The Standard Real Estate Purchase And Sale Agreement is a fundamental legal document used in Canadian real estate transactions to formalize property transfers between parties. This agreement is essential for both residential and commercial property transactions across Canadian provinces and territories, providing a structured framework that ensures compliance with federal and provincial regulations. It includes comprehensive details about the property, purchase terms, conditions, warranties, and closing requirements, while accommodating various transaction types from simple residential sales to complex commercial property transfers. The document must align with provincial property laws, land registration requirements, and consumer protection regulations, making it a crucial tool for real estate professionals, legal practitioners, and parties involved in property transactions.
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1. Parties: Identification of the buyer(s) and seller(s) with full legal names and addresses
2. Background: Context of the transaction and brief property description
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property and included fixtures/chattels
5. Purchase Price: Statement of purchase price, deposit details, and payment terms
6. Deposit: Amount, payment timeline, and handling of the deposit
7. Closing: Closing date, time, and location details
8. Title: Title transfer requirements and warranty of title
9. Seller's Representations and Warranties: Standard warranties about property condition, ownership, and authority to sell
10. Buyer's Representations and Warranties: Confirmations regarding buyer's ability to complete purchase
11. Conditions Precedent: Standard conditions that must be met before closing
12. Closing Deliverables: Documents and items to be delivered by each party at closing
13. Adjustments: How property taxes, utilities, and other expenses will be prorated
14. Risk: Transfer of risk and insurance responsibilities
15. Default: Consequences of default by either party
16. Notices: How formal communications between parties should be made
17. General Provisions: Standard legal provisions including governing law, entire agreement, etc.
18. Execution: Signature blocks and date of agreement
1. Mortgage Financing: Include when buyer requires mortgage financing as a condition
2. Property Inspection: Include when purchase is conditional on satisfactory property inspection
3. Sale of Buyer's Property: Include when purchase is conditional on buyer selling their existing property
4. Tenant Rights: Include when property is currently tenanted with existing lease agreements
5. Planning Approvals: Include when purchase is conditional on obtaining specific zoning or planning permissions
6. Environmental Conditions: Include when environmental assessments or remediation is required
7. HST/GST Provisions: Include for new construction or commercial properties where HST/GST applies
8. Property Management: Include for properties with ongoing management contracts or requirements
9. Condominium Provisions: Include specific provisions for condominium purchases
1. Schedule A - Legal Description: Detailed legal description of the property from land registry
2. Schedule B - Included Chattels: List of moveable items included in the sale
3. Schedule C - Excluded Fixtures: List of attached items that are not included in the sale
4. Schedule D - Existing Encumbrances: List of mortgages, liens, easements affecting the property
5. Schedule E - Property Condition Disclosure: Seller's disclosure of known property conditions and defects
6. Schedule F - Additional Terms and Conditions: Any additional terms specific to this transaction
7. Appendix 1 - Property Survey: Current survey of the property boundaries and structures
8. Appendix 2 - Environmental Reports: Any environmental assessment reports
9. Appendix 3 - Building Inspections: Property inspection reports and findings
10. Appendix 4 - Zoning Certificate: Current zoning status and permitted uses
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Financial Services
Property Development
Construction
Banking
Insurance
Property Management
Urban Planning
Professional Services
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Risk Management
Finance
Operations
Business Development
Document Management
Relevant Roles
Real Estate Agent
Real Estate Broker
Property Lawyer
Conveyancing Lawyer
Real Estate Development Manager
Property Manager
Title Insurance Officer
Mortgage Broker
Real Estate Investment Manager
Legal Counsel
Compliance Officer
Real Estate Paralegal
Property Developer
Real Estate Transaction Coordinator
Escrow Officer
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