Seller Use And Occupancy Agreement With Escrow
WHEREAS, the undersigned are the Seller(s) to ____________________________________ and under a Purchase and Sale
Agreement dated __________________ for the sale of the property known as _____________________________________ and
WHEREAS, the undersigned has requested permission from the Buyer(s) to remain upon the premises from the closing of the Title
to _____________ AM/PM on ___________________ and
WHEREAS, the Buyer(s) are willing to grant such permission upon the terms and conditions as set forth herein;
1.
This agreement shall survive the recording of the deed;
2.
That in consideration of the granting of the right of the Seller(s) to retain possession of the premises through
______________________, the Seller(s) agree to the following:
a. Seller(s) shall have the right to occupy the premises through _________ AM/PM on _______________ at
a daily rate of $__________ for a total of $ _______________ to be paid at the time of closing. Said amount
is the per diem for principal interest, taxes, and insurance.
b. Buyer(s) shall be exempt from any and all liability for any damage or injury to persons or property resulting
or arising from any cause or happening on the premises but for any damage or injury related to Buyer(s) action
or inaction or arising from the date of closing through vacancy, and Seller(s) agree to indemnify the Buyer(s) and
hold them harmless from liability but excluding Buyer(s) and any person on the premises at their request. Seller(s)
agree to keep the present insurance in place to cover the Sellers’ personal property and limited liability. It is
understood that Buyer(s) also have a general liability and fire policy of insurance on said property and that the Seller(s)
has the right to require participation of said carrier if necessary by requiring Buyers’ participation. The indemnification
and hold harmless clause does not extend to the Buyers’ insurer.
c. Seller(s) agree to keep utilities, with the exception of water, in Sellers’ name through vacancy and pay bills from
such utilities as they become due.
d. This agreement does not create any type of tenancy, only a license to occupy. Buyer(s) shall have the right to remove
Seller(s) from the premises without the necessity of commencing legal proceedings with the Housing Court or any court in
the Commonwealth of Massachusetts, should Seller(s) not vacate on or before ________________________.
e. A holdback in the amount of $_____________________ shall be escrowed from Sellers’ proceeds at closing by the
Buyers’ attorney until the Seller(s) vacates the premises and it is released upon satisfactory inspection of the premises by
the Buyer(s). Buyer(s) shall not unreasonably withhold authorization of their satisfaction, reasonable wear and tear
excepted. The escrow agent shall not withhold funds for any reason other than the Seller(s) failure to vacate, or damage,
reasonable wear and tear excepted.
f. If Seller(s) does not vacate the premises by _______________________________, then the rent shall become
$___________ per day for each day thereafter.
__________________________________
Seller
Date
__________________________________
Seller
Date
_________________________________
Buyer
Date
__________________________________
Buyer
Date
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