Securing the Farm Property Before Closing

June 4-6: FSAC Annual Conference – Communication, Popular Culture and Film

Question:

I have a Buyer client looking at a farm property and it has a ton of outbuildings that are full of antiques and other non-value items that have just been left to weather over the years.

Our concerns are if we purchase the property “as is” and with all of the contents, how do we inventory and how do we protect ourselves from potential looting and removing of items prior to closing? Do we have the right to secure the property prior to closing?

Answer:

Videotape the inventory. You will need permission. Secure with locks. You will also need permission.

It would be wise to do a walk through with The Listing Agent and the Seller (if available), note any items the Seller wishes to remove, so it’s all clear. If it stays mark it as staying in place with “sticky notes”, and then videotape.

You need to make sure that your client hasn’t taken “possession” of the property, otherwise, they have waived all their rights to title etc.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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