The Colorado Post Closing Occupancy Agreement is a legal document that allows sellers to remain in a property for a short period after the sale has closed. This form, also known as a Seller Rent-Back Agreement, is specifically designed for residential occupancy lasting no more than 30 days. It outlines the responsibilities and terms between the seller and buyer during this brief occupancy period.
The Colorado Post Closing Occupancy Agreement, often referred to as a Seller Rent-Back Agreement, is a crucial document in real estate transactions where the seller requires additional time to remain in the property after closing. This form is specifically designed for short-term residential occupancy, with a maximum duration of 30 days. It outlines the responsibilities of both the seller and the buyer, ensuring clarity in the arrangement. Key components include the terms of occupancy, maintenance obligations, and financial responsibilities, such as rent payment and utility costs. The seller must maintain the property in good condition during the occupancy period, while the buyer retains the right to access the property for necessary repairs. Additionally, the agreement stipulates the handling of security deposits and potential liabilities in case of disputes. Given its legal implications, both parties are advised to seek legal counsel before signing to fully understand their rights and obligations.
1The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
2 (PCO70-10-11) (Mandatory 1-12) 3
4 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR 5 OTHER COUNSEL BEFORE SIGNING.
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10Note: This form is to be used only for short-term residential occupancy for a term not to exceed 30 days. A residential lease
11shall be used for a term longer than 30 days.
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1.
This Post-Closing Occupancy Agreement (Agreement) is entered into between
(Seller),
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and
(Buyer), relating to the occupancy of the following legally described real estate in the
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County of
, Colorado:
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known as No.
CO
(Property).
Street Address
City
State
Zip
182. Buyer and Seller entered into that certain Contract to Buy and Sell Real Estate dated __________________, and any
19amendments (Contract). All terms of the Contract are incorporated herein by reference. In the event of any conflict between
20this Agreement and the Contract, this Agreement shall control, subject to subsequent amendments to the Contract or this
21Agreement.
223. Seller shall retain possession of the Property from date of Closing to ________ days subsequent to Closing as set forth in
23the Contract (Term).
244. During the Term of this Agreement, Seller shall, at Seller's sole expense, keep the improvements and any personal
25property on the Property and owned by Buyer in the same condition and repair, normal wear and tear excepted, as of Closing,
26except as set forth in § 5. Unless such services are provided by a third party (e.g., homeowner’s association), Seller also shall
27maintain the landscaping and mow the lawn as previously maintained. Seller shall provide timely notice to Buyer of any
28improvement requiring maintenance or repair.
295. Buyer shall, at Buyer’s sole expense, maintain and repair the heating and cooling systems including ventilation and ducts,
30plumbing, electrical wiring, roof and structural components of the Property and all appliances in the Property owned by Buyer,
31and the lawn sprinkler system, if any. Seller shall be responsible for any misuse, waste, neglect or damage to the Property or
32personal property on the Property caused by Seller or Seller’s family or visitors.
336. Upon reasonable prior notice to Seller, Buyer shall have access to the Property at all reasonable times and Buyer, or
34Buyer’s designee, may enter the Property without interference or disturbing Seller’s possession of the Property. Buyer shall
35have the right, but not the obligation, to restore the Property and any items of personal property owned by Buyer to the same
36condition of repair and cleanliness as existed at the date of this Agreement, or Closing, whichever shall be later, and, in such
37event, Seller shall pay Buyer, in addition to the rent, the costs of such repair or replacement.
387. Rent shall be at the rate of $____________ per day for the Term of the occupancy, payable in advance at Closing and
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delivery of deed. Should Seller vacate earlier, the unearned rent
Shall
Shall Not be refunded to Seller.
408. Should Seller not timely surrender possession of the Property to Buyer, Seller shall be subject to eviction and shall be
41additionally liable to Buyer for payment of $____________ per day from and after the Term, until possession is delivered to
42Buyer.
439. Water and sewer charges incurred during Seller’s occupancy shall be paid by
Seller Buyer.
4410. Electric and gas service incurred during Seller’s occupancy shall be paid by Seller Buyer. Arrangements for the
45final reading and payments for said utilities and services shall be made by both parties.
PCO70-10-11. POST-CLOSING OCCUPANCY AGREEMENT
Page 1 of 2
4611. Seller Shall Shall Not maintain and pay the cost of (1) a Seller’s “Renters Policy” covering Seller’s personal
47property on the Property and (2) Shall Shall Not maintain and pay the cost of adequate liability insurance in favor of
48both Seller and Buyer and supply to Buyer evidence of such insurance. Buyer agrees to maintain and shall pay the cost of
49Homeowner’s Property Insurance Policy (which may be endorsed as a non-owner occupant/Buyer).
5012. Seller agrees that a security deposit in the amount of $______________ will be held by Buyer ________________
51from Closing until Seller vacates the Property. The security deposit shall be held and disbursed pursuant to Colorado law,
52generally within one month after the Term of this Agreement.
5313. Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation relating to this Agreement,
54prior to or after the Term of this Agreement, the arbitrator or court shall award to the prevailing party all reasonable costs and
55expenses, including attorney fees, legal fees and expenses.
5614. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real
57Estate Commission.)
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Buyer’s Name:
Buyer’s Signature
Date
Address:
Phone No.:
Fax No.:
Electronic Address:
Seller’s Name:
Seller’s Signature
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The Colorado Post Closing Occupancy Agreement is often accompanied by several other important documents. Each of these forms serves a specific purpose to ensure a smooth transition during the occupancy period. Below is a list of commonly used documents along with a brief description of each.
Having these documents in order can help prevent misunderstandings and protect the rights of both the buyer and seller. It is essential to review each document carefully and ensure all parties understand their obligations and rights throughout the occupancy agreement.
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After completing the Colorado Post Closing Occupancy Agreement form, both the seller and buyer should ensure that they understand the terms outlined in the agreement. This document is crucial for defining the responsibilities and rights of each party during the agreed occupancy period. Here’s how to fill out the form step by step.
The Colorado Post Closing Occupancy Agreement is similar to a Residential Lease Agreement in that both documents outline the terms and conditions under which a party occupies a property. While the Post Closing Occupancy Agreement is specifically designed for short-term occupancy, usually not exceeding 30 days, a Residential Lease Agreement is intended for longer terms. Both agreements typically include provisions regarding maintenance responsibilities, payment of utilities, and the rights of both parties concerning access to the property. However, the lease usually has more detailed terms regarding tenant rights and landlord obligations due to its longer duration.
Another document similar to the Colorado Post Closing Occupancy Agreement is the Rent-Back Agreement. This type of agreement allows sellers to remain in the home after closing, similar to the Post Closing Occupancy Agreement. The key difference lies in the terminology and specific legal implications that might arise from each document. Rent-Back Agreements often include more explicit details about rental payments and conditions for the seller’s occupancy, making them more tailored to situations where the seller intends to stay for an extended period.
A third document that shares similarities is the Temporary Occupancy Agreement. This agreement is used when a seller needs to stay in the property for a short period after the closing date, much like the Post Closing Occupancy Agreement. Both agreements allow for a defined term of occupancy and stipulate responsibilities regarding property maintenance and utilities. The Temporary Occupancy Agreement may also address issues like security deposits and insurance requirements, providing a framework for both parties to protect their interests during the occupancy period.
Lastly, the Leaseback Agreement is another document that bears resemblance to the Colorado Post Closing Occupancy Agreement. In a Leaseback Agreement, the seller sells the property but simultaneously leases it back from the buyer, allowing them to stay for a predetermined period. This arrangement often includes rental payments and specific terms about property maintenance and utilities, similar to the Post Closing Occupancy Agreement. However, Leaseback Agreements are typically more formalized and may involve more complex financial arrangements, especially in commercial real estate transactions.
A Colorado Post Closing Occupancy Agreement, often referred to as a Seller Rent-Back Agreement, allows a seller to remain in their property for a short period after the sale has closed. This agreement is typically used when the seller needs additional time to move out, usually for a term not exceeding 30 days. It outlines the terms and conditions under which the seller can occupy the property post-closing.
The agreement involves two main parties: the Seller and the Buyer. The Seller is the individual or entity selling the property, while the Buyer is the individual or entity purchasing it. Both parties must agree to the terms laid out in the agreement for it to be valid.
During the occupancy period, the Seller is responsible for maintaining the property in good condition. This includes:
Additionally, the Seller must pay for utilities incurred during their occupancy unless otherwise agreed upon.
The rental rate is specified in the agreement and is typically paid in advance at the time of closing. If the Seller vacates the property earlier than the agreed term, the terms regarding the refund of any unearned rent will apply as specified in the agreement.
If the Seller fails to vacate the property by the end of the occupancy term, they may be subject to eviction. Additionally, they could be liable to the Buyer for a specified daily rate for each day they remain in the property beyond the agreed-upon term.
Yes, the agreement typically requires a security deposit, the amount of which is specified within the document. This deposit is held by the Buyer until the Seller vacates the property. The deposit will be disbursed according to Colorado law, generally within one month after the occupancy term ends.
When filling out the Colorado Post Closing Occupancy Agreement form, there are important considerations to keep in mind. Below is a list of things you should and shouldn't do to ensure a smooth process.