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ZEIDMAN LAW OFFICES
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Concord, ON L4K 1X5
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Sellers' Legal Basics
Vacant Possession
Providing Possession
Unless your Agreement of Purchase and Sale states otherwise, you will be required to provide vacant possession of the home your are selling to the buyers on the day of closing. The buyers will not have the right to move into the home until after the transaction closes, which in most cases will occur in the afternoon. To avoid crossing paths with buyers when moving out, plan your move the day before or the morning of the closing date.
Side Agreements
People occasionally make verbal side agreements allowing the sellers to leave some furniture or other items on the premises until a few days after closing or allowing the buyers to move some furniture into the home a few days before closing. Sometimes the parties even agree verbally that the sellers can reside on the property for a while after closing or that the buyers can move into the property a bit before closing. Although these oral side agreements may work out, there is a genuine risk that things can go horribly wrong. Agreements like these for early or late possession or moving of items are best handled by having your lawyer draft a mutually agreed upon amendment to your Agreement of Purchase and Sale. This will help avoid potentially costly misunderstandings later.