The closing date for a residential transaction in Laval is set for October 15th. The buyer's real estate broker learns that the seller will not be able to vacate the property until October 20th. What should the buyer's broker advise their client, the buyer?

Question: The closing date for a residential transaction in Laval is set for October 15th. The buyer's real estate broker learns that the seller will not be able to vacate the property until October 20th. What should the buyer's broker advise their client, the buyer?

Answer options: ✅ The buyer should not sign the deed of sale on October 15th unless a clear agreement on occupancy, including compensation for the buyer and precise conditions for possession, is established and documented, ideally by the notary.

• The buyer can sign the deed of sale on October 15th as planned, acknowledging the seller's delay will only be for a few days, which is a minor issue.
• The buyer should immediately cancel the Promise to Purchase due to the seller's non-compliance with the agreed-upon closing date.
• The buyer's broker should draft a simple agreement for delayed occupancy to be signed by both parties at the notary's office.

Correct answer: The buyer should not sign the deed of sale on October 15th unless a clear agreement on occupancy, including compensation for the buyer and precise conditions for possession, is established and documented, ideally by the notary.

Explanation: A real estate broker must advise and inform parties (Article 10 of the Regulation respecting brokerage requirements, professional ethics of brokers and the advertising of services). A delay in occupancy is a material change that could cause prejudice to the buyer. The broker must advise the buyer on their rights and the need for a formal agreement, specifying terms and compensation, before proceeding with the deed of sale.