use and occupancy agreement vs. lease/rental agreement

[Michael Montalto]

Hi - I have an agreement in place to purchase a condo. The seller is also purchasing another property. Our close date is July 1st but he wants to stay in the unit until Sept 1st  He wants to enter into a use and occupancy agreement for that 2 month period. My initial thought is that I should do a standard 2 month lease as he will be a tenant and I will own the property.

Is this common for this situation?

Any advice is appreciated.

-Mike