What to Expect on Possession Day
Typically, possession occurs – and the buyer will get the keys – around noon on possession day. If the buyer included a pre-possession inspection as a term in their Offer to Purchase, your real estate licensee will arrange that with the buyer’s real estate licensee.
Attached goods and any inclusions should still be in place, and appliances should be in the same working order as when the buyer made their offer.
In terms of cleanliness, the buyer expects the property to be in similar condition as when they viewed it before submitting their offer. While you are not required to clean the property to a certain standard, you should take reasonable efforts to ensure the property is clean.
If the buyer, during the pre-possession inspection, finds the property is not in the same condition, or you removed something, the buyer’s real estate professional will contact your professional to discuss remedies. Ideally, you will deal with everything before the mortgage funds are advanced and the keys transferred. If you and the buyer cannot satisfy the issue in a mutually acceptable way, you may need to get your lawyer involved. This could delay possession.
If, after taking possession, the buyer finds the property is not in substantially the same condition or you removed something from it, the buyer’s real estate licensee will likely call your licensee to find out if you and the buyer can deal with the issue without involving lawyers. If this isn’t possible, you will need to call your lawyer as it will become a legal issue between you and the buyer. By the time the buyer gets the keys, they have already advanced the purchase funds. Your real estate licensee can attempt to discuss the matter with the buyer’s licensee, but if things aren’t fixed to everyone’s satisfaction, your only recourse is to speak to your lawyer.