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The Buyer Seller Home Contract is a crucial legal document used in Canadian residential real estate transactions to formalize property transfers between parties. This contract type is essential when any residential property is being bought or sold in Canada, whether it's a single-family home, condominium, or other residential property. The document incorporates provincial and federal legal requirements, ensuring compliance with local real estate laws and regulations. It includes detailed information about the property, purchase price, conditions of sale, closing requirements, and obligations of both parties. The agreement serves as the foundation for the entire transaction, protecting both buyers' and sellers' interests while providing a clear framework for the property transfer process. It must be carefully drafted to address all aspects of the sale, including property inspection requirements, title transfer procedures, and financial terms.

1. Parties: Identifies and provides full legal names and addresses of the buyer(s) and seller(s)

2. Background: Establishes the context of the transaction, including that the seller owns and wishes to sell, and the buyer wishes to purchase the property

3. Definitions: Defines key terms used throughout the agreement including Property, Closing Date, Purchase Price, Deposit, and other relevant terms

4. Property Description: Detailed legal description of the property including address, legal lot description, and property identification number

5. Purchase Price and Payment: Specifies the total purchase price, deposit amount, payment schedule, and method of payment

6. Deposit Terms: Details regarding the deposit amount, when it must be paid, who will hold it in trust, and conditions for its release

7. Closing Date and Possession: Specifies the closing date, time of possession, and any conditions related to transfer of possession

8. Conditions Precedent: Lists all conditions that must be satisfied before the agreement becomes firm, including financing and inspection conditions

9. Seller's Representations and Warranties: Seller's assertions about the property's condition, title, and any known defects

10. Property Inspection: Terms regarding the buyer's right to inspect the property and the process for addressing any issues found

11. Title and Ownership: Requirements for clear title and process for addressing any title defects

12. Included and Excluded Items: Specifies which fixtures and chattels are included or excluded from the sale

13. Adjustments: Details how property taxes, utilities, and other expenses will be prorated between buyer and seller

14. Risk: Addresses who bears the risk of damage to the property before closing

15. Default and Remedies: Outlines what constitutes default by either party and the available remedies

16. Notices: Specifies how and where formal notices between parties must be delivered

17. Governing Law: Confirms that the agreement is governed by Canadian law and specifies the applicable province

18. General Provisions: Standard contractual provisions including entire agreement, amendment process, and severability