The Agreement of Purchase and Sale is the cornerstone document in Canadian real estate transactions, used whenever real property is bought or sold. This legally binding contract outlines all crucial aspects of the property transfer, including property details, purchase price, closing date, conditions of sale, and obligations of both parties. It must comply with various federal laws such as the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, as well as provincial property and consumer protection legislation. The agreement is essential for both residential and commercial transactions and can be adapted for various property types, from single-family homes to complex commercial developments. It serves multiple purposes: documenting the transaction terms, protecting the parties' interests, ensuring legal compliance, and facilitating the closing process. The document typically requires input from legal professionals to ensure all provincial and federal requirements are met.
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1. Parties: Identification of the vendor(s) and purchaser(s) with full legal names and addresses
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including address, boundaries, and registration details
5. Purchase Price: The agreed purchase price, deposit amount, and payment terms
6. Closing Date: Specified date for completion of the transaction
7. Representations and Warranties: Statements of fact by the vendor regarding the property's condition and title
8. Conditions Precedent: Conditions that must be satisfied before the agreement becomes firm
9. Property Inspection: Terms regarding the purchaser's right to inspect the property
10. Title: Provisions regarding clear title and title insurance requirements
11. Closing Deliverables: Documents and items to be delivered by each party on closing
12. Adjustments: How property taxes, utilities, and other expenses will be prorated
13. Default and Remedies: Consequences of breach by either party
14. Notices: How formal communications between parties should be made
15. General Provisions: Standard legal provisions including governing law, assignment, and entire agreement
1. Chattels and Fixtures: List of moveable items included or excluded from the sale
2. Financing Conditions: Used when purchase is conditional on the buyer obtaining mortgage financing
3. Sale of Buyer's Property: Condition relating to the sale of the purchaser's existing property
4. Rental Properties: Provisions regarding existing tenancies and lease assignments
5. HST/GST Provisions: Special provisions for HST/GST if applicable to the transaction
6. Environmental Matters: Special provisions for properties with environmental concerns
7. Development Conditions: For properties with development potential or pending approvals
8. Property Management: Provisions for the period between signing and closing for commercial properties
9. First Nations Lands: Special provisions for properties on First Nations lands
1. Schedule A - Legal Description: Detailed legal description of the property from land registry
2. Schedule B - Permitted Encumbrances: List of accepted liens, easements, and encumbrances
3. Schedule C - Included Chattels: Detailed list of moveable items included in the sale
4. Schedule D - Excluded Fixtures: List of attached items that are not included in the sale
5. Schedule E - Existing Tenancies: Details of current lease agreements if property is tenant-occupied
6. Schedule F - Environmental Disclosure: Environmental reports or known environmental issues
7. Schedule G - Property Condition Report: Detailed report on the current condition of the property
8. Appendix 1 - Property Photos: Documentation of property condition at time of agreement
9. Appendix 2 - Floor Plans: Current floor plans and measurements of the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Financial Services
Construction
Property Development
Property Management
Insurance
Banking
Commercial Property
Residential Property
Industrial Property
Agricultural Property
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Acquisitions
Investment
Contract Administration
Risk Management
Due Diligence
Business Development
Operations
Finance
Relevant Roles
Real Estate Lawyer
Property Lawyer
Real Estate Agent
Real Estate Broker
Property Manager
Real Estate Development Manager
Legal Counsel
Compliance Officer
Contract Manager
Real Estate Portfolio Manager
Property Acquisition Manager
Real Estate Investment Manager
Title Examiner
Escrow Officer
Real Estate Paralegal
Commercial Property Manager
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