The Residential Real Estate Purchase Agreement is a fundamental legal document used in Canadian property transactions to formalize the sale and purchase of residential real estate. This comprehensive agreement is essential when any residential property is being transferred from a seller to a buyer in Canada, whether it's a house, condominium, townhouse, or other residential property. The document must comply with federal laws such as the Interest Act and provincial real estate regulations, while also addressing local municipal requirements. It includes crucial details about the property, purchase price, closing conditions, warranties, and obligations of all parties involved. This agreement serves as the cornerstone document that real estate professionals, lawyers, and financial institutions rely on throughout the transaction process, from the initial offer to the final closing.
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1. Parties: Identifies and provides full legal names and addresses of the buyer(s) and seller(s)
2. Background: Sets out the context of the transaction and confirms the seller's ownership of the property
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed legal description of the property, including address and land registry details
5. Purchase Price: States the total purchase price and breaks down the deposit and payment structure
6. Deposit: Specifies deposit amount, payment timing, and handling of funds in trust
7. Closing Date: Specifies the date of completion of the transaction and transfer of ownership
8. Title and Ownership: Seller's warranties regarding clear title and process for title search and insurance
9. Property Inspection: Buyer's rights and timeframes for property inspection and condition verification
10. Included and Excluded Items: Lists fixtures and chattels included or excluded from the sale
11. Representations and Warranties: Standard warranties about property condition, legal compliance, and disclosure obligations
12. Closing Conditions: Conditions that must be met before closing, including financing and inspection conditions
13. Closing Adjustments: Process for adjusting taxes, utilities, and other expenses at closing
14. Default and Remedies: Consequences and available remedies if either party defaults
15. Notices: How and where formal notices between parties must be delivered
16. General Provisions: Standard contract clauses including governing law, entire agreement, and amendment provisions
1. Tenant Rights and Obligations: Required when the property is currently tenanted, addressing lease assignments and tenant rights
2. Condominium Provisions: Required for condominium purchases, including status certificate review and condo-specific conditions
3. Home Warranty Program: Required for new construction, detailing warranty coverage and builder obligations
4. Swimming Pool/Hot Tub Compliance: Required when property includes these features, addressing safety and compliance requirements
5. Heritage Property Provisions: Required for heritage-designated properties, addressing preservation requirements and restrictions
6. Well and Septic Provisions: Required for rural properties with private water and sewage systems
7. Environmental Provisions: Required when environmental issues are known or suspected
8. Rental Equipment: Required when hot water tanks, HVAC, or other equipment is rented rather than owned
1. Schedule A - Legal Description: Detailed legal description of the property from land registry
2. Schedule B - Included Items: Comprehensive list of fixtures and chattels included in the sale
3. Schedule C - Excluded Items: List of items specifically excluded from the sale
4. Schedule D - Additional Terms and Conditions: Any additional or special terms agreed upon by the parties
5. Schedule E - Property Disclosure Statement: Seller's disclosure of known property issues and conditions
6. Schedule F - Tenant Schedule: Details of existing tenancies, including lease terms and rents
7. Appendix 1 - Property Survey: Current survey of the property showing boundaries and structures
8. Appendix 2 - Inspection Reports: Any existing inspection reports provided by the seller
Relevant legal definitions
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Relevant Industries
Real Estate
Legal Services
Financial Services
Insurance
Property Management
Construction
Property Development
Property Investment
Banking
Professional Services
Relevant Teams
Legal
Real Estate Operations
Property Management
Compliance
Risk Management
Documentation
Mortgage Services
Transaction Processing
Title Services
Client Services
Relevant Roles
Real Estate Agent
Real Estate Broker
Real Estate Lawyer
Property Lawyer
Mortgage Specialist
Real Estate Paralegal
Title Examiner
Property Manager
Real Estate Investment Advisor
Closing Coordinator
Real Estate Transaction Manager
Property Appraiser
Mortgage Underwriter
Real Estate Compliance Officer
Real Estate Documentation Specialist
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