The Agreement Of Sale For A Residential Stand is a crucial legal document used in Canadian real estate transactions involving vacant residential lots. This agreement is essential when transferring ownership of undeveloped residential property and must comply with both federal and provincial regulations governing real estate transactions in Canada. It is typically used by property developers, individual sellers, and buyers when dealing with vacant lots intended for future residential construction. The document covers all aspects of the transaction, including property description, purchase price, payment terms, conditions precedent, and closing requirements. It must conform to provincial real estate laws, local municipal regulations, and zoning requirements. The agreement becomes particularly important in new developments or subdivisions where vacant lots are being sold for future home construction.
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1. Parties: Identification and details of the Seller and Purchaser, including full legal names, addresses, and contact information
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the residential stand, including lot number, plan number, dimensions, and municipal address
5. Purchase Price: Statement of the purchase price, deposit requirements, and payment terms
6. Payment Terms: Detailed breakdown of how and when payments are to be made, including deposit handling
7. Title and Ownership: Warranties regarding clear title and provisions for title transfer
8. Conditions Precedent: Conditions that must be satisfied before the agreement becomes binding
9. Closing Requirements: Documentation and actions required for closing, including timing and delivery requirements
10. Representations and Warranties: Statements of fact and promises made by both parties regarding the property and their capacity to enter into the agreement
11. Default and Remedies: Consequences of breach and available remedies to either party
12. Risk and Insurance: Allocation of risk and insurance requirements until closing
13. Notices: How and where formal notices under the agreement must be delivered
14. General Provisions: Standard contract clauses including governing law, entire agreement, and amendment procedures
1. Development Conditions: Required when the stand is in a development area with specific building or use restrictions
2. Environmental Provisions: Needed when there are environmental concerns or requirements affecting the property
3. Municipal Services: Details of available or planned municipal services when relevant to undeveloped areas
4. First Nations Considerations: Required when the property is on or near First Nations lands or subject to land claims
5. Subdivision Requirements: Necessary when the stand is part of a new subdivision with specific conditions
6. Building Scheme: Include when there are architectural guidelines or building restrictions
7. Property Management: Required when the property is part of a managed development with ongoing fees
8. Financing Conditions: Include when the purchase is subject to the buyer obtaining financing
1. Schedule A - Property Plan: Detailed survey or plan showing the exact dimensions and location of the stand
2. Schedule B - Title Search Results: Current title search showing ownership and any registered encumbrances
3. Schedule C - Permitted Encumbrances: List of approved easements, rights-of-way, or other encumbrances that will remain on title
4. Schedule D - Development Requirements: Specific building and development requirements applicable to the stand
5. Schedule E - Environmental Reports: Any environmental assessments or reports relevant to the property
6. Schedule F - Services and Utilities: Details of available or planned utility connections and municipal services
7. Appendix 1 - Deposit Terms: Specific terms regarding the handling and release of deposit funds
8. Appendix 2 - Closing Documents: List of required closing documents and deliverables
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Legal Services
Financial Services
Urban Planning
Land Surveying
Insurance
Municipal Services
Architecture
Relevant Teams
Real Estate
Legal
Property Development
Sales
Compliance
Finance
Construction
Land Acquisition
Urban Planning
Risk Management
Relevant Roles
Real Estate Agent
Property Developer
Real Estate Lawyer
Conveyancing Clerk
Property Manager
Land Development Manager
Real Estate Broker
Title Examiner
Urban Planner
Construction Manager
Real Estate Paralegal
Property Assessor
Mortgage Specialist
Development Coordinator
Sales Manager
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