Agreement of Purchase and Sale - Tenant in Possession Clause
This page offer SUGGESTIONS ONLY with respect to clauses that a person may want to include in an agreement of purchase and sale.
Tenant in Possession - Amendment (Where the RTA Applies)
Protection of the Seller
- The Buyer hereby fully indemnifies the Seller against any and all losses resulting from any misrepresentation on the part of the Buyer with respect to the tenancy, including but not limited to innocent misrepresentation as well as intentional and negligent misrepresentation.
- The Buyer hereby covenants to provide a sworn Affidavit their intention to occupy the above property for a minimum of 12 months and further covenants not to rent to any person or entity for a period of 15 months. The buyer furthermore shall provide the said affidavit to the seller, prior to this agreement becoming firm and binding. The failure of the buyer to provide the seller with the above affidavit renders this agreement void.
- The Seller shall serve upon any tenant(s) of the above property a Notice to Vacate in the form of an N12, under the authority of the Residential Tenancies Act, 2006. The seller shall apply to the Landlord and Tenant Board seeking vacant possession as per Form N12 served to tenants, as soon as practically possible.
- The Buyer hereby waives and releases the Seller of any and all liability resulting from delays in possession consequential from the actions or inaction's from The Ontario Landlord and Tenant Board and actions or inaction's of The Ontario Sheriff's Office.
- Failure to obtain vacant possession of the above property by the Seller on behalf of the Buyer shall in no way be deemed as a breach in this agreement as long as good faith efforts have been made by the Seller to obtain said possession.
- The parties hereby agree that Seller is responsible for legal fees necessary to effect vacant possession up to a maximum of $5000.
Where there is Arrears of Rent at the time of closing
Suggested Additional Clause(s) on Schedule A
1. It is agreed that all rights and title to any arrears of rent owing to the sellers by the tenants at the time of closing become the property of the buyer(s) at the time of closing,
2. It is agreed that the existing landlord and tenant board application SOL-00000-20 shall become the responsibility of the buyers to complete, this clause shall survive closing.
3. It is agreed that the seller is not responsible for any legal fees incurred by the buyer for the termination of the tenancy or for the collection of any arrears or other damages.