This question is looking for some ideas and some underwater rocks that haven't been though of yet.
Jurisdiction: Nova Scotia, Canada
A buyer and a seller has entered into an sale agreement. The seller agreed to deliver the premises vacant on closing date.
Midway to the closing date, the seller is having issues with the tenants who are refusing to leave until well after the closing date.
- The tenants have the legal right to remain in the property well after the stated closing date.
- The new owners will not be occupying the property.
- The seller has no written lease.
- Although the seller had a handshake agreement with the tenants that they will vacate the property before the closing date, the tenants have turned around requesting a sum of money.
The buyers are at the point right before incurring majority of the closing costs. They have just a few days to play with, before they have to continue with the expenses.
Can the seller enter a formal agreement with the tenants in which the seller pays a sum of money and in return the tenants vacate the premises before the closing date, and would such agreement hold over the tenants legal right to remain on premises past the closing date?
What happens if the sale goes though under the assumption that the tenants have left, and in fact the tenants are still occupying the premises?
What guarantees and proofs can the buyer demand as to the vacant status of the property?
What other questions should the buyer be asking?