The Deed of Sale Condominium is a crucial legal instrument used in Canadian real estate transactions for the transfer of condominium property ownership. This document is essential when any condominium unit is being sold, whether in a residential or commercial context. It must comply with both federal and provincial legislation governing real estate transactions and condominium-specific regulations. The deed includes detailed information about the property, parties involved, purchase price, common elements, and various conditions and warranties. It differs from standard property deeds by incorporating specific provisions related to condominium ownership, such as shared facilities, maintenance obligations, and corporation bylaws. This document type is particularly important given the increasing prevalence of condominium developments in Canadian urban centers and the complex nature of condominium ownership structures.
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1. Parties: Identification of the Vendor and Purchaser with full legal names and addresses
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the deed
4. Property Description: Detailed legal description of the condominium unit, including unit number, level, building address, and registered plan number
5. Purchase Price: Statement of the purchase price and payment terms
6. Deposit: Details of the deposit amount, payment schedule, and handling of funds
7. Title and Ownership: Warranties regarding clear title and transfer of ownership
8. Common Elements: Description of common element ownership and usage rights
9. Closing Date: Specified date for completion of the transaction
10. Adjustments: Details of adjustments to be made on closing (taxes, utilities, maintenance fees)
11. Representations and Warranties: Standard representations and warranties from both parties
12. Closing Deliverables: List of documents and items to be delivered on closing
13. Risk: Transfer of risk and insurance responsibilities
14. Notice: Process for giving notices under the agreement
15. Execution: Signature blocks and witnessing requirements
1. Parking and Storage: Details of any parking spaces or storage units included in the sale
2. Financing Conditions: Include when purchase is subject to the buyer obtaining financing
3. Home Inspection: Include when there is a condition for home inspection
4. Status Certificate Review: Include when purchase is conditional on review of condominium status certificate
5. Rental Units: Include if the unit has existing tenants or rental agreements
6. Special Assessments: Include when there are pending or ongoing special assessments
7. Improvements and Modifications: Include when there are non-standard improvements or modifications to the unit
8. Assignment Rights: Include when addressing the purchaser's right to assign the agreement
1. Schedule A - Legal Description: Detailed legal description of the property from land registry
2. Schedule B - Unit Features and Inclusions: Comprehensive list of fixtures, appliances, and other items included in the sale
3. Schedule C - Common Elements: Detailed description of common elements and percentage ownership
4. Schedule D - Parking and Storage Unit Details: Specific details of any parking spaces or storage units included
5. Schedule E - Current Financial Obligations: Details of current maintenance fees, property taxes, and other regular charges
6. Schedule F - Unit Floor Plan: Floor plan of the unit showing dimensions and layout
7. Schedule G - Recent Improvements: List of recent improvements or renovations to the unit
8. Appendix 1 - Condominium Rules and Regulations: Current copy of condominium rules and regulations
9. Appendix 2 - Status Certificate: Current status certificate from the condominium corporation
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