The Divorce Buyout Agreement Form is a critical legal document used in Canadian family law practice when one spouse wishes to retain ownership of jointly owned property, typically the matrimonial home, following a divorce. This document becomes necessary when couples have decided to divorce and have agreed that one party will buy out the other's interest in shared property rather than selling it to a third party. The agreement must comply with both federal divorce laws and provincial property legislation, making it essential to have proper legal guidance in its preparation. The document includes comprehensive details about property valuation, payment structures, mortgage arrangements, and tax considerations. It serves as a legally binding contract that protects both parties' interests and provides clear documentation for property transfer and ownership rights. The agreement must be carefully drafted to ensure it meets all legal requirements and adequately addresses potential future complications.
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1. Parties: Identification of both spouses involved in the buyout agreement, including full legal names and current addresses
2. Background: Brief history of the marriage, separation date, and context for the buyout agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property or properties subject to the buyout
5. Buyout Terms: Specific terms of the buyout including the agreed purchase price and valuation method
6. Payment Terms: Details of how and when the buyout payment(s) will be made
7. Release of Interest: Formal release of the departing spouse's interest in the property
8. Tax Implications: Acknowledgment and allocation of tax consequences
9. Transfer of Title: Process and requirements for transferring property title
10. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter the agreement
11. Independent Legal Advice: Confirmation that both parties have received independent legal advice
12. Governing Law: Specification that the agreement is governed by Canadian law and the applicable province
13. Execution: Signature requirements and execution details
1. Mortgage Provisions: Required when there is an existing mortgage on the property, including details of mortgage assumption or refinancing
2. Business Interests: Needed when the buyout involves business property or commercial real estate
3. Spousal Support Waiver: Optional section waiving future spousal support claims in connection with the buyout
4. Property Maintenance: Required when there are ongoing maintenance obligations until the buyout is completed
5. Insurance Requirements: Needed when specific insurance must be maintained during the buyout process
6. Third-Party Consents: Required when the buyout requires approval from third parties such as mortgage lenders
7. Contingency Provisions: Optional section dealing with potential future events that could affect the buyout
8. Temporary Occupancy: Needed when one party will continue to occupy the property during the buyout process
1. Schedule A - Property Details: Detailed description of the property, including legal description and any included fixtures or chattels
2. Schedule B - Payment Schedule: Detailed breakdown of payment amounts, dates, and methods
3. Schedule C - Property Valuation: Professional appraisal or agreed valuation documentation
4. Schedule D - Mortgage Details: Current mortgage statement and relevant mortgage documents
5. Schedule E - Property Inspection Report: Recent property inspection details and identified issues
6. Appendix 1 - Property Title Documents: Copies of current property title documents
7. Appendix 2 - Tax Certificates: Current tax certificates and assessment information
8. Appendix 3 - Independent Legal Advice Certificates: Signed certificates from both parties' legal counsel
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