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FAQ #10 for Buyers: What is Interim Occupancy?
We discussed this yesterday in regards to the difference in the possession date and the closing date. Some buyers may assume that these two dates are one and the same, but in some cases, they are not. If the seller would like to stay in the home an extra couple of days after the closing to give them time to get all of their things out and the house cleaned, it is called a seller rentback. If a buyer would like to start moving their things into the home prior to closing, it is called interim occupancy. What is Interim Occupancy? Interim occupancy is an agreement that is an addendum to the purchase contract between the buyer and seller that addresses the possession date in reference to the closing date. This addendum is required when a buyer requests to have access to the property prior to the closing. Interim occupancy is sometimes necessary where one of the following issues is present: The seller has already moved out from the home or will be able to be moved prior to the closing date. The buyer's closing date cannot be completed prior to the buyers' needing to vacate their current living arrangment, i.e. the buyer ... more
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