Occupancy Agreement, Limited
Definition of "Occupancy agreement, limited"
An agreement allowing occupancy of a premises for a stated period of time provided certain terms are met. A limited occupancy agreement is most frequently used when a prospective buyer is waiting for a closing to occur on a piece of property he/she wishes to occupy. For example, John is waiting to close an a home presently vacated by the prospective seller. John had to vacate his apartment prior to the closing. He negotiates a limited occupancy agreement with the seller where he agrees to pay $50 per day to occupy the premises until the closing which is scheduled in one week.
Popular Real Estate Terms
An easement granted to a public utility. ...
'Disputable' presumption that is subject to rebuttal based on evidence. However, the presumption prevails until it is rebutted. ...
(1) Cash revenue from product sales or services rendered less cash expenses. It is different from accrual earnings. (2) The money available after deducting operating expenses and mortgage ...
Certificates that pass-through principal and interest payments to investors. ...
Increase in the value of property arising from holding it. The gain is realized only when the property is sold at which time it is taxable. An example is the increase in the appraised value ...
Square footage of space a parcel of land has. ...
Structure have two dwelling units under the same roof. Two-story apartment unit. ...
Items of real and personal property that usually have a long life, such as housing and other real estate. ...
Distance from the location of natural ground and water to the actual ground level. ...
Have a question or comment?
We're here to help.