Pennsylvania Real Estate Continuing Education Courses - PENNSYLVANIA School License: RU003266
3.0 hours Contracts and Leasing Course Syllabus
3.0 Elective Hours.
In many circumstances, the date of possession is not the closing date. Usually, this is because the seller will need to close their current home and receive the net proceeds from that home before they can purchase their next home. Even in an ideal situation where both homes close concurrently, the homeowner will need time to move to the next home.
There are also circumstances where the seller will need extra time to move for various other reasons. An addendum should be drawn up and attached to the PSA that addresses the length of the possession period by the seller, which party will ensure the home during the “possession” period, what charge if any will be paid by the seller for this “possession” period.
Another situation may arise where a buyer may want to take possession before closing, especially on a vacant home. This situation should be avoided if at all possible. There’s always a chance a buyer may move into a property, discover some unknown, undesirable fact, and not want to proceed with the transaction. Should the transaction fail to close, the buyer already has possession of the property. Should the buyer refuse to leave, the seller may be forced to proceed with an eviction process.
This course explores the various types of real estate contracts and addendums. Upon course completion, the real estate professional will be able to explain the different types of contacts and their use.