5. Signing of the deed of sale and occupancy
The date or time frame for the signing of the deed of sale is when the seller and the buyer finalize the transaction at the notary’s office. The date or time frame for occupancy is when the buyer has the right to occupy the premises and possibly move in. These two periods can correspond, give or take a few days, but this is not always the case.
The broker must enter a time in the brokerage contract that is convenient for the seller. This can be a specific date (e.g., September 20, 2046) or a time frame (e.g., between September 10 and 20, 2046). If it is a time frame, the broker should indicate it by a number of days following an event (e.g.: 45 days after acceptance of a promise to purchase or 10 days following the signing of the deed of sale).
If the sale involves the repossession of a dwelling, enter “According to leases” for the date or time frame for occupancy. The repossession rules issued by the Administrative Housing Tribunal must be respected (see also the Professional Practices Guide – Real estate brokerage leasing).
The date or time frame for the signing of the deed of sale and occupancy of the premises in the brokerage contract is given as an indication. It reflects the seller’s intention, his objectives and the context in which he is putting his property up for sale. This serves as a reference for other brokers and prospective buyers. If the property is already vacant or the seller knows that he will be able to vacate the premises very quickly, then the dates will be close together or the time frames fairly short. If the seller is unsure of what he will do next, or if he already knows that he will not be able to move for several months, then longer deadlines or more distant dates must be specified.
These dates or time frames must be realistic and take into consideration the time periods required for each step of the transaction. These details can be reproduced as is in the promise to purchase or be completely different, depending on the buyer’s intention and objectives. They may or may not be negotiated. Only when the promise to purchase is accepted and signed will the date of signing of the deed of sale and occupancy date stop being an indication and become precise targets, establishing the period in which the transaction will have to be finalized and that in which the premises may be occupied.
The broker must avoid the use of terms such as “to be discussed,” “to be negotiated,” “to be established,” etc. The dates or time frames for occupancy and the signing of the deed of sale, among other things, protect the broker’s right to remuneration. By writing “to be discussed,” the seller could claim that the accepted promise to purchase does not fully comply with the terms and conditions of sale set out in the brokerage contract.
For more information:
Chain transactions… allow a time period for the signing of the deed of sale
Are you preoccupied by the occupancy date?
What is the time frame to allow between the date of the signing of the notarized deed and the occupancy date?
Guideline – Verification, information and advice
