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Simple English definitions for legal terms
interim-occupancy agreement
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A quick definition of interim-occupancy agreement:
An interim-occupancy agreement is a contract between a buyer and seller of a property. It allows the seller to rent back the property from the buyer for a certain period of time after the sale. This is also known as a leaseback. It's like when you sell your toy to a friend but ask to borrow it back for a little while.
A more thorough explanation:
An interim-occupancy agreement is a contract between a buyer and a seller that allows the seller to rent back the property from the buyer after the sale. This arrangement is also known as a leaseback.
John sells his house to Jane, but he needs to stay in the house for a few more weeks until he can move into his new home. They sign an interim-occupancy agreement that allows John to rent the house from Jane until he moves out.
Another example is when a business sells its building to an investor but continues to operate in the same location by leasing the property back from the new owner.
These examples illustrate how an interim-occupancy agreement can benefit both the buyer and the seller. The seller can stay in the property for a short period after the sale, and the buyer can earn rental income during that time.