Georgia Use and Occupancy Agreement by Purchaser Pre-closing

State:
Multi-State
Control #:
US-0619BG
Format:
Word; 
Rich Text
Instant download

Description

Sometimes the purchaser of residential property desires to occupy the residence prior to the closing date of the sale. This form covers such a situation.
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  • Preview Use and Occupancy Agreement by Purchaser Pre-closing
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FAQ

Prior to the Lease Commencement Date, Landlord shall allow Tenant early access to the Premises. The purpose of Tenant's early access is for Tenant to do its space planning, complete installation of Tenant's equipment, and construct improvements to the Premises (subject to the terms of this Lease).

Early buyer possession should be handled with a written lease agreement that's separate from the purchase agreement. Sellers should run a thorough background check on their buyers before agreeing to early-possession terms.

The term use and occupancy (U&O) refers to a real estate agreement between two parties that allows one party to use and/or occupy a property before ownership is transferred from one side to the other.

If Tenant occupies the Property prior to the Commencement Date, Tenant's occupancy of the Property shall be subject to all of the provisions of this Lease. Early occupancy of the Property shall not advance the expiration date of this Lease.

Even though early occupancy agreements are great for the buyer, they come with risks for the seller. In addition to all the risks a normal landlord would have, there is the additional risk of something going wrong with the buyer's mortgage and the buyer not being able to actually buy the house.

Who needs to attend the closing? Anyone whose name appears on the loan or the title to the property must be present at closing or be represented by a power of attorney approved by us and your lender.

Early occupancy is a term that is used to describe when a seller of a home allows the buyer to move into that home before the actual sale is closed.

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Georgia Use and Occupancy Agreement by Purchaser Pre-closing