The Post Possession Agreement is essential in Canadian real estate transactions where circumstances necessitate the seller maintaining temporary occupancy after the property's closing date. This situation commonly arises due to construction delays, relocation timing issues, or other logistical challenges in the moving process. The agreement provides legal protection for both parties by clearly defining the terms of post-closing occupancy, including rental payments, insurance requirements, property maintenance responsibilities, and liability allocation. It must comply with provincial property laws, insurance regulations, and real estate requirements, while addressing potential risks associated with post-closing possession. This document is particularly crucial in protecting the buyer's new ownership rights while accommodating the seller's temporary needs, all within the framework of Canadian legal requirements.
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1. Parties: Identification of the Seller (as occupant) and Buyer (as owner) and their contact details
2. Background: Context of the agreement, including reference to the main purchase agreement and reason for post-possession arrangement
3. Definitions: Key terms used throughout the agreement including 'Possession Period', 'Premises', 'Rent', etc.
4. Term and Possession: Duration of post-possession period, specific dates and times for possession and final vacancy
5. Financial Terms: Rent/occupancy fee amount, payment schedule, security deposit, and utilities responsibility
6. Property Condition: Requirements for maintaining the property condition and responsibility for damages
7. Insurance Requirements: Required insurance coverage for both parties during the post-possession period
8. Access Rights: Buyer's rights to access the property during the post-possession period
9. Termination: Circumstances and process for early termination of the agreement
10. Default and Remedies: Consequences of breach and available remedies for both parties
11. General Provisions: Standard clauses including governing law, notices, and amendment procedures
1. Pet Provisions: Include when the occupant has pets, specifying responsibilities and restrictions
2. Maintenance Services: Include when specific maintenance services need to be continued or arranged during the post-possession period
3. Storage Arrangements: Include when certain areas of the property are designated for storage of buyer's items
4. Property Showing Rights: Include when the occupant needs to accommodate showings for rental or other purposes
5. Utilities Transfer: Include when specific arrangements are needed for utility transfers
6. Holdover Provisions: Include specific penalties and procedures if occupant remains beyond agreed period
7. Moving Company Requirements: Include when specific requirements for moving companies need to be specified
1. Schedule A - Property Description: Detailed description of the property and any excluded areas
2. Schedule B - Rent Payment Schedule: Detailed breakdown of rent/occupancy fee payments and due dates
3. Schedule C - Property Condition Report: Documented condition of property at start of post-possession period
4. Schedule D - Insurance Certificates: Copies of required insurance policies and certificates
5. Schedule E - Move-out Inspection Checklist: Detailed checklist for final inspection and property handover
6. Appendix 1 - Security Deposit Terms: Detailed terms regarding the security deposit, including use and return conditions
7. Appendix 2 - Utility Arrangements: Specific arrangements for utility payments and transfers
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