What is early occupancy?
It is the possession of a property by a buyer prior to the close on the property. It is used when the buyer’s home has already closed and needs housing, or the Buyer is waiting on financing approval. Both situations may use this contract provision. This is established by an agreement in the purchase contract. Early occupancy is considered a form of tenancy until the property actually closes. Pre-conditions of such early occupancy include the payment of security deposits, executing the lease, and providing required insurance policies.