The Deed of Sale Condo is a crucial legal instrument used in Canadian real estate transactions for the transfer of condominium properties. This document is required whenever a condominium unit is sold, whether it's a new construction sale or a resale property. The deed must comply with provincial property laws, condominium acts, and land registry requirements. It contains detailed information about the property, parties involved, purchase price, and specific conditions of sale. A properly executed Deed of Sale Condo ensures clear title transfer and protects both parties' interests by documenting all aspects of the transaction, including any exclusive-use areas, parking spaces, storage units, and the unit's share in common elements. The document serves as permanent proof of the transfer and must be registered with provincial land registry offices to complete the conveyance of property.
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1. Parties: Identification of the Vendor and Purchaser with full legal names and addresses
2. Background: Context of the sale and brief description of the property being transferred
3. Definitions: Key terms used throughout the document including 'Property', 'Common Elements', 'Closing Date', etc.
4. Property Description: Detailed legal description of the condominium unit, including unit number, level, and registered plan number
5. Purchase Price: Statement of the agreed purchase price and payment terms
6. Deposit: Details of the deposit amount, payment schedule, and how it will be held
7. Closing Details: Closing date, conditions, and procedures for completion of the sale
8. Title and Ownership: Warranties regarding clear title and ownership transfer provisions
9. Common Elements: Description of shared facilities and percentage ownership of common elements
10. Condominium Fees: Current monthly maintenance fees and purchaser's obligations
11. Representations and Warranties: Standard warranties about the property's condition and legal status
12. Risk and Insurance: Transfer of risk and insurance requirements
13. Notices: How and where formal notices between parties should be delivered
14. Execution: Signature blocks and witnessing requirements
1. Parking and Storage: Include when the sale includes specific parking spaces or storage units
2. Renovation Details: Include when the unit has undergone recent renovations or requires specific disclosures about modifications
3. Rental Status: Include when the unit is currently tenanted or has existing lease agreements
4. Special Assessments: Include when there are pending or ongoing special assessments by the condo corporation
5. Furniture and Fixtures: Include when specific items of furniture or fixtures are included in the sale
6. HST Rebate: Include for new constructions where HST rebates may apply
7. Foreign Buyer Provisions: Include when the purchaser is a non-resident of Canada
1. Schedule A - Legal Description: Detailed legal description of the property from land registry
2. Schedule B - Included Items: List of fixtures, appliances, and other items included in the sale
3. Schedule C - Condominium Documents: Status certificate, declaration, by-laws, and rules
4. Schedule D - Floor Plans: Unit floor plans and measurements
5. Schedule E - Parking/Storage Unit Details: Specific details and locations of any parking or storage units
6. Schedule F - Recent Amendments: Recent amendments to condo declaration or by-laws
7. Schedule G - Property Condition Report: Current condition of the unit and any known defects
8. Schedule H - Maintenance Fee History: Historical record of maintenance fees and special assessments
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