What is the time frame to allow between the date of the signing of the notarized deed and the occupancy date?

Does your buyer want to move into his new house upon signing the deed of sale, since he has become its owner? Does the seller prefer to wait to receive his money before handing over the keys to the buyer?

Some brokers are wondering about the best time frame to provide in the promise to purchase, between the date the notarized deed is signed and the date the immovable is occupied by the buyer. There is no fixed time frame that is recommended in all cases.

Although the time frame is already provided by the seller in his brokerage contract and in the descriptive sheet, it can be negotiated between the parties to the transaction. The broker must ensure to inform and advise properly all the parties about the possibilities and consequences that will arise from the time frame provided between the signing date and occupancy date.

Each case is different

In the case of sale of a repossessed immovable or a new immovable, the occupancy date can be scheduled on the same day as the date of the signing of the notarized act to suit everyone.

However, the parties may want to wait until the deed of sale is published, until any possible title issues are avoided and the funds are transferred to the seller before allowing the buyer to occupy the immovable. For this purpose, a 3 to 5-day time period may be desirable and is generally recommended.

Under certain circumstances, a longer time period may be required. Think about the seller who must wait to receive the proceeds of sale of his house to buy his new home. He shall continue to occupy the property sold during this period in return for compensation for the buyer (in this regard, read the article entitled: Chain transactions...allow a time period for the signing of the deed of sale). Also think about the rules to be complied with when a dwelling occupied by a tenant is repossessed.

Each transaction is unique and has its specificities. Brokers must inquire in advance about the needs of parties and record in writing their will to avoid any surprise or dissatisfaction.