The Real Estate Encyclopedia
What Is Early Occupancy?
Category - Home Selling Questions - Selling Legal & Closing FAQ's

Early occupancy occurs when a Buyer moves into the home prior to closing.  Although this practice is not recommended, it may be necessary depending on the buyerís needs and sellerís willingness.  If, for example, the home is vacant and the purchase contract has been negotiated as well as the loan approved, the seller may agree to this arrangement.  If the buyer asks for early occupancy, the seller must heed the listing agentís advice to complete and sign the necessary documents.  These documents are designed to legally protect the seller by establishing rules of how the property must be maintained, establishing a daily or monthly rent amount owed by the buyer and determining penalties incurred by the buyer should he/she fail to maintain the property or default on the closing.

 

It is possible that the yard sign and lockbox be removed during early occupancy but the listing agent may insist on keeping the home in the MLS until closing.  Special showing instructions will be included in the listing at that time. 

 
Category(s)
Home Selling Questions - Selling Legal & Closing FAQ's
[edit]
Home   |   About Us   |   Contact Us   |   Patrons   |   FAQ's   |   Site Map
© 2008 - All Rights Reserved.
Thank you for visiting Real Estate Wiki - the leading dictionary, directory, encyclopedia and glossary for the real estate and mortgage industries .