Home Selling in 10036>Question Details

Dag Nabbitz, Both Buyer and Seller in New York, NY

When dealing with a "Use Of Occupancy" contract, what does it mean for the buyer&seller? besides the obvious.

Asked by Dag Nabbitz, New York, NY Thu Nov 15, 2007

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It can be used when a seller wishes to remain in the premises after the closing of the title. Instead of a lease or rent back "Use and Occupancy" can be negotiated into the contract of sale giving the seller use and occupancy of the premises for a specified amount of time. In a coop sale it can be useful for the seller to avoid having to submit a board package and having a board interview just to remain in their apartment.
Web Reference: http://nycblogestate.com
2 votes Thank Flag Link Sun Dec 9, 2007
Mitchell Hall gives great advice.
Flag Thu Jan 15, 2015
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
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Kinda glad that secured escrow is a bit better than gladstone's Ambigouos advice in this matter.
Web Reference: http://vonvonvon.com
0 votes Thank Flag Link Fri Nov 16, 2007
Just the obvious...premises can only be used for the purpose they were intended.
0 votes Thank Flag Link Fri Nov 16, 2007
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