Agreement of Purchase and Sale - Tenant in Possession Clause: Difference between revisions
From Riverview Legal Group
Access restrictions were established for this page. If you see this message, you have no access to this page.
No edit summary |
|||
| Line 8: | Line 8: | ||
==Tenant in Possession - Amendment (Where the RTA Applies)== | ==Tenant in Possession - Amendment (Where the RTA Applies)== | ||
===Protection of the Seller=== | |||
* They Buyer hearby fully indemnifies the Seller against any and all losses resulting from intentional or negligent misrepresentation on the part of the Buyer with respect to the tenancy, innocent misrepresentation as well as intentional and negligent misrepresentation. | * They Buyer hearby fully indemnifies the Seller against any and all losses resulting from intentional or negligent misrepresentation on the part of the Buyer with respect to the tenancy, innocent misrepresentation as well as intentional and negligent misrepresentation. | ||
| Line 19: | Line 20: | ||
* The parties hearby agree that Buyer/Seller is responsible for legal fees necessary to effect vacant possession up to a maximum of $5000. | * The parties hearby agree that Buyer/Seller is responsible for legal fees necessary to effect vacant possession up to a maximum of $5000. | ||
===Protection of the Buyer=== | |||
Revision as of 15:21, 24 June 2020
General Information
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
- They Buyer hearby fully indemnifies the Seller against any and all losses resulting from intentional or negligent misrepresentation on the part of the Buyer with respect to the tenancy, innocent misrepresentation as well as intentional and negligent misrepresentation.
- Furthermore, the Seller will as soon as practically possible, apply to the Landlord and Tenant Board seeking vacant possession as per Form N12 served to tenants.
- The Buyer hearby 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 nearby waives and releases any 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 hearby agree that Buyer/Seller is responsible for legal fees necessary to effect vacant possession up to a maximum of $5000.
