The Commercial Property Purchase Agreement is a fundamental legal document used in Canadian real estate transactions for the acquisition of commercial properties. It serves as the primary contract between a vendor and purchaser, establishing their rights, obligations, and the terms under which the property will be transferred. This document is essential when any business or individual is purchasing commercial real estate in Canada, whether for investment, business operations, or development purposes. The agreement must comply with both federal and provincial legislation, including property law, tax regulations, environmental requirements, and commercial transaction standards. It typically includes detailed provisions for due diligence, conditions precedent, warranties, closing procedures, and remedies in case of default, all tailored to meet Canadian legal requirements and commercial practices.
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1. Parties: Identifies and provides full legal details of the vendor and purchaser
2. Background: Contextual information about the transaction and property
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed legal description of the property and included fixtures/fittings
5. Purchase Price: States the purchase price and payment terms including deposits
6. Due Diligence: Outlines the purchaser's investigation rights and time periods
7. Conditions Precedent: Lists conditions that must be satisfied before closing
8. Representations and Warranties: Statements of fact and promises by both parties
9. Closing Procedures: Details of the closing process, including documentation and timing
10. Title: Requirements for clear title and process for addressing title issues
11. Property Condition: State of the property at closing and related obligations
12. Risk and Insurance: Allocation of risk and insurance requirements
13. Default and Remedies: Consequences of breach and available remedies
14. Notices: How formal communications between parties should be made
15. General Provisions: Standard legal provisions including governing law and assignment
1. Environmental Matters: Specific provisions relating to environmental investigations and liabilities, used when property has potential environmental concerns
2. Tenant Rights: Provisions dealing with existing tenants, used when property is currently leased
3. Development Conditions: Specific provisions related to future development rights, used when purchaser plans to develop the property
4. Vendor Financing: Terms of any vendor financing arrangement, used when vendor is providing partial financing
5. Property Management: Transition provisions for property management, used for properties with ongoing management needs
6. GST/HST Elections: Special tax elections and arrangements, used when applicable to the transaction
7. Foreign Investment: Additional provisions required for foreign buyers, used when purchaser is non-Canadian
1. Schedule A - Property Legal Description: Detailed legal description of the property including boundaries and easements
2. Schedule B - Permitted Encumbrances: List of accepted liens, easements, and encumbrances
3. Schedule C - Fixtures and Chattels: Detailed inventory of included and excluded items
4. Schedule D - Leases: List and details of existing leases and tenancies
5. Schedule E - Service Contracts: List of ongoing service contracts and maintenance agreements
6. Schedule F - Required Documents: Checklist of documents required for closing
7. Schedule G - Environmental Reports: List of environmental studies and reports
8. Appendix 1 - Site Plan: Visual representation of the property and buildings
9. Appendix 2 - Due Diligence Documents: List of documents provided for due diligence
10. Appendix 3 - Form of Transfer/Deed: Template of the transfer documentation
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