An Agreement of Purchase and Sale is a legally binding contract between a buyer and seller for the purchase and sale of real estate. The agreement outlines the terms and conditions of the sale, including the purchase price, closing date, and any conditions that must be met before the sale can be completed.
In Ontario, if you sell a residential home, you are generally required to provide vacant possession to the buyer on the closing date, unless otherwise specified in the agreement of purchase and sale. This means that you must ensure that the property is empty and free of any occupants, including tenants or family members, before the buyer takes possession of the property.
However, there are some exceptions to the requirement for vacant possession. For example, if the buyer agrees to take the property with a tenant in place, this must be specified in the agreement of purchase and sale. In this case, the tenant would become the responsibility of the buyer after the closing date.
It’s important to carefully review and understand the terms and conditions of the agreement of purchase and sale before signing, and to seek legal advice if you have any questions or concerns. Failing to provide vacant possession as required by the agreement can result in legal consequences and potential financial penalties. If you have any questions, please contact us firstname.lastname@example.org or 1-877-892-7778.