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
Small furnace placed between the studs of a wall. It is typically electric, but in the past more frequently was gas. ...
One who agrees to pay the debts of another in the event that the debtor does not pay. The creditor can demand payment from the surety as soon as the debt becomes due. Although a surety ...
Protection over and above that of an insurance policy or warranty. ...
Day the attachment of property under a judicial order becomes effective. ...
Unregistered stock or bond that pays the holder dividends (if stock) or interest (if bonds) as well as the selling price when sold (if stock) or principal (if bonds are held to maturity). ...
A clearly stated notice that an owner or operator will not assume responsibility for an inherent risk. For example, at a parking garage, a large notice of nonresponsability clearly states ...
Material installed at the roof's edge for support. ...
Appreciation, or property appreciation in real estate is the increase in the value of a property or asset over time. This increase in value can be due to a number of factors; inflation, ...
Under law, a warranty in effect even if not expressly stated. It provides that real property sold is warranted to be appropriate for sale and is in proper condition even if not stated, ...
Have a question or comment?
We're here to help.