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\n <\/div>\n \n Step one: Talk to an expert!<\/h3>\n
Selling your house soon? Connect with a top agent near you to get an expert opinion on how much your house will sell for, what to fix before listing, and the latest local housing market trends.<\/p>\n \n
Marc Lagrois, a top Michigan real estate agent, says occupancy after closing is a very common occurrence. \u201cIt doesn\u2019t diminish the allure of property, as long as it\u2019s a reasonable timeframe,\u201d he says.<\/p>\n
How does a U&O differ from a lease?<\/h2>\n
While a use and occupancy agreement might seem a lot like a lease, there are some fundamental differences.<\/p>\n
With a lease, the tenant has certain basic rights<\/a>, such as the right to not have their privacy infringed upon, and to not be charged a deposit above a certain amount, among others. With a U&O, the seller inhabiting the home is not contractually granted those standard rights<\/a>.<\/p>\n Lagrois compares the U&O to an Airbnb rental, in that there is no formal tenant\/landlord relationship. \u201cIt\u2019s just a very limited contract that grants the seller the ability to remain for a fixed period at a fixed rate,\u201d he explains.<\/p>\n According to real estate attorney David Reischer<\/a>, a U&O also makes it easier to evict and remove a person from a property if something goes wrong compared to a lease. \u201cA U&O should always specify that the agreement creates a mere license to occupy the premises, and is not a tenancy,\u201d he says.<\/p>\n