Contracts
In New York, a 'post-closing occupancy agreement' (sometimes called a 'use and occupancy agreement') allows the seller to:
AStay in the property after closing for a fee
BRemain in the property after closing for an agreed period at an agreed-upon daily or monthly rate, typically treated as a short-term tenancy✓ Correct
CRetain a security interest in the property after closing
DContinue to list the property after closing
Explanation
A post-closing occupancy agreement (U&O) allows the seller to remain in the property after the closing date for a specified period, paying the buyer a daily rate. It is common when the seller needs time to relocate or when the closing happens before the seller's new home is ready.
People Also Study
Related New York Questions
- Under New York law, if a real estate contract does not specify a closing date, a court may hold that a 'reasonable time' to close is:Contracts
- A walk-through inspection before closing in New York allows the buyer to:Contracts
- The New York 'cooling off' period under the Condominium Act and co-op offering plans allows purchasers to:New York License Law
- In New York, the period between signing a purchase contract and closing is most commonly used for:Contracts
- In New York, which of the following is a common 'closing cost' paid by the BUYER?Contracts
- In New York, 'points' paid to reduce the mortgage interest rate (discount points) are sometimes called:Finance
- A seller in New York wants to net $400,000 after paying a 5% broker commission and $8,000 in closing costs. What must the property sell for?Real Estate Math
- A building in New York has 20 rental units. Fifteen units are rented at $1,500/month and five units are rented at $1,800/month. The building sold at a 7.5% cap rate. What was the approximate sale price (assuming full occupancy and no expenses for simplicity)?Real Estate Math
Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Study This Topic
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →