The Simple Real Estate Purchase Agreement is a fundamental legal document used across Canadian provinces for facilitating property transactions. This contract type serves as the primary instrument for documenting the terms and conditions of real estate sales, whether residential or commercial. It is designed to comply with Canadian federal regulations and provincial property laws, incorporating essential elements such as property description, purchase price, closing conditions, and party obligations. The agreement is typically used when parties have reached initial terms and need to formalize their transaction, providing a structured framework for the property transfer process. It includes provisions for protecting both buyer and seller interests, handling deposits, setting closing dates, and addressing potential contingencies. The document's flexibility allows it to be adapted for various property types while maintaining its core legal requirements under Canadian jurisdiction.
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1. Parties: Identification of the seller and buyer with full legal names and addresses
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement defined for clarity
4. Property Description: Detailed legal description of the property including address, lot number, and boundaries
5. Purchase Price: Statement of the purchase price and payment terms including deposits
6. Deposit: Details of the deposit amount, payment schedule, and handling of funds
7. Closing: Closing date, time, and location specifications
8. Title and Ownership: Warranties regarding clear title and process for title transfer
9. Conditions Precedent: Essential conditions that must be met before closing
10. Representations and Warranties: Standard declarations by both parties regarding the property and their capacity to enter the agreement
11. Closing Deliverables: List of documents and items to be delivered by each party at closing
12. Adjustments: How property taxes, utilities, and other expenses will be prorated
13. Default and Remedies: Consequences of breach and available remedies
14. Notices: How and where formal communications between parties should be delivered
15. General Provisions: Standard contract clauses including governing law, amendment process, and severability
1. Financing Condition: Used when buyer requires mortgage financing to complete the purchase
2. Home Inspection: Include when purchase is conditional on satisfactory home inspection
3. Sale of Buyer's Property: Used when purchase is conditional on buyer selling their existing property
4. Rental Property Provisions: Include when property is currently tenanted or has existing lease agreements
5. HST/GST Provisions: Required for new construction or commercial properties subject to HST/GST
6. Property Management: Include for properties with ongoing management requirements or contracts
7. Environmental Provisions: Used when environmental assessments or concerns need to be addressed
8. Chattels and Fixtures: Detailed when specific items of personal property are included or excluded from sale
1. Schedule A - Legal Description: Detailed legal description of the property from land registry
2. Schedule B - Permitted Encumbrances: List of accepted liens, easements, or encumbrances on the property
3. Schedule C - Included Chattels: Itemized list of personal property included in the sale
4. Schedule D - Excluded Fixtures: List of items normally considered fixtures that are excluded from sale
5. Schedule E - Current Leases: Details of any existing tenant leases affecting the property
6. Appendix 1 - Property Disclosure Statement: Seller's disclosure of property condition and known issues
7. Appendix 2 - Environmental Assessment: Results of any environmental testing or assessments
8. Appendix 3 - Site Plan: Property survey or site plan showing boundaries and structures
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Banking and Finance
Legal Services
Property Development
Construction
Property Management
Insurance
Professional Services
Relevant Teams
Legal
Real Estate
Property Management
Acquisitions
Compliance
Risk Management
Finance
Operations
Investment
Administrative Services
Relevant Roles
Real Estate Agent
Real Estate Broker
Property Lawyer
Conveyancing Lawyer
Property Manager
Real Estate Developer
Mortgage Broker
Title Officer
Real Estate Paralegal
Contract Administrator
Legal Counsel
Real Estate Investment Manager
Property Acquisition Manager
Real Estate Portfolio Manager
Compliance Officer
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