Contracts
In Oregon, what is the purpose of a 'use and occupancy agreement' (post-closing occupancy) in a real estate transaction?
ATo convert the property to a rental after the sale
BAn agreement allowing the seller to remain in the property after closing for a specified period, paying rent to the new owner✓ Correct
CAn agreement between tenants on how to share the property
DA permit from the city authorizing residential occupancy
Explanation
A post-closing occupancy agreement (also called a rent-back or use and occupancy agreement) allows the seller to remain in the property after the deed transfers for a negotiated period (typically days to weeks). The seller pays rent to the new buyer.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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