In order to protect the rights and obligations of both seller and buyer, an Interim Occupancy Agreement should be used if a buyer wants early possession of the property.
What is Interim Occupancy Agreement?
- A leaseback agreement is governed by a contract known as an interim-occupancy contract. In this kind of agreement, the seller rents the buyer's property back.
- A leaseback is a property sale. In a leaseback, the property is sold with the express or implied right of the seller to immediately lease it from the buyer after the sale.
- Sale and leaseback is another name for a leaseback. An interim-occupancy contract is a legal document given by a local government organization or building department that attests to a building's adherence to all relevant building standards and legislation and that it is in a fit state for habitation.
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