The Apartment Purchase Agreement is a crucial legal document used in Canadian real estate transactions for the purchase and sale of residential apartment units, including condominiums and strata properties. This agreement is essential when transferring ownership of an apartment unit from seller to buyer, whether for personal residence or investment purposes. It must comply with federal and provincial real estate laws, including the Strata Property Act, Real Estate Development Marketing Act, and various consumer protection regulations. The document typically includes detailed property descriptions, financial terms, strata provisions, and closing requirements. It serves as the foundational contract protecting both parties' interests throughout the transaction process and is typically prepared with input from legal professionals to ensure compliance with local jurisdiction requirements.
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1. Parties: Identification of the seller and purchaser with full legal names and addresses
2. Background: Context of the transaction and brief property description
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the apartment including unit number, floor plan, and building details
5. Purchase Price: Statement of the purchase price and payment structure
6. Deposit: Details of the deposit amount, payment terms, and holder of the deposit
7. Financing: Financing conditions and requirements for the purchase
8. Title and Ownership: Provisions regarding clear title and transfer of ownership
9. Strata/Condominium Provisions: Rights and obligations related to strata ownership
10. Closing and Completion: Closing date and completion procedures
11. Representations and Warranties: Statements of fact and promises by both parties
12. Property Condition: Status of the property and any known defects
13. Risk and Insurance: Responsibility for risk and insurance requirements
14. Default and Remedies: Consequences of default and available remedies
15. Notices: How formal communications between parties should be made
16. General Provisions: Standard legal provisions including governing law and entire agreement
1. Parking Assignment: Details of any parking spaces included in the purchase - use when parking is included
2. Storage Locker: Details of any storage units included - use when storage is included
3. Furniture and Fixtures: List of any furniture or fixtures included in the sale - use when selling furnished
4. Rental Assumption: Details about existing tenancy - use when property is currently tenanted
5. Foreign Buyer Provisions: Additional provisions for non-resident buyers - use for foreign purchasers
6. Pre-Construction Provisions: Specific terms for new construction - use for pre-construction sales
7. Assignment Rights: Right to assign the contract - use when assignment might be desired
8. GST/HST Provisions: Tax considerations - use for new properties or commercial use
9. First-Time Home Buyer Provisions: Special terms for first-time buyers - use when applicable
1. Schedule A - Property Details: Detailed description of the property including floor plans and unit specifications
2. Schedule B - Included Items: List of fixtures, appliances, and other items included in the sale
3. Schedule C - Financial Terms: Detailed breakdown of purchase price, deposit structure, and payment terms
4. Schedule D - Strata Documents: Copies of strata bylaws, rules, and recent minutes
5. Schedule E - Property Disclosure Statement: Seller's disclosure of property condition and known issues
6. Schedule F - Form B Information Certificate: Current financial and legal status of the strata unit
7. Schedule G - Parking/Storage Plan: Plans showing location of parking and storage units if applicable
8. Appendix 1 - Property Photos: Current photographs of the property and common areas
9. Appendix 2 - Building Amenities: List and description of building amenities included in the purchase
Relevant legal definitions
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Real Estate
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Financial Services
Property Development
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Insurance
Banking
Construction
Professional Services
Relevant Teams
Legal
Real Estate
Property Management
Sales
Compliance
Risk Management
Administrative
Finance
Operations
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Relevant Roles
Real Estate Agent
Property Lawyer
Real Estate Broker
Property Developer
Legal Counsel
Conveyancer
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Mortgage Specialist
Real Estate Administrator
Compliance Officer
Contract Manager
Real Estate Partner
Transaction Coordinator
Legal Assistant
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