Real Estate purchase "Vacant Possession" Clause

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mick37
Member since: Sep 13

Posts: 17
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Post ID: #PID

Posted on: 24-07-14 09:39:34

Hello,

I am seeking for an advise on a Real estate purchase. Recently we purchased a house which has tenants in the basement and we put a clause in the purchase agreement "Seller will give notice to tenant as buyer wishes to get vacant procession". We visited the property before closing and from the discussion with Seller they might be having issues with getting the tenants out as they mentioned if tenants don't leave a day before closing they will throw there stuff outside.

I do not want the tenants and want vacant possession on the closing day without any liabilities or legal issues later, so what are my options and how can i protect my interest in this situation? Will appreciate if any real estate expert can assist me urgently with this situation as my closing is coming by End of this month. Thanks

tamilkuravan
Member since: Jun 05

Posts: 5775
Location: God's own country
Post ID: #PID

Posted on: 24-07-14 09:41:57

Consult a lawyer. CD's can only share personal experiences and opinions. Even Real Estate experts many not be able to help.

Murali

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I am a Gents and not a Ladies.

mick37
Member since: Sep 13

Posts: 17
Location:
Post ID: #PID

Posted on: 24-07-14 10:09:32

Thanks Murali. I am sure some of my CD friends would have gone through similar situations and therefore trying to understand the options buyer has. Would really appreciate 2 cent advice from our CD friends or Real Estate experts/lawyers.

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 24-07-14 11:25:21

If you have a vacant possession clause, then you have the option to refuse to close the house until the seller provides you with a vacant house. It is the seller's legal obligation to fulfill the conditions of possession that has been agreed upon. That, is your protection.

If you close the house with the tenants in there, you, as the new owner inherit the headache.

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Dimple2001

mick37
Member since: Sep 13

Posts: 17
Location:
Post ID: #PID

Posted on: 24-07-14 12:22:19

Thanks Dimple..are your comments based on similar experience or this is just an opinion.

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 24-07-14 13:00:00

Opinion. Sorry, happy to say I didn't have to go through this.

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Dimple2001

raj1008
Member since: Feb 07

Posts: 39
Location:
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Posted on: 24-07-14 20:22:25

The tenants rights triumph over the sales agreement. You should have put in an additional inspection clause and seen the house if its been vacated. You will have to inherit the tenants. This is what I was advised when we were buying and made sure the tenant was out before we closed. Tenancy laws favor tenants here so throwing them out is not possible. Infact it will be used against you.

Again I am not an attorney and my advise is based on personal experience and may not be suitable for you.

Contributors: mick37(4) tamilkuravan(2) dimple2001(2) raj1008(1) san-hugo(1) Full House(1)

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Real Estate purchase "Vacant Possession" Clause

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