacant possession is a term used in property transactions to describe situations where a property is available at settlement at an agreed time and in an acceptable vacant condition, or when the settlement process has been completed for the buyer to move in.
Vacant possession refers to the typical condition in which a seller must hand over a property to a buyer upon completion, or a tenant must return the property to a landlord at the end of a lease.
If you are buying or selling a home, you might have heard the term 'vacant possession' come up but be puzzled about what it means. On the surface of it, it is a simple concept: a house 'sold with vacant possession' is a house that is empty and ready for the next owner to move in, unhindered.
Apr 13, 2024 · Vacant possession is a legal term that means the property is free of any occupants, personal belongings, rubbish, or other items that might interfere with the purchaser's use and enjoyment. Vacant possession is a specific requirement in most contracts of sale unless the property is sold with an existing tenancy or is being sold by mortgagee sale.
When buying or selling a house, the term vacant possession simply means that the house you’re buying or selling must be empty on the day of completion.
Nov 16, 2016 · Vacant possession usually has to be given in the following circumstances: When property is sold or a lease is granted. When a tenant vacates at the end of the term. When a tenant...
May 16, 2024 · If vacant possession is specified in a real estate contract and not delivered, the transaction cannot be completed. Often, vacant possession refers to a piece of real estate, such as a home or apartment, that has been completely vacated by prior tenants.
