This office lease clause states that the landlord warrants and represents that the building and premises are suitable for the safe and healthy occupancy by the tenant, its employees, agents, invitees and visitors. Under this clause the landlord is obligation to maintain this condition of the building and premises.
King Washington Safe Occupancy Clause
State:
Multi-State
County:
King
Control #:
US-OL3042
Format:
Word;
PDF
Instant download
Description
How to fill out Safe Occupancy Clause?
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FAQ
Verification. Lenders usually stipulate that homeowners have 30 days after closing to occupy a primary residence. To verify the person moving in is actually the owner, the lender may call the house and ask to speak to the homeowner. A tenant is likely to respond that the owner lives elsewhere.
Lenders verify owner-occupancy because of the regulatory requirements, financial implications, and risk factors associated with owners living onsite.
Occupancy fraud is akin to banking fraud, where banks can request the loan be paid in full. Those who commit occupancy fraud may also face fines, penalties, and even jail time.
Violating your occupancy clause is a form of mortgage fraud. Your mortgage company could revoke your mortgage and call the entire loan due and payable. If you can't pay it, this could lead to a foreclosure.
Verification. Lenders usually stipulate that homeowners have 30 days after closing to occupy a primary residence. To verify the person moving in is actually the owner, the lender may call the house and ask to speak to the homeowner. A tenant is likely to respond that the owner lives elsewhere.
If you have a pre-existing mortgage and have taken on tenants, there is a chance that you could be breaking your mortgage contract without even knowing. Depending on your loan type, you may be allowed to rent out your property without any complications with your lender.
The consequences of mortgage fraud can be severe. If a person's lender learns that any part of a person's loan application was false, it can demand immediate, full repayment of the mortgage loan. If the borrower is unable to pay, the lender can foreclose on the property. In addition, mortgage fraud is also a crime.
A use and occupancy clause is an agreement between two parties in a real estate transaction. It is specifically used to provide either the buyer or the seller with occupancy in the property outside of a standard timeframe.
There are three types of occupancy: Principal Residence: The subject property will be a Primary Residence inhabited by the borrower.Second Home: The subject property will be occupied by the borrower for some portion of the year.Investment: An investment property is owned but not occupied by the borrower.
