Property Q&A in Arlington>Question Details

katfiles, Home Buyer in Arlington, TN

What is meant by "buyer assumes occupancy"?

Asked by katfiles, Arlington, TN Tue Jun 4, 2013

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This a foreclosure that has a renter in it and the it is requested that the tenant stay until the end of their lease. In other words, the bank doesn't want to be a landlord anymore. They want to sell, but there is a legally binding agreement with the bank and the tenant, so the bank wants the new owner to honor the lease.
0 votes Thank Flag Link Tue Jun 4, 2013
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