What is the purpose of an early occupancy contingency?

An early occupancy contingency serves to specifically allow the buyer to move into the property before the official closing date. This type of agreement is particularly beneficial for buyers who may need immediate access to the property for personal reasons, such as starting renovations, moving closer to work or school, or other circumstances that require them to occupy the home right away.

This arrangement typically outlines conditions under which the buyer can take possession, including stipulations regarding liability, maintenance, and responsibilities for utilities. It is a formal way to structure the move-in process so that both the buyer and seller have clear expectations regarding the occupants' rights and obligations prior to the official transfer of ownership.

The other choices relate to different scenarios and contingencies that do not align with the primary purpose of an early occupancy contingency. For instance, the option about enabling the seller to stay after closing emphasizes a post-closing arrangement rather than a pre-closing scenario.