FACTS:                    

The buyer and seller have agreed in an addendum that the seller will deliver possession of the home three (3) days after the close of escrow. 

ISSUE:                      

Other than documenting the possession date in an addendum, are the agents required to take further action on behalf of their respective clients?

ANSWER:                

Yes.

DISCUSSION:         

Because of the inherent risk in pre- and post possession agreements, the Commissioner’s Rules require licensees to advise their clients in writing to seek “appropriate counsel from insurance, legal, tax and accounting professionals regarding the risks of pre-possession and post possession of the property.”  A.A.C. R4 28-1101 (K).