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Land Installment Agreement
"I need a Land Installment Agreement for a commercial property in Ontario, with monthly payments over 15 years starting March 2025, and special provisions for the tenant-occupied portion of the building."
1. Parties: Identification of the Seller and Purchaser with full legal names and addresses
2. Background: Context of the agreement, including brief property description and parties' intention to enter into an installment sale arrangement
3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Installment Payments, Closing Date, etc.
4. Property Description: Detailed legal description of the property including lot number, plan, and municipal address
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amount, payment frequency, and interest rate
6. Title and Possession: Terms regarding when title transfers, possession arrangements, and registration of the agreement
7. Seller's Representations and Warranties: Seller's promises regarding property title, condition, and authority to sell
8. Purchaser's Representations and Warranties: Purchaser's promises regarding financial capability and intended use of property
9. Property Insurance and Maintenance: Requirements for insurance coverage and property maintenance during the installment period
10. Property Taxes and Utilities: Responsibility for payment of property taxes, utilities, and other ongoing expenses
11. Default and Remedies: Consequences of payment default or other breaches, including cure periods and termination rights
12. Registration and Notice: Requirements for registering the agreement on title and notice provisions
13. General Provisions: Standard contract clauses including governing law, amendment process, and survival provisions
1. Property Management: Required when the property includes common areas or shared facilities that need specific management provisions
2. Environmental Matters: Needed when the property has known environmental issues or requires specific environmental warranties
3. Development Conditions: Include when the property is subject to future development or renovation requirements
4. Assignment Rights: Optional section detailing if and how the purchaser can assign their rights under the agreement
5. Early Payment Provisions: Terms for early payoff of the installment agreement, including any penalties or discounts
6. Rental Provisions: Required when the property has existing tenants or if renting is to be permitted during the installment period
7. Construction Requirements: Needed when the agreement includes obligations for new construction or improvements
1. Schedule A - Property Description: Detailed legal description of the property including surveys and plans
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all installment payments, interest portions, and balance reduction
3. Schedule C - Property Condition Report: Detailed report on the current condition of the property including photographs
4. Schedule D - Permitted Encumbrances: List of permitted liens, easements, and encumbrances that will remain on title
5. Schedule E - Insurance Requirements: Detailed specifications for required insurance coverage
6. Appendix 1 - Property Tax Assessment: Current property tax assessment and payment status
7. Appendix 2 - Title Search: Current title search showing existing registrations and encumbrances
Authors
Real Estate
Legal Services
Property Development
Construction
Financial Services
Insurance
Property Management
Agriculture (for farmland)
Commercial Property
Residential Property
Legal
Real Estate
Property Management
Sales
Compliance
Risk Management
Contract Administration
Investment
Business Development
Operations
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Contract Administrator
Title Examiner
Property Developer
Land Registration Officer
Real Estate Investment Manager
Property Sales Director
Risk Manager
Compliance Officer
Real Estate Portfolio Manager
Legal Document Specialist
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