When it comes to real estate, “owner-occupied agreement” is a term that gets thrown around quite often. But what exactly does it mean, and how does it apply to homeowners in Philadelphia?

An owner-occupied agreement, also known as an owner-occupancy agreement, is a legal document that outlines the terms and conditions of a property owner living in a property they own. This agreement is commonly used when a homeowner wants to rent out a portion of their property while still residing in the same property.

In Philadelphia, owner-occupied agreements come into play in a few different scenarios. For example, let`s say you own a multi-unit property, such as a duplex or triplex. You might choose to live in one of the units and rent out the other(s). In this case, you would need an owner-occupied agreement to establish the terms of your residency, as well as the rights and responsibilities of your tenants.

Another scenario in which an owner-occupied agreement might be necessary is if you`re a homeowner who wants to rent out a spare bedroom or guest house on your property. In this case, the agreement would establish the terms of your tenancy with your tenant, and would also outline the responsibilities of both parties when it comes to shared spaces and utilities.

So, what specific terms might be covered in an owner-occupied agreement in Philadelphia? Here are a few examples:

– Length of occupancy: The agreement would specify how long you plan to live in the property as an owner-occupant.

– Rent and payment terms: If you`re renting out a unit or room, the agreement would detail the rental amount and payment terms.

– Shared spaces: If you`re sharing common areas with tenants, the agreement would specify how those spaces are to be used and maintained.

– Utilities: The agreement would outline who is responsible for paying for utilities such as water, gas, and electricity.

– Guest policies: If you`re living on the property with tenants, the agreement would specify any policies around guests and visitors.

If you`re a homeowner in Philadelphia considering an owner-occupied agreement, it`s important to work with a real estate attorney or other legal professional who can help draft a legally sound agreement that protects your interests as well as those of your tenants. With the right agreement in place, you can enjoy the benefits of renting out a portion of your property while still maintaining your status as a homeowner-occupant.