A Use and Occupancy (U&O) agreement permits home buyers to occupy their new property before the closing date, acting as a temporary solution that resembles a short-term rental. This legal document specifies the terms of living in the home, including duration and responsibilities, without transferring ownership. It is particularly helpful for buyers whose circumstances, such as lease expirations or job relocations, necessitate an earlier move-in date. It is imperative for both parties to have a written agreement for clarity and to avoid potential disputes.
A Use and Occupancy (U&O) agreement is essential for buyers needing early access to their new home before the closing, providing a temporary legal arrangement.
Life circumstances may require buyers to occupy their new home before closing, necessitating a U&O to ensure clear understanding of responsibilities and terms.
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