The terms “pre-possession” and “post-possession” in the context of property typically refer to the stages before and after the buyer formally takes possession of the property.
Here’s an explanation of the difference:
This phase occurs before the buyer officially takes possession of the property. During the pre-possession period, various activities and considerations take place. This could include negotiations, due diligence, inspections, and the fulfillment of any conditions outlined in the purchase agreement. The buyer may be preparing for the transfer of ownership, securing financing, and making sure that all necessary legal requirements are met.
This phase begins after the buyer has formally taken possession of the property. The ownership rights have been transferred, and the buyer has the right to occupy and use the property. Post-possession responsibilities may include ongoing maintenance, adherence to any covenants or agreements, and compliance with local regulations. Any issues or disputes that arise after the formal transfer of possession would fall into the post-possession category.
In real estate transactions, the terms and conditions related to pre-possession and post-possession may be outlined in the purchase agreement or other legal documents. It’s essential for both buyers and sellers to understand their rights and responsibilities during each phase to ensure a smooth and legally compliant property transfer. Consulting with a real estate attorney or professional can provide more specific guidance based on the laws and regulations applicable in a particular jurisdiction.
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