Real estate transactions can be extremely complex. It is important to consult a lawyer on the various contingencies that are necessary to build into your agreement when buying or selling a home. Both parties may have legitimate doubts about a buyer`s ability to obtain financing and other matters. At Pulgini and Norton, our experienced Boston lawyers can advise you on the transaction and, if necessary, draft an appropriate use and occupancy contract. Our firm conducts real estate transactions in Weymouth, Newton and Braintree, particularly in Massachusetts cities. To consult a real estate lawyer, contact us online or at 781-843-2200. The purpose of an occupancy and use agreement is to grant a license to use the premises to someone other than the owner. It is structured in such a way that a potential buyer can be removed from the premises if financing or other complication prevents the sale. However, your agreement must expressly specify that it is not a renter-tenant contract or that it is treated as such by Massachusetts law. With a clear use and occupancy contract, it is easier for the seller to accept the buyer who occupies the residence before closing.
It is also easier for the seller to withdraw the buyer if the financing does not pass. The agreement must be clearly formulated, otherwise the seller could be subject to legal proceedings that will take months to remove the buyer. If the agreement stipulates that a buyer must pay all legal fees if he is to be evacuated, there is an incentive for the buyer to cooperate and avoid problems for the seller. MassHousing`s standard occupancy agreement, revised in September 2009, can be found in the links below. If you have any questions, talk to your asset manager. A seller may worry about letting the buyer live in the house while waiting for the loan to pass. It is reasonable to facilitate the sale by allowing the buyer to return early, but it is possible that anything that may go wrong could, in this case, face the difficult situation of getting the buyer out. The law protects tenants who need to be followed. In this case, a use and occupancy contract could offer the buyer an option that protects both the buyer and the seller, without subjecting the seller to the rules to which the owners are subject. 940 CMR 3.17 Landlord`s Tenant [unfair and deceptive acts] indicates the prohibited acts of landlords in the areas of conditions, notices, leases, sureties, evictions and more. Subsection (6) (e) indicates when a landlord is allowed to enter the tenant`s house. If you buy or sell a home, there may be different complications that delay the actual sale.
For example, when a buyer receives financing, the credit process involves several steps to take in order for the lender to finally agree. One way to solve this type of problem is through a use and occupancy agreement. At Pulgini and Norton, our Boston real estate lawyers can negotiate and design such an agreement to create a framework so that you can work and live in a house before closing in situations where there are financing or closing complications. For Section 8 and MRVP tenants with vouchers to rent, you must sign a rental agreement with your landlord and there must be a facility called a “complement.” 125 For public housing, you must also sign a rental agreement, sometimes called an “occupancy contract.” 126 HOME income and property tax credits generally require a written lease first, although some may switch to a monthly agreement at the end of the written lease.127 The Shelter Plus Care program requires an occupancy contract, but has a monthly term.128 124 Federal: 24 C.F.R.
