Tenancy at Will

Tenancy At Will

If you are planning to buy a home in Regina or Southern Saskatchewan, you may encounter a situation where you need to take possession of the property before the closing date. This is called tenancy at will, and it can be a convenient option for both buyers and sellers in some cases. However, it also comes with some risks and responsibilities that you should be aware of before agreeing to it.

What Is Tenancy at Will?

Tenancy at will is a type of temporary occupancy that allows a buyer to move into a property they are buying without paying for it first. It usually happens when there are delays or unforeseen problems in closing the deal, such as issues with title, mortgage, or paperwork. Tenancy at will is not a rental agreement, but rather an extension of the purchase contract. It can be terminated at any time by either the buyer or the seller.

What Are the Benefits of Tenancy at Will?

Tenancy at will can be beneficial for both parties in certain situations. For example:

  • It can help buyers avoid paying rent and moving costs twice if they have to vacate their previous residence before closing on their new home.
  • It can help sellers avoid paying mortgage and utility costs for an empty property while waiting for the closing date.
  • It can help both parties avoid rescheduling or cancelling their moving plans due to unexpected delays.

Tenancy at will is not a right, but a privilege that depends on the mutual consent of both parties. It is not automatically granted by the standard real estate contract in Alberta, but rather requires a separate written agreement that outlines the terms and conditions of the occupancy. 

The agreement should specify:

  • The duration and termination of the tenancy
  • The amount and method of payment for rent or interest
  • The responsibilities and obligations of both parties regarding insurance, maintenance, utilities, repairs, etc.
  • The consequences of breach or default by either party.

If you are interested in getting tenancy at will for your home purchase, you should consult with your real estate lawyer and your realtor before making any arrangements. They can help you negotiate and draft a fair and legal agreement that protects your interests and minimizes your risks.

At Nychuk & Company, we have extensive experience in handling real estate transactions in Regina and Southern Saskatchewan. We can help you with all aspects of your home purchase, including tenancy at will agreements. Contact us today to find out how we can assist you with your real estate needs.

Find Your Legal Team Today

Leave a Reply

Scroll to Top
%d bloggers like this: