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Agreement Of Sale With Possession
"I need an Agreement of Sale with Possession for a residential property in Ontario, where the buyer needs to take possession on March 1, 2025, but the closing date will be May 15, 2025, due to mortgage financing timing."
1. Parties: Identifies and provides full legal names and addresses of the Vendor and Purchaser
2. Background: Establishes the context of the agreement, including property ownership and intent to sell
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Specifies the purchase price, deposit requirements, and payment terms
6. Possession Terms: Details of possession arrangements, including dates, conditions, and interim occupancy terms
7. Closing Date: Specifies the date for completion of the sale and transfer of title
8. Property Condition: Warranties and representations regarding the condition of the property
9. Title and Ownership: Provisions regarding clear title and transfer of ownership
10. Adjustments: Details of tax, utility, and other cost adjustments between parties
11. Insurance and Risk: Allocation of risk and insurance requirements during the possession period
12. Default and Remedies: Consequences and remedies for breach of agreement terms
13. Notices: Methods and addresses for formal communications between parties
14. General Provisions: Standard legal provisions including governing law, severability, and entire agreement
15. Execution: Signature blocks and execution requirements
1. Mortgage Arrangements: Include when purchaser requires mortgage financing, detailing conditions and requirements
2. Property Management: Include when specific arrangements are needed for property management during possession period
3. Rental Income: Include when property generates rental income that needs to be addressed during possession period
4. Environmental Matters: Include when there are environmental concerns or requirements
5. Chattels and Fixtures: Include when specific items are included or excluded from the sale
6. Home Inspection: Include when sale is conditional on home inspection
7. Property Improvements: Include when discussing permitted or restricted improvements during possession
8. Assignment Rights: Include when addressing whether the agreement can be assigned to another party
9. First Right of Refusal: Include when granting first right to purchase to specific parties
10. Foreign Buyer Provisions: Include when purchaser is not a Canadian resident
1. Schedule A - Property Description: Detailed legal description and property boundaries
2. Schedule B - Purchase Price Structure: Breakdown of purchase price, deposits, and payment schedule
3. Schedule C - Included Chattels: List of movable items included in the sale
4. Schedule D - Possession Agreement: Detailed terms and conditions of possession arrangement
5. Schedule E - Property Condition Report: Detailed report on property condition at time of possession
6. Schedule F - Permitted Uses: Specifications of how the property may be used during possession period
7. Schedule G - Insurance Requirements: Detailed insurance requirements for both parties
8. Appendix 1 - Property Photos: Photographic documentation of property condition
9. Appendix 2 - Required Repairs: List of repairs to be completed before closing
10. Appendix 3 - Utility Agreements: Arrangements for utility payments and transfers
Authors
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Insurance
Property Management
Urban Planning
Residential Housing
Commercial Property
Property Investment
Real Estate Investment Trusts (REITs)
Legal
Real Estate
Compliance
Risk Management
Property Management
Contract Administration
Business Development
Investment
Operations
Document Control
Title and Closing
Customer Relations
Real Estate Lawyer
Property Manager
Real Estate Agent
Real Estate Broker
Mortgage Specialist
Legal Counsel
Compliance Officer
Risk Manager
Title Examiner
Contract Administrator
Real Estate Development Manager
Property Developer
Real Estate Investment Manager
Settlement Officer
Escrow Officer
Real Estate Paralegal
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