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What does occupancy mean in real estate?

Occupancy is a concept in property law defined as the state of possessing or residing on a piece of property. Both owners and tenants can be in occupancy of a property. Actual occupancy of a piece of property is a necessary condition in many states for a successful adverse possession claim.

What is the difference between a tenant and an occupant in Ontario?

The lease agreement is between the landlord and tenant only. Occupants are not tenants; they are not named on the lease, but you can authorize them to stay on the property as a landlord. Occupants do not have financial responsibility for the lease and have no specific rights under landlord/tenant law.

What does occupancy mean in a lease?

Dictionary Definition of the Word Occupancy If a property is under-occupancy, it is in the state of being occupied. To occupy (verb) is the act of residing in or on an area, either legally or illegally. You can occupy an apartment legally by signing a lease, or you can illegally occupy it by squatting.

What is an occupancy agreement Ontario?

Generally, an occupancy agreement is a short term agreement between the property owner and the person wishing to occupy the property. Its most commonly used when a home buyer wants/needs to move into the property theyve purchased before the propertys closing date.

What is the difference between a tenant and an occupier?

An occupier is someone who stays in a rental property on a long-term basis but is not the tenant. For example, lets say that your tenant has a partner that does not live with them all the time but stays over a couple of nights a week. In this case, the partner would be an occupier of the property.