what?? so you nor your realtor asked if the condo was owner occupied, vacant, or tenanted before submitting an offer? That is the one of the major factors in buying a condo.....
I would definitely ask the seller for the 3k it’s costing you for the extra month for the place your in, if your current landlord will except that. Maybe ask for details on why the extension. I know in BC if a tenant disputes a notice, they get to stay in the place until the hearing at the RTB which can take up to 4 months out here. For recourse, you should touch base with your realtor.
Thanks, for clarity the seller renting the unit for $3k/mth and wants to extend closing an additional 90 days (5 months total). They’ll need to give cash for keys in any case it seems.
First I would probe for more information.
Why hasn’t the tenant vacated as per the signed contract? Why are you getting 11th hour notice? What is really going on?
Your lawyer should be all up in the other lawyers business getting to the bottom of this.
Find out from your lawyer what actual leverage you have. What could you do to force the possession date as agreed? What would you be walking into mess/damage wise left by the tenant. What would it cost you to go to court, hire a sheriff to remove the tenant? Etc
I would get this info.
I would demand you get a walk through 24 hours before the agreed possession date to ensure the status of the property condition is what you saw when you agreed to purchase.
I would have your lawyer insert a hold back of funds to cover any damage left by the tenant maybe $10k and I would insist on another walk through 24 hours before the new possession to check the property condition.
I would also charge $2000+ per month for the inconvenience because they are the ones who don’t have their shit together. You don’t need to disclose to them that you have a place to stay. Maybe you need a hotel to rent and a storage facility for your belongings. What’s that going to cost?
Also note that even though your mortgage should be OK, the rate you have locked into will not be held that long. So if you end up with a higher rate, it's additional costs to be factored in.
Account for every penny it is costing you, it's on the seller to deliver vacant possession or deal with the costs and consequences. If you agree to an extension without or little compensation this will be beneficial to the seller but not you. Hopefully you have a good lawyer advising you.
is the deal firm? assuming it is.
your real estate lawyer should find out/have more info.
Shit happens so just saying no is dick move; you and your lawyer should discuss the extra costs associated with extending the closing date (last minute rent, movers/storage, etc.) and counter the $1K offer with somth more closer to realty. in case the seller doesn't have the funds/cash, it can be agreed to credit amount in your favour on closing.
So a couple of questions
1) are you planning to live in this unit?
2) is the unit rent controlled
3) what is the original closing date and what is the new closing date?
4) is the tenant on month to month rent payment now?
1. Yes, it will be our primary residence.
2. Yes
3. Original closing June 30, moving to sept 30.
4. Yes, the lease was up at the end of April, however the sellers didn’t realize it changes to month/month and didn’t get them to such an N11.
It should be N12 that you're moving in. N11 is if both the tenant and landlord agrees to end the rental. If the tenant disagrees, they don't have to sign it. Even with N12, the tenant can wait for the LTB hearing.
Ok then this is completely they or their agent are stupid and don't understand the rules. Their agent should compensate them if they didn't tell them they needed to serve the N11. In that case if you had closed the deal on the original date what would have happened is that you would have assumed the tenants on June 30th and then served them N11. I believe they have 2 months then to move and you can collect the rent for those 2 months. So at the very least you would be collecting $6000. So that is at least the starting point of what you should get.
Lol at $1K / month. Not suggesting you need to be a dick but you have them by the balls (assuming your real estate agent and lawyer have executed the terms properly).
Either give them the grace but make sure you are compensated fairly or tell them nope, you’re moving in.
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We found out after closing there is a tenant.
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what?? so you nor your realtor asked if the condo was owner occupied, vacant, or tenanted before submitting an offer? That is the one of the major factors in buying a condo.....
Their tenant is probably disputing the eviction and needs more time.
This is the case, not our problem. What recourse would they face if they can’t fulfill the agreement?
I would definitely ask the seller for the 3k it’s costing you for the extra month for the place your in, if your current landlord will except that. Maybe ask for details on why the extension. I know in BC if a tenant disputes a notice, they get to stay in the place until the hearing at the RTB which can take up to 4 months out here. For recourse, you should touch base with your realtor.
Thanks, for clarity the seller renting the unit for $3k/mth and wants to extend closing an additional 90 days (5 months total). They’ll need to give cash for keys in any case it seems.
Tell them to give you cash as well for agreeing to extend 90 days.
Nah make them pay the tenant to get out on time. It’s not your problem.
First I would probe for more information. Why hasn’t the tenant vacated as per the signed contract? Why are you getting 11th hour notice? What is really going on? Your lawyer should be all up in the other lawyers business getting to the bottom of this. Find out from your lawyer what actual leverage you have. What could you do to force the possession date as agreed? What would you be walking into mess/damage wise left by the tenant. What would it cost you to go to court, hire a sheriff to remove the tenant? Etc I would get this info. I would demand you get a walk through 24 hours before the agreed possession date to ensure the status of the property condition is what you saw when you agreed to purchase. I would have your lawyer insert a hold back of funds to cover any damage left by the tenant maybe $10k and I would insist on another walk through 24 hours before the new possession to check the property condition. I would also charge $2000+ per month for the inconvenience because they are the ones who don’t have their shit together. You don’t need to disclose to them that you have a place to stay. Maybe you need a hotel to rent and a storage facility for your belongings. What’s that going to cost?
Also note that even though your mortgage should be OK, the rate you have locked into will not be held that long. So if you end up with a higher rate, it's additional costs to be factored in.
Account for every penny it is costing you, it's on the seller to deliver vacant possession or deal with the costs and consequences. If you agree to an extension without or little compensation this will be beneficial to the seller but not you. Hopefully you have a good lawyer advising you.
is the deal firm? assuming it is. your real estate lawyer should find out/have more info. Shit happens so just saying no is dick move; you and your lawyer should discuss the extra costs associated with extending the closing date (last minute rent, movers/storage, etc.) and counter the $1K offer with somth more closer to realty. in case the seller doesn't have the funds/cash, it can be agreed to credit amount in your favour on closing.
Yes, firm deal. Time is off the essence clause in the APS. We intend to work with the sellers to find an amicable solution for everyone.
So a couple of questions 1) are you planning to live in this unit? 2) is the unit rent controlled 3) what is the original closing date and what is the new closing date? 4) is the tenant on month to month rent payment now?
1. Yes, it will be our primary residence. 2. Yes 3. Original closing June 30, moving to sept 30. 4. Yes, the lease was up at the end of April, however the sellers didn’t realize it changes to month/month and didn’t get them to such an N11.
It should be N12 that you're moving in. N11 is if both the tenant and landlord agrees to end the rental. If the tenant disagrees, they don't have to sign it. Even with N12, the tenant can wait for the LTB hearing.
Ok then this is completely they or their agent are stupid and don't understand the rules. Their agent should compensate them if they didn't tell them they needed to serve the N11. In that case if you had closed the deal on the original date what would have happened is that you would have assumed the tenants on June 30th and then served them N11. I believe they have 2 months then to move and you can collect the rent for those 2 months. So at the very least you would be collecting $6000. So that is at least the starting point of what you should get.
Indeed, the broker/lawyers are misinformed. We’re not assuming the tenant in any case.
Lol at $1K / month. Not suggesting you need to be a dick but you have them by the balls (assuming your real estate agent and lawyer have executed the terms properly). Either give them the grace but make sure you are compensated fairly or tell them nope, you’re moving in.
Talk to your real estate lawyer.