Vacant Possession – Seller to End Existing Lease Early:

Despite the fact the contract discloses a tenancy, the Seller will provide vacant possession at settlement. Should the Seller fail to provide vacant possession this contract is at an end, failing any agreement to extend settlement, and the Buyers damages shall be limited to the deposit paid herein and shall be refunded without deduction.

Vacant Possession:

The Contract is not subject to any tenancies, and accordingly the Seller will provide the Buyer with vacant possession upon settlement. If the Seller cannot provide the buyer with vacant possession upon settlement then the Buyer may:
Terminate this Contract by giving the Seller notice in accordance with the terms of the contract. This is the Buyer’s only remedy when terminating due to the Seller’s failure to provide vacant possession.
Elect to proceed with this Contract and claim compensation from the Seller for loss or damage they suffer as a result of not being provided with vacant possession. The right to claim compensation is preserved despite settlement of this contract.

Seller Rent Back:

1. The Buyer agrees that after settlement, the Buyer must allow the Seller to remain in possession of the Property until [insert date] at the weekly rental amount of $[insert amount] (payable weekly in advance by the Seller to the Buyer, directly) and with a bond in the sum of $[insert bond amount] payable upon settlement (by way of adjustment to the Balance Purchase Price, by the addition of the sum of $[insert bond amount]).
2. During the period of possession the seller agrees to maintain the property in substantially the same condition as at the date of settlement, fair wear and tear excepted.
3. The parties agree that no relationship of landlord and tenant shall be created by possession being given to the seller and that possession is under licence person to the seller.
4. The seller agrees to insure the property, for full replacement value during the period of possession with the interests of the owner (buyer) noted and provide a copy of the Certificate of Currency to the buyer prior to settlement.
5. The seller agrees to indemnify the buyer against the damages or expenses incurred by the buyers as a result of the seller remaining in possession of the property.
6. The seller may vacate the property prior to [insert date] by giving at least two (2) weeks’ notice in writing to the buyer.