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
A lease requiring tenants to pay all utilities, insurance, taxes, and maintenance costs. ...
Condensed appraisal report covering the major items. ...
Time period for which one expects to keep property such as a real estate investment. ...
Individual who enjoy a freehold land right. ...
Provision in an agreement in which its renewal is a matter of course at the end of its initial term. ...
Significant elevation of land. Narrow upward strip. Connection of edges between different sloping surfaces. ...
Holding pool of mortgages. It is marketed as a tax exempt mortgage backed security for investors. ...
Impeding and restricting people in various activities based on their race, ethnic reasons, or religion now goes against US laws in effect. In the past, especially in the 1960s, ...
Basis for the valuation of property acquired from a decedent for tax purposes. The unified transfer tax in 1976 provides for the valuation of property to be the adjusted basis immediately ...
Have a question or comment?
We're here to help.