The Cancellation of Condominium Contract is a crucial document used in Canadian real estate transactions when either party needs to terminate a condominium purchase agreement. It becomes necessary in various situations, including buyer's remorse during the cooling-off period, material changes to the development, failure to meet conditions, or mutual agreement to terminate. The document must comply with provincial legislation, including specific provincial Condominium Acts and consumer protection laws. It typically includes details about the original purchase agreement, grounds for cancellation, deposit return calculations, and mutual releases. This document is particularly important in pre-construction condominium purchases where statutory rescission rights may apply. It provides legal protection for both parties and ensures proper documentation of the termination process.
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1. Parties: Identification of all parties involved, including the purchaser(s), vendor/developer, and any other relevant parties such as guarantors
2. Background: Context of the original purchase agreement, including date of execution, property details, and purchase price
3. Definitions: Key terms used throughout the document, including references to the original agreement and property description
4. Cancellation Declaration: Clear statement of intention to cancel the agreement and the effective date of cancellation
5. Grounds for Cancellation: Specific reasons for the cancellation, whether statutory, contractual, or by mutual agreement
6. Deposit Return: Details of the return of deposit monies, including amount, timeline, and any interest calculations
7. Mutual Release: Release of all claims and obligations between the parties relating to the original agreement
8. Return of Documents: Requirements for the return or destruction of any documents related to the original purchase
9. Confidentiality: Provisions regarding the confidentiality of the cancellation terms and agreement
10. Governing Law: Confirmation that the cancellation is governed by applicable provincial laws
11. Execution: Signature blocks and execution requirements for all parties
1. Costs and Expenses: Used when there are specific arrangements for sharing or allocating cancellation-related costs
2. Surviving Provisions: Include when certain provisions from the original agreement need to survive the cancellation
3. Third Party Rights: Required when the cancellation affects rights of third parties such as assignees or mortgagees
4. Tax Implications: Include when there are specific tax consequences that need to be addressed
5. Alternative Dispute Resolution: Optional section for specifying dispute resolution mechanisms if disagreements arise post-cancellation
1. Schedule A - Original Purchase Agreement: Copy of the original condominium purchase agreement being cancelled
2. Schedule B - Deposit History: Detailed record of all deposits paid and held in trust
3. Schedule C - Property Description: Legal description of the condominium unit and any parking/storage units included
4. Schedule D - Calculation of Interest: Detailed calculation of any interest payable on deposit amounts
5. Schedule E - Supporting Documents: Any relevant supporting documents such as inspection reports or material change statements that led to the cancellation
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