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5 Ways To Save Money By Signing A Use & Occupancy Agreement

Law Articles

Waiting for a house sale to close can feel like forever. Instead of feeling like you're locked out of your future home, there are ways to get in early before the sale actually closes. When working with a real estate lawyer, you have the option to create and sign a document known as a Use & Occupancy Agreement. With the agreement, the home seller will give you access to the home until the sale closes and you are the official owner. Not only does this get you into your home quicker, but there are several financial benefits to this option.

Browse through the following five ways you can save money with a Use & Occupancy Agreement.

Temporary Residences

If you have sold another home or a lease ended, you may have extra time between homes. The cost of temporary residences like hotels, motels, and weekly apartments can add up quickly. The money you pay for these places may add a roof over your head, but it will feel like a huge waste until the home closes.

By using the agreement, the payments you make are limited and set forth in the agreement. The money could go towards the mortgage or insurance, but it's all directly invested into the house. Not only will this help financially, but it can prevent you from living out of your suitcase for weeks.

Apartment Lease Expansions

If you're living in an apartment where the lease has expired, you could end up paying even more to stay in that temporary home. The landlord may force you to sign a one month lease. If this lease overlaps the closing time, then you will likely be paying for both a mortgage and a lease at the same time.

Getting into the new home as quick as possible will help prevent paying anything extra that you don't want to pay for. A real estate lawyer can also help you with any lease deal problems you come across. Their professional services will help make a move as easy as possible.

Storage Unit Costs

Moving from home to home may require the use of a storage unit for furniture, boxes, and other items. Storage unit prices can quickly add up and some plans may force you to rent the unit for extra months. Instead of paying for the storage unit, your lawyer can help work out a plan for the Use & Occupancy Agreement. As a part of the agreement, the current homeowner can allow you to use the garage, shed, or basement space as a temporary storage unit until the sale closes.

Once the house closes, it will be easy to unload everything and set up the home the way you want it.

Moving Supplies & Rentals

When a house closes, you typically want to move stuff as soon as possible. It's hard to predict the exact day and time the house will close. This means that you could waste extra money on moving trucks and other supplies that are not needed yet. By signing a Use & Occupancy agreement, you have the ability to get extra time for your moving. This means that instead of paying premium prices for moving equipment, you can save money and select it on days that are more cost effective.

Working Days

Along with paying for moving truck rentals, an extended closing and quick move could effect your work schedule. Instead of taking extra days off of work or limiting your schedule, the agreement will give you more flexibility. This can help you work as much as possible and save extra money towards the home. A lawyer can ensure the agreement allows you to move stuff in and in some cases you can even start decorating the home.

A lawyer, like one at Rella, Paolini & Rogers, can help make everything clear on the agreement that is made. You do not want to face liability issues by breaking the agreement or not following the proper procedures.


2 June 2015