Occupancy Agreement, Limited

Definition of "Occupancy agreement, limited"

Debran Collins real estate agent

Written by

Debran Collinselite badge icon

Russ Lyon Sothebys International Realty

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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Not paying taxes legally due the government. Examples are the failure to report rental income received and claiming false deductions on real estate holdings. The penalty for tax fraud is ...

Same as term trust; An agreement in which the trustee takes title of the property ( called corpus) owned by the grantor (donor) to protect or conserve it for either the grantor or the ...

Contract to act on the behalf of a principal in selling real estate. The principal agrees to pay a commission to the broker when a buyer is produced who is ready, willing, and able to meet ...

Local government ordinances governing real estate development including structural and design aspects. Zoning ordinances usually define various usage classifications ranging from ...

Subsoil that is beneath the A horizon and above the C horizon of the earth. ...

The right of local government to take property when no person are legally entitled to inherit or make claim to a deceased' property. ...

A rectangular area bordered on all sides by buildings. Often, a quadrangle is grassy with decorative landscaping. A quadrangle can be found in a central business district or on the site ...

The income earned on an investment, typically stated as a percentage of the market price ...

Measures looking at the past , current an future direction of the economy. They may have an impact on the real estate market. Each month government bodies, including the Federal reserve ...

Popular Real Estate Questions