The Wholesale Real Estate Purchase Agreement is a specialized legal instrument used in Canadian real estate transactions where a property is purchased with the intention of assigning or quickly reselling it to another buyer. This document is essential when investors or wholesalers aim to contract for the purchase of property while retaining the right to assign their purchase rights to an end buyer. The agreement must comply with federal and provincial real estate regulations, including the Real Estate and Business Brokers Act, Land Registration Reform Act, and relevant provincial property laws. It contains detailed provisions for property description, purchase terms, assignment rights, due diligence periods, and closing requirements, while incorporating necessary consumer protection and anti-money laundering compliance measures. This type of agreement is particularly relevant in markets where wholesale real estate transactions are common and requires careful attention to both standard purchase agreement elements and wholesale-specific provisions.
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1. Parties: Identification of all parties involved: Seller, Buyer (Wholesaler), and their complete legal details
2. Background: Context of the transaction, including property introduction and purpose of the wholesale agreement
3. Definitions: Detailed definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the property, including address, lot number, and registration details
5. Purchase Price: Specified purchase price, deposit requirements, and payment terms
6. Assignment Rights: Explicit rights of the buyer to assign the contract to another buyer, including any restrictions or conditions
7. Due Diligence: Buyer's inspection rights, documentation review period, and property condition verification
8. Closing Provisions: Closing date, requirements, and procedures for completing the transaction
9. Representations and Warranties: Statements of fact and guarantees from both parties regarding the property and their capacity to enter the agreement
10. Title and Ownership: Requirements for clear title and handling of title defects or encumbrances
11. Default and Remedies: Consequences of default by either party and available remedies
12. Notices: How and where formal notices between parties must be delivered
13. Governing Law: Specification of Canadian law and relevant provincial jurisdiction
14. Execution: Signature requirements and execution details
1. Financing Contingency: Optional section for cases where the buyer requires financing to complete the purchase
2. Property Management: Provisions for property management during the assignment period, if applicable
3. Environmental Matters: Special provisions regarding environmental investigations or known environmental issues
4. Tenant Rights: Provisions regarding existing tenants and lease agreements, if applicable
5. Construction and Repairs: Provisions for ongoing construction or required repairs, if relevant
6. Commission Structure: Details of real estate commission arrangements, if applicable
7. Multiple Parcels: Special provisions for transactions involving multiple property parcels
8. Foreign Investment: Additional provisions required for foreign buyers under the Investment Canada Act
1. Schedule A - Property Details: Comprehensive property description, including lot size, boundaries, and improvements
2. Schedule B - Purchase Price Breakdown: Detailed breakdown of purchase price, deposits, and payment structure
3. Schedule C - Permitted Encumbrances: List of accepted liens, easements, or other encumbrances on the property
4. Schedule D - Due Diligence Documents: List of required documents for due diligence review
5. Schedule E - Property Condition Report: Detailed report on the current condition of the property
6. Appendix 1 - Property Photos: Recent photographs of the property and improvements
7. Appendix 2 - Title Search Results: Current title search results and relevant documentation
8. Appendix 3 - Environmental Reports: Any environmental assessments or reports
9. Appendix 4 - Survey Documents: Property surveys and related certificates
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Property Development
Investment Management
Legal Services
Financial Services
Construction
Property Management
Environmental Services
Insurance
Relevant Teams
Legal
Real Estate
Compliance
Business Development
Investment
Property Management
Due Diligence
Risk Management
Operations
Finance
Relevant Roles
Real Estate Investor
Property Wholesaler
Real Estate Agent
Real Estate Broker
Property Lawyer
Legal Counsel
Contract Manager
Investment Manager
Business Development Manager
Property Development Manager
Real Estate Portfolio Manager
Acquisition Specialist
Transaction Coordinator
Compliance Officer
Due Diligence Specialist
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