Some use and occupancy cases are common. One is if the buyer wants to move into the house before the house closes. In this regard, both parties agree on a use and occupancy agreement that would allow the buyer to live in the apartment for a certain period of time (i.e. the period between the date of withdrawal and the date on which they take possession). The advantage for the seller is that, if applicable, the seller could receive from the buyer of the house payments for use and occupancy, which is particularly advantageous if the seller has already left the house or if the property was empty before closing. Marc Lagrois, a leading real estate agent in Michigan, says post-conclusion occupancy is a very common event. “It doesn`t diminish the fascination of the property as long as it`s a reasonable amount of time,” he says. It`s worth understanding the benefits and complications of a use and occupancy agreement, if you may need to use one. A contract of use and occupancy is a legal document that should be drawn up by a real estate agent and a real estate agent. This ensures that both parties will be treated fairly and monitor the process. A use and occupancy agreement is a formal agreement between the buyer and seller of the house, which allows a party to occupy or use the property for a certain period of time.
This is not an actual purchase, so the owner retains ownership of the house during the agreement. There is also a so-called post-occupancy agreement that allows the seller to continue living in the property even after the sale. It`s a bit like a nose return. .