Early Access or Possession Licence

  • The Seller agrees to grant the Buyer Possession Before Settlement, on the Possession Date, subject to clause [8.5 H&L | 8.6 CTS] of the REIQ Terms and otherwise on the terms and conditions contained herein:-
  • Payment of a licence fee of [$AMOUNT] per [day/week/month] [in advance on the first day of each day/week/month] or [to be adjusted at settlement];
  • The Buyer must provide a certified copy of a Certificate of Currency of Insurance from an insurer satisfactory to the Seller for:-
  1. Public Liability of at least $20 million; and
  2. Building and Contents Insurance for full replacement value of the Improvements on the Property.
  • The Buyer accepts the Property in the condition that it is when they take possession and will not make any claims, proceedings, actions or demands against the Seller in relation to the condition of the Property following the Possession Date;
  • The Buyer will not withhold any amount from the Purchase Price or otherwise delay Settlement on account of any of the matters referred to in Special Condition 1(c);
  • The Buyer agrees not to make any alterations to the Property prior to Settlement;
  • All adjustments of Outgoings will be calculated as at the Possession Date;
  • Title to the Property will not pass to the Buyer until Settlement;
  • The Buyer waives any rights that they may have now or in the future to terminate the Contract except to the extent that such rights may stem directly from a breach by the Seller subsequent to the Possession Date;
  • The licence may be revoked by the Seller at any time by notice in writing to the Buyer in which case the Buyer and any of the Buyer’s invitees, guests or other occupants must vacate the Property within fourteen (14) days of the date of the notice;
  • The Buyer and any of the Buyer’s invitees, guests or other occupants are to vacate the property at 5:00pm on that day which is fourteen (14) days after the Contract is validly terminated by either party or the Contract otherwise comes to an end;
  • In the event that the Contract is terminated by either party or the Contract otherwise comes to an end and the Buyer is entitled to a refund of their Deposit, the Buyer irrevocably authorises the Deposit Holder to release to the Seller from the Deposit held any sum or sums required to be paid in order to make good any damage or uncleanliness caused to the Property by the Buyer’s occupation thereof. Where the Buyer is not entitled to a refund of the Deposit under the terms of the Contract, or the Deposit is insufficient to cover the costs of reinstatement in full, then the Seller shall be entitled to recover the costs from the Buyer as liquidated damages payable on demand.