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Condominium Purchase Agreement for Canada

Condominium Purchase Agreement Template for Canada

A Canadian Condominium Purchase Agreement is a legally binding document that facilitates the transfer of ownership of a condominium unit from seller to buyer. This comprehensive agreement, governed by provincial/territorial legislation and federal laws, outlines all aspects of the transaction including property details, purchase price, payment terms, conditions, warranties, and closing requirements. It incorporates specific provisions related to common elements, condominium corporation rules, and maintenance fees, while ensuring compliance with local condominium acts and real estate regulations. The agreement serves as the primary document protecting both parties' interests throughout the transaction process.

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What is a Condominium Purchase Agreement?

The Condominium Purchase Agreement is essential for any transaction involving the sale and purchase of a condominium unit in Canada. This document is used to formalize the terms and conditions of the property transfer, ensuring compliance with provincial condominium legislation and federal regulations. It contains crucial information about the unit specifications, common elements, financial terms, and obligations of all parties involved. The agreement is particularly important as condominium ownership involves both individual unit ownership and shared responsibility for common areas. It must address specific requirements set forth by provincial/territorial condominium acts, including disclosure requirements, cooling-off periods, and warranty provisions. The document serves as the foundation for the transaction and is typically prepared after initial negotiations but before the closing process begins.

What sections should be included in a Condominium Purchase Agreement?

1. Parties: Identification of the seller and purchaser with full legal names and contact information

2. Background: Context of the transaction and brief description of the property being sold

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the condominium unit, including unit number, level, and registered address

5. Purchase Price: Statement of the purchase price and payment terms, including deposit structure

6. Common Elements: Description of common elements included in the purchase and percentage ownership

7. Representations and Warranties: Statements of fact and promises made by both parties regarding the property and transaction

8. Conditions Precedent: Conditions that must be satisfied before closing, including financing and status certificate review

9. Closing Requirements: Obligations of both parties for closing, including documentation and funds transfer

10. Adjustments: Details of adjustments to be made on closing, including property taxes and maintenance fees

11. Title Matters: Requirements for clear title and permitted encumbrances

12. Risk: Allocation of risk and responsibility for the property until closing

13. Default: Consequences of default by either party

14. Notices: How and where formal notices under the agreement must be delivered

15. General Provisions: Standard contract clauses including entire agreement, governing law, and amendments

What sections are optional to include in a Condominium Purchase Agreement?

1. New Construction Provisions: Used for new developments, including construction completion dates, warranties, and occupancy requirements

2. Parking and Storage: Used when parking spaces or storage units are included in the purchase

3. Special Amenities: Used when the unit comes with specific amenities or exclusive use areas

4. HST Rebate: Used for new construction where HST rebates may apply

5. Assignment: Used when the purchaser may want the right to assign the agreement before closing

6. Pre-Construction Cooling Off Period: Used for new construction sales with statutory rescission rights

7. Rental Property Provisions: Used when the unit is currently tenanted or has existing leases

8. Renovation Agreement: Used when specific renovations are to be completed before closing

What schedules should be included in a Condominium Purchase Agreement?

1. Schedule A - Legal Description: Full legal description of the property from land registry

2. Schedule B - Unit Features and Specifications: Detailed list of unit features, fixtures, and finishes

3. Schedule C - Common Elements: Detailed description of common elements and exclusive use areas

4. Schedule D - Financial Terms: Detailed breakdown of purchase price, deposits, and payment schedule

5. Schedule E - Condominium Documents: List of required condominium documents including declaration, by-laws, and rules

6. Schedule F - Status Certificate: Current status certificate from the condominium corporation

7. Schedule G - Parking/Storage Unit Details: Specific details of any parking or storage units included

8. Schedule H - Warranties: Details of warranties, including new home warranty program if applicable

9. Appendix 1 - Floor Plans: Unit and building floor plans

10. Appendix 2 - Disclosure Statement: Required disclosure statement for new condominiums

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Canada

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions







































Clauses






































Relevant Industries

Real Estate

Legal Services

Banking and Finance

Insurance

Property Management

Construction and Development

Property Investment

Professional Services

Consumer Services

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Risk Management

Documentation

Commercial Banking

Title and Escrow

Contract Administration

Property Development

Relevant Roles

Real Estate Agent

Real Estate Broker

Property Lawyer

Real Estate Lawyer

Property Manager

Mortgage Specialist

Legal Counsel

Conveyancing Lawyer

Real Estate Partner

Property Development Manager

Compliance Officer

Title Examiner

Real Estate Paralegal

Contract Administrator

Legal Document Specialist

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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