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Pre Sale Contract

Pre Sale Contract Template for Canada

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Key Requirements PROMPT example:

Pre Sale Contract

"I need a Pre-Sale Contract for a luxury condominium development in Vancouver, British Columbia, with specific provisions for foreign buyers and inclusion of a rental pool program that will commence in March 2025."

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Document background
The Pre-Sale Contract serves as the primary legal instrument for transactions involving the purchase of property prior to construction completion in Canada. This document is essential when developers seek to sell units in a planned development before or during the construction phase. It must comply with federal and provincial regulations, including REDMA requirements, consumer protection laws, and real estate development legislation. The contract typically includes comprehensive details about the property specifications, payment terms, construction timelines, warranties, and buyer protections. It's particularly crucial in major Canadian real estate markets where pre-sale purchases are common in residential and commercial development projects. The document provides security for both developers seeking project financing and purchasers investing in future property, while ensuring all statutory requirements for disclosure and consumer protection are met.
Suggested Sections

1. Parties: Identification of the Developer/Seller and the Purchaser with full legal names and addresses

2. Background: Context of the pre-sale arrangement, including property development details and purpose of the agreement

3. Definitions: Key terms used throughout the agreement, including technical and legal terminology

4. Property Description: Detailed description of the property being purchased, including legal description and unit details

5. Purchase Price: Total purchase price, payment structure, and deposit requirements

6. Deposit Terms: Amount, payment schedule, and handling of deposit funds including trust arrangements

7. Completion and Closing: Estimated completion date, closing procedures, and adjustment calculations

8. Construction Specifications: Overview of construction standards, materials, and finishes

9. Developer's Covenants: Developer's obligations regarding construction, warranties, and delivery

10. Purchaser's Covenants: Purchaser's obligations including financing arrangements and cooperation requirements

11. Contingencies and Conditions: Conditions that must be satisfied for the contract to complete

12. Default and Remedies: Consequences of default by either party and available remedies

13. Representations and Warranties: Statements of fact and promises made by both parties

14. Assignment: Terms governing the assignability of the contract

15. Notice: How and where notices must be delivered between parties

16. General Provisions: Standard contract clauses including governing law, severability, and entire agreement

17. Execution: Signature blocks and dating of the agreement

Optional Sections

1. GST/HST Elections: Required when the property falls under GST/HST requirements

2. Foreign Buyer Provisions: Required when purchaser is a non-resident of Canada

3. Strata Provisions: Required for condominium or strata property purchases

4. Parking/Storage Assignment: Required when parking stalls or storage lockers are included

5. Rental Pool Agreement: Optional section for properties allowing participation in rental programs

6. View Protection: Optional provisions regarding view preservation, if applicable

7. Pre-Construction Access: Terms for purchaser access during construction, if permitted

8. Custom Modifications: Required when purchaser is permitted to request custom changes

9. Environmental Certifications: Required when property involves specific environmental standards

Suggested Schedules

1. Schedule A - Property Plans: Detailed floor plans, site plans, and unit layouts

2. Schedule B - Features and Finishes: Comprehensive list of included features, materials, and specifications

3. Schedule C - Disclosure Statement: Mandatory disclosure document required under REDMA

4. Schedule D - Payment Schedule: Detailed breakdown of deposit and payment milestones

5. Schedule E - Common Area Allocations: Description of common property and limited common property

6. Schedule F - Building Bylaws: Proposed strata/condominium bylaws and rules

7. Schedule G - Construction Schedule: Estimated timeline for construction milestones

8. Schedule H - Warranties: Details of new home warranty coverage

9. Appendix 1 - Site-Specific Conditions: Any unique conditions or requirements specific to the development

10. Appendix 2 - Permitted Encumbrances: List of permitted liens, encumbrances, and easements

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions



























































Clauses








































Relevant Industries

Real Estate Development

Construction

Legal Services

Financial Services

Property Management

Urban Planning

Architecture

Interior Design

Banking

Insurance

Relevant Teams

Legal

Real Estate Development

Sales

Construction Management

Compliance

Finance

Risk Management

Marketing

Customer Relations

Project Management

Relevant Roles

Real Estate Developer

Property Development Manager

Real Estate Lawyer

Construction Project Manager

Sales Director

Compliance Officer

Legal Counsel

Real Estate Agent

Mortgage Broker

Development Director

Contract Administrator

Property Manager

Sales and Marketing Manager

Risk Manager

Financial Controller

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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