I recieved an offer with conditions I couldn't accept. The time frame given to not allow adequate time to do what the buyer wanted.
Offer negotiation can be difficult and I tend not to be as focused on price as I am on the conditions in the offer. This was the case with the first offer on my Charles St. property. The price was fine the conditions left a lot to be done without enough time to do it.
When purchasing an investment property if you want vacant possession of the property you need to take the time constraints of the process into consideration. There are guidelines as to how much notice is required to legally vacate the property. In my case the minimum amount of notice required for tenant eviction is 60 days.
The tenant also has the right to contest the eviction, which can extend this period even longer as we wait for a hearing in front of the Rental Tribunal. Once there, that is no guarantee that they will rule in favour of the landlord. Essentially this could stall the sale of the home preventing the property from closing.
In the event you decide to buy an investment property with a condition ensuring vacant possession ensure that there is adequate time to fulfill the condition. Be ready to expect delays. Finally as you are made aware of issues be decisive about the direction you wish to go with the deal.
