Situations like those are where a use and occupancy agreement can help. Read on below to learn more about what a use and occupancy agreement is, how it works, and how you can use one to keep your transaction together in a pinch. What is a Use & Occupancy Agreement? A use and occupancy agreement - sometimes referred to as a U&O - is a temporary agreement between the buyer and the seller that allows one party the right to use and occupy the property for a set period of time. When a U&O might come in handyTraditionally, a U&O agreement comes into play whenever an original settlement date is changed or otherwise delayed.

Source: Forbes December 27, 2018 18:33 UTC