It provides coverage for fire damage. It is also a good idea for sellers to continue the maintenance of the yard. Real estate transactions consist of many moving parts. A contract of use and occupancy – sometimes referred to as a U&O – is a temporary agreement between the buyer and seller that establishes a party`s right to use and occupy the property for a certain period of time. It is usually set up when the buyer needs to move into the property before the property can be transferred. As a rule, the purchase or purchase (P&S) contract states that the seller leaves the property before closing, removes all personal belongings and leaves only those items that have been agreed, such as the refrigerator, washer and / or dryer.
