Residential Resale Contract

Residential Resale Contract Template for Canada

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Key Requirements PROMPT example:

"I need a Residential Resale Contract for a detached house in Ontario, Canada, with a closing date of March 15, 2025, that includes special provisions for the existing solar panel installation and requires the current tenants to vacate before closing."

Document background

The Residential Resale Contract is a fundamental legal document used in Canadian real estate transactions for the sale of existing residential properties. This contract type is essential when transferring ownership of previously owned residential properties, ensuring compliance with federal and provincial real estate regulations. It provides a comprehensive framework for documenting the agreement between buyer and seller, including property details, financial terms, conditions of sale, and closing requirements. The document is designed to protect both parties' interests while adhering to provincial real estate laws and practices. It includes mandatory disclosures, inspection rights, and specific provisions required by Canadian real estate regulations, making it suitable for use by real estate professionals, lawyers, and individuals involved in residential property transactions across Canadian provinces.

Suggested Sections

1. Parties: Identification of the seller and buyer with their full legal names and current addresses

2. Background: Context of the transaction and acknowledgment of the seller's ownership and buyer's intention to purchase

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Property Description: Detailed legal description of the property including address, lot number, and registration details

5. Purchase Price: The agreed purchase price and payment structure, including deposit details

6. Deposit: Amount, payment terms, and handling of the deposit

7. Closing Date: Specified date and time for completing the transaction

8. Title and Ownership: Seller's warranties regarding clear title and process for title transfer

9. Inspection Rights: Buyer's rights to inspect the property and conditions related to inspections

10. Included Items: List of fixtures and chattels included in the sale

11. Excluded Items: Items specifically excluded from the sale

12. Representations and Warranties: Standard warranties about property condition, title, and authority to sell

13. Closing Adjustments: Process for adjusting taxes, utilities, and other expenses

14. Insurance: Requirements for maintaining insurance until closing

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

16. Notices: How formal communications between parties should be made

17. General Provisions: Standard legal clauses including governing law, assignment, and entire agreement

Optional Sections

1. Financing Condition: Used when buyer requires mortgage financing to complete the purchase

2. Sale of Buyer's Property: Condition relating to the sale of buyer's existing property

3. Rental Properties: Required when property has existing tenants, including assignment of leases

4. Swimming Pool/Hot Tub: Special provisions for properties with pools or hot tubs

5. Heritage Designation: Required for heritage properties with special restrictions

6. Environmental Matters: Special provisions for properties with known environmental issues

7. Condominium Provisions: Required for condominium properties, including status certificate review

8. Survey Matters: When a new or updated survey is part of the transaction

9. Seller Rent-Back: When seller requires temporary occupancy after closing

Suggested Schedules

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

2. Schedule B - Included Items: Detailed list of all fixtures and chattels included in the sale

3. Schedule C - Excluded Items: Detailed list of items specifically excluded from the sale

4. Schedule D - Existing Tenancies: Details of any existing lease agreements and tenant information

5. Schedule E - Property Condition Disclosure: Seller's disclosure of known property conditions and issues

6. Schedule F - Title Restrictions: List of easements, rights of way, and other title restrictions

7. Appendix 1 - Property Photographs: Dated photographs documenting property condition at time of agreement

8. Appendix 2 - Floor Plans: Current floor plans of the property

9. Appendix 3 - Recent Utility Bills: Copies of recent utility bills for buyer's reference

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Legal Services

Financial Services

Insurance

Property Management

Banking

Mortgage Lending

Professional Services

Construction and Home Inspection

Relevant Teams

Legal

Real Estate Operations

Compliance

Risk Management

Document Processing

Property Management

Transaction Processing

Title and Conveyancing

Contract Administration

Customer Relations

Relevant Roles

Real Estate Agent

Real Estate Broker

Property Lawyer

Conveyancing Lawyer

Mortgage Specialist

Real Estate Legal Assistant

Property Manager

Title Examiner

Compliance Officer

Real Estate Transaction Coordinator

Legal Document Specialist

Real Estate Administrator

Risk Assessment Officer

Real Estate Operations Manager

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Authors

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