The Bill of Sale Finance Agreement is a crucial document in Canadian commercial transactions where significant assets are sold with financing arrangements. It serves a dual purpose: documenting the sale of the asset and establishing the terms of financing, including security interests under the Personal Property Security Act (PPSA). This agreement is commonly used in various industries for the sale of vehicles, equipment, machinery, and other valuable assets where the buyer requires financing to complete the purchase. It includes comprehensive details about the asset, purchase price, finance terms, security arrangements, insurance requirements, and remedies in case of default. The document must comply with both federal and provincial legislation regarding secured transactions, interest rates, and consumer protection (where applicable). It's particularly important in protecting the finance provider's interests while ensuring clear documentation of the sale transaction.
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1. Parties: Identification of the Seller/Finance Provider and Buyer/Borrower with full legal names and addresses
2. Background: Context of the sale and financing arrangement, including brief description of the asset being sold and financed
3. Definitions: Key terms used throughout the agreement including 'Property', 'Purchase Price', 'Finance Amount', 'Interest Rate', etc.
4. Sale and Purchase: Details of the asset being sold, purchase price, and transfer of title
5. Finance Terms: Amount financed, interest rate, payment schedule, and total amount payable
6. Security Interest: Creation and registration of security interest in the property until full payment
7. Payment Terms: Payment schedule, method of payment, and consequences of default
8. Representations and Warranties: Seller's warranties about the property and Buyer's financial representations
9. Insurance and Maintenance: Requirements for property insurance and maintenance obligations
10. Default and Remedies: Events of default and available remedies including repossession rights
11. General Provisions: Standard clauses including notices, amendments, governing law, etc.
1. Guarantor Provisions: Required when there is a third-party guarantor for the buyer's obligations
2. Trade-in Details: Used when the purchase involves a trade-in of another asset
3. Early Payment Provisions: Details of early payment options and any associated penalties or benefits
4. Co-Signer Terms: Required when there is a co-signer on the finance agreement
5. Business Purpose Declaration: Required when the purchase is for business purposes to exclude consumer protection provisions
6. Cross-Collateralization: Used when other assets or agreements are cross-collateralized with this agreement
1. Schedule A - Property Description: Detailed description of the property being sold including serial numbers, specifications, etc.
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payments, interest, and principal amounts
3. Schedule C - Insurance Requirements: Specific insurance requirements including coverage types and amounts
4. Appendix 1 - PPSA Registration Details: Details of the PPSA registration and financing statement
5. Appendix 2 - Condition Report: If used property, detailed condition report and any known defects
6. Appendix 3 - Certificate of Independent Legal Advice: When required, confirmation that parties received independent legal advice
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Equipment & Machinery
Agriculture
Construction
Manufacturing
Transportation & Logistics
Marine
Aviation
Industrial Equipment
Commercial Real Estate
Relevant Teams
Legal
Finance
Sales
Credit & Risk
Operations
Compliance
Treasury
Commercial
Business Development
Asset Management
Relevant Roles
Finance Manager
Sales Director
Legal Counsel
Credit Manager
Commercial Director
Risk Manager
Operations Manager
Contract Administrator
Business Development Manager
Asset Manager
Compliance Officer
Treasury Manager
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