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
Legal order for a person to present at a deposition or trial documents in his possession, such as related to a real estate transaction. ...
When a real estate owner wants to know what their property tax liability is, they calculate the assessment ratio for their property. An assessment ration is a relationship between a real ...
Removing a debt by making full payment. A mortgage discharge is a document formally specifying that a mortgage debt have been paid. It is typically recorded in a local property deeds ...
An increase in the income tax basis of a property that is a result of a tax-free exchange. As a result of an inheritance, for example, the basis of the inherited property was stepped up to ...
City apartment building that is overcrowded, poorly constructed or maintained, and generally part of a slum. In law, a tenement also refers to possessions of an individual that are ...
The meaning of a development impact fee or impact fee defines a one-time cost the local government imposes on a brand new or planned development project (regularly on a property developer.) ...
Limited period of time granted by state law to an individual who has had his or her property foreclosed on and sold to regain possession of the property by repaying the debt that was ...
New cost less accumulated depreciation to date. ...
The meaning of the term tort outlines a wrongful act resulting in injury or damages. For example, trespassing on someone’s private property can end up destroying a part of it. ...
Have a question or comment?
We're here to help.