Ideally, sellers sell their homes in the morning and purchase their new home with the proceeds from the sale later that same day. An attorney working with the client will make sure that this happens in this sequence. Typically, a seller gives occupancy to the buyer at the time of closing. However, in some instances, the seller cannot give occupancy to the buyer (because their new home may not be ready for them to move in to). Under those circumstances, a use and occupancy agreement is entered into between the buyer and the seller at the time of closing whereby a firm date is established for the seller to move out of their new home while paying a per diem rent typically based on the carrying charges of the buyer. In a typical use and occupancy agreement, there is an escrow provided and a penalty provided in the event the seller does not vacate the home at the agreed-upon date.