Use and Occupancy (U&O)

Home Ownership Financial Terms Dictionary

Contents

Use and Occupancy is a real estate agreement that allows one party to use and/or occupy property before ownership is transferred to the other party.

U&O permits ensure everything complies with local code, ordinance and all relevant permits have been filed.
U&O checks must be completed within a certain period of time and are only valid for a certain period of time.
Buyers and sellers clarify the terms of the contract in areas In areas without CE requirements.