Interim Occupancy Agreement Law and Legal Definition

An interim-occupancy contract is a contract that governs an arrangement called a leaseback. In this type of contract, the seller rents back property from the buyer. A leaseback is the sale of property. In a leaseback, the property is sold on the understanding, or with the express option, that the seller may lease the property from the buyer immediately upon the sale. A leaseback is also known as sale and leaseback.