Purchasing an Occupied Property: Plan for Tenancies Before Closing
Understand who occupies the property
A purchase involving tenants requires attention to the existing occupation and the terms of the sale. Ask for leases, rent records, deposits, and relevant notices. Determine whether the agreement calls for continued tenancy or vacant possession; those are different transaction arrangements.
Avoid relying on informal assurances
A seller’s intention to have a tenant leave does not by itself resolve the legal requirements. Any notice, application, agreement, or proposed transition should be assessed against the applicable law and facts. Discuss occupation before making commitments about your own move-in date or renovation schedule.
Address records and adjustments
The agreement may need to address rent adjustments, deposit transfers, document delivery, and responsibility for unresolved issues. Lender and insurance requirements can also depend on occupation. Ask which records the seller must provide and what happens if the agreed closing arrangements cannot be satisfied.
Prepare early
Provide the purchase agreement, tenancy documents, notices, and your intended use. Explain any deadline or promise about possession that is important to the transaction. Maki Law can discuss the legal closing issues and whether additional tenancy advice or proceedings fall within a separate scope.
Let’s discuss your next step
Contact Maki Law for practical guidance on your property transaction or construction matter.
416-991-4775 · contact@maki.law
136A Avenue Rd, Toronto, Ontario M5R 2H6
MAKI LAW
Address
136A Avenue Rd
Toronto, Ontario M5R 2H6
Contact
416-991-4775
Fax: 416-981-3420
contact@maki.law
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General information only. Contact our office for advice about your circumstances.