Contracts
What is a 'use and occupancy' agreement in a Nevada real estate transaction?
AA commercial lease for office space
BA short-term agreement allowing the seller to remain in the property after closing (seller rent-back) or the buyer to occupy before closing — for a specified period and compensation✓ Correct
CAn HOA agreement governing property use
DA NRED-required agreement for property management
Explanation
A use and occupancy agreement (U&O) in Nevada allows either a seller to remain in the property after closing (seller rent-back) or a buyer to take possession before closing. It specifies duration, daily rent, security deposit, and liability arrangements for the transition period.
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