Buyer Renovating Before Transfer
Category Best Practice
I have just sold my home and the new purchasers have requested that they begin renovating the property when they take occupation in 2 months time, is this a good idea? Please assist.
This is not a good idea. Risk only passes on registration of transfer and we always advise our clients not to allow alterations or any work on the property prior to registration. Various problems can occur which might delay registration or prevent the purchase from going ahead and you certainly wouldn’t want to either repair or continue renovating the property if the sale was cancelled for whatever reason. Also, ensure that the guarantees have been issued, costs paid, and all documents signed prior to giving occupation to the new purchaser. If this appears problematic please discuss with your real estate agent and conveyancer.
Author: Denese Zaslansky