occupation

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The right to physically occupy the property is called occupation. This usually occurs when the seller removes his posessions from the property and the keys are handed over to the Purchaser on the day that he/she is actually entitled to move in. Occupation can be 'vacant' or 'subject to existing tenancies'. Vacant occupation means that from that date the Purchaser can move into the property or put a tenant in, whereas occupation subject to tenancies means that the current tenant will carry on renting from the new owner.

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Terms that closely resemble "occupation":