Define: Early Occupancy

Early occupancy refers to a situation where a tenant or buyer is granted permission to occupy a property before the official start date specified in the lease or purchase agreement. This arrangement may occur for various reasons, such as allowing the tenant to move in before the lease term begins, accommodating a buyer who needs immediate possession of the property, or facilitating renovations or repairs prior to the closing date. Early occupancy terms are typically negotiated between the parties involved and may involve additional fees or conditions. While early occupancy can offer convenience and flexibility, it also carries certain risks and legal considerations, such as liability for damages incurred during the early occupancy period and ensuring that insurance coverage is in place to protect both parties. It is important for landlords, tenants, and buyers to clearly outline the terms of early occupancy in a written agreement to avoid misunderstandings or disputes later on.

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This glossary post was last updated: 29th March 2024.