The As Is Property Sale Agreement is a specialized contract used in Canadian real estate transactions where the buyer agrees to purchase the property in its existing condition, without requiring the seller to make repairs or improvements. This document is particularly relevant in situations involving distressed properties, quick sales, or when sellers wish to limit their post-sale liability. The agreement incorporates specific Canadian legal requirements and provincial regulations, providing comprehensive coverage of all aspects of the property transfer while explicitly stating the 'as is' nature of the sale. It includes essential elements such as property description, purchase price, closing requirements, and specific disclaimers regarding property condition. This type of agreement is commonly used in both residential and commercial property transactions throughout Canada, offering a clear framework for transactions where the buyer assumes full responsibility for the property's condition upon purchase.
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1. Parties: Identifies and provides full legal details of the buyer and seller
2. Background: Establishes the context of the sale and the parties' intention to enter into an 'as is' property transaction
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed legal description of the property being sold, including its address and legal boundaries
5. Purchase Price and Payment: Specifies the agreed purchase price and payment terms, including deposit requirements
6. As Is Condition: Clearly states that the property is being sold 'as is' and details the implications of this condition
7. Seller's Representations: Limited representations regarding property ownership and authority to sell
8. Buyer's Acknowledgments: Buyer's confirmation of property inspection and acceptance of current condition
9. Closing Details: Specifies the closing date, location, and requirements for completion
10. Title Transfer: Details the process and requirements for transferring property title
11. Closing Costs and Adjustments: Allocation of closing costs, taxes, and other adjustments
12. Default and Remedies: Consequences and remedies for breach of agreement
13. Notices: How formal communications between parties should be made
14. General Provisions: Standard contract clauses including governing law, entire agreement, and amendments
1. Financing Conditions: Include when buyer requires mortgage financing to complete purchase
2. Property Management: Include when property is currently tenanted or has ongoing management contracts
3. Environmental Matters: Include when property has known environmental issues or concerns
4. Planning and Zoning: Include when property has specific zoning requirements or restrictions
5. Property Access Before Closing: Include when buyer needs access for inspections or measurements
6. Chattels and Fixtures: Include when specific items are included or excluded from sale
7. Survey Provisions: Include when property requires new survey or has survey-related issues
8. Condominium Provisions: Include when property is a condominium unit
9. HST/GST Provisions: Include when sale is subject to HST/GST considerations
1. Schedule A - Legal Property Description: Detailed legal description from land registry
2. Schedule B - Permitted Encumbrances: List of accepted liens, easements, or encumbrances
3. Schedule C - Property Disclosure Statement: Seller's disclosure of known property conditions
4. Schedule D - Included/Excluded Items: Detailed list of items included/excluded from sale
5. Schedule E - Current Lease Agreements: Copies of existing lease agreements if property is tenanted
6. Appendix 1 - Property Inspection Report: Buyer's property inspection findings
7. Appendix 2 - Property Photographs: Documentation of property condition at time of agreement
8. Appendix 3 - Title Search Results: Current title search showing ownership and encumbrances
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Banking and Financial Services
Insurance
Property Development
Construction
Property Management
Commercial Property
Residential Property
Investment and Asset Management
Professional Services
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Risk Management
Investment
Asset Management
Operations
Finance
Due Diligence
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Real Estate Broker
Legal Counsel
Contract Manager
Property Developer
Investment Manager
Asset Manager
Compliance Officer
Risk Manager
Real Estate Investment Analyst
Title Examiner
Property Appraiser
Real Estate Portfolio Manager
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