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
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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