In real estate, what does "occupancy" mean?

Occupancy in real estate refers to the physical possession of a property by an individual or entity. This concept indicates that a person is living in or utilizing a space, whether it be a residential home, rental property, or commercial space. Physical possession not only involves being present in the property but also implies having a right to use it, which can occur through ownership, leasing, or other agreements.

This understanding of occupancy is crucial in various real estate transactions and legal situations, including landlord-tenant relationships, property management, and closing processes. The other choices relate to different aspects of real estate but do not accurately capture the specific meaning of occupancy. For example, market value pertains to the worth of a property, the process of buying a home encompasses multiple steps in the transaction journey, and the transfer of property deed relates to the formal legal transfer of ownership rather than the act of possessing a property.