The Law Society of Saskatchewan regulates the lawyers on both sides, and in this province every transaction closes through one, so the agreement is drafted and reviewed properly rather than handshaked. Your lawyer drafts and reviews it, which in Saskatchewan is required in any case because every transaction closes through a lawyer, typically costing $800 to $1,500. The agreement normally covers a short window, sets out who insures the property during it, who is responsible for maintenance, and what happens if the seller does not vacate on the agreed date. Both lawyers review it, because it changes the risk position of both parties after title has already transferred.
For a downsizer, this arrangement can be the difference between a smooth transition and a stressful one. You complete the sale, receive the proceeds, and still have time to move without rushing. Joel Dyck negotiates these terms as part of the sale to protect your timeline. These normally run anywhere from a few days to 60 days.