Legal Definitions - interim-occupancy agreement

An interim-occupancy agreement is a contract between a buyer and a seller that allows the seller to rent back the property from the buyer after the sale. This arrangement is also known as a leaseback.

John sells his house to Jane, but he needs to stay in the house for a few more weeks until he can move into his new home. They sign an interim-occupancy agreement that allows John to rent the house from Jane until he moves out.

Another example is when a business sells its building to an investor but continues to operate in the same location by leasing the property back from the new owner.

These examples illustrate how an interim-occupancy agreement can benefit both the buyer and the seller. The seller can stay in the property for a short period after the sale, and the buyer can earn rental income during that time.