Realtron Commercial Blog
"Your #1 source for Toronto Commercial Real Estate Information"
The Lull from Sale to Closing
OK, chances are it’s not a quiet period. It will be a time of frenzied packing and reorganization. Just remember not to pack anything that you agreed to sell! And unless you specifically mentioned certain fixtures, everything must remain in place.
You are responsible for handing over the home in the same condition it was at the time of closing. This applies to everything that was agreed to in the agreement. If the home suffers a major calamity, you are responsible for telling the purchaser, at which point the purchaser may walk away from the deal and have the deposit returned. The purchaser may also choose to close and receive any insurance proceeds. In this unfortunate event, remember not to make any repairs until you find out what the purchaser wants to do.
It’s Sold, The Closing
Once signing the agreement, both the vendor and purchaser are under a legal obligation to close. If you decide not to for whatever reason, the purchaser has the right to sue.
If the purchaser decides to walk away from the deal, you can claim the purchaser’s deposit or sue for damages.
The trusted source for information and insight into the Toronto Commercial Real Estate Sector.
Looking to invest? Send us an email email@example.com (click to send email directly) and we'll be in touch.