The Residential Contract of Sale is a fundamental legal document used in Canadian real estate transactions for the transfer of residential property ownership. This agreement is essential when any residential property is being sold in Canada, whether it's a single-family home, condominium, or other residential property type. The document incorporates crucial elements required by Canadian law, including property details, purchase price, conditions of sale, and closing requirements. It must comply with both federal regulations and provincial real estate legislation, which can vary by province. The contract typically includes provisions for property inspection, financing contingencies, title review, and various warranties and representations by both parties. This comprehensive agreement protects both buyers and sellers by clearly outlining all terms and conditions of the sale, including deposit requirements, closing adjustments, and remedies for default.
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1. Parties: Identifies and provides full legal names and addresses of the buyer(s) and seller(s)
2. Background: Establishes the context of the sale and confirms the seller's right to sell the property
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including address, legal boundaries, and lot details
5. Purchase Price: States the total purchase price and payment structure including deposits
6. Deposit Terms: Specifies deposit amount, payment timing, and handling of funds
7. Closing Date: Specifies the completion date and possession terms
8. Title and Ownership: Warranties regarding clear title and process for title search and insurance
9. Property Condition: Describes the condition in which the property will be delivered and any included/excluded items
10. Representations and Warranties: Standard warranties from both parties regarding authority to enter agreement and property condition
11. Closing Requirements: Details the documents and actions required from each party to complete the transaction
12. Property Adjustments: Explains how property taxes, utilities, and other expenses will be prorated
13. Default and Remedies: Outlines consequences of default by either party
14. Notices: Specifies how formal communications between parties should be made
15. General Provisions: Standard legal clauses including governing law, entire agreement, and amendments
1. Inspection Contingency: Used when buyer wants right to inspect property and potentially terminate based on findings
2. Financing Contingency: Included when buyer's purchase is contingent on obtaining mortgage financing
3. Sale of Buyer's Property: Used when purchase is contingent on buyer selling their current property
4. Tenant Rights: Required when property is currently tenant-occupied
5. Condominium/Strata Provisions: Included for condominium or strata property sales
6. Environmental Matters: Added when there are known environmental issues or concerns
7. Heritage Property Provisions: Required for properties with heritage designation
8. GST/HST Provisions: Included for new construction or commercial properties subject to GST/HST
9. Multiple Seller/Buyer Provisions: Added when there are multiple parties on either side
1. Schedule A - Property Details: Detailed property description, boundaries, and included fixtures/chattels
2. Schedule B - Purchase Price Allocation: Breakdown of purchase price components and payment schedule
3. Schedule C - Permitted Encumbrances: List of accepted liens, easements, or encumbrances
4. Schedule D - Seller's Warranties: Detailed list of seller's representations about the property
5. Schedule E - Property Inspection Report: Results of property inspection (if applicable)
6. Schedule F - Property Disclosure Statement: Seller's disclosure of property condition and known issues
7. Appendix 1 - Property Survey: Current survey of the property
8. Appendix 2 - Title Search Results: Results of title search showing ownership and encumbrances
9. Appendix 3 - Photographs: Documentation of property condition at time of agreement
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