The Down Payment Agreement For House is a crucial document in Canadian residential real estate transactions, designed to protect both buyers and sellers by clearly documenting the terms of the down payment arrangement. This agreement becomes necessary whenever a property purchase involves a down payment, which is required for most Canadian residential real estate transactions. The document's importance has increased with stricter federal mortgage rules and anti-money laundering regulations. It typically includes details about payment amount, timing, source of funds, conditions for return or forfeiture, and any special arrangements like gifted deposits or multiple payment installments. The agreement must comply with both federal banking regulations and provincial real estate laws, making it essential for property transactions across Canada's provinces and territories. It serves as a key reference document for mortgage approval processes and helps ensure transparency in real estate transactions.
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1. Parties: Identification of all parties involved in the agreement, including full legal names and addresses
2. Background: Context of the agreement, including the intention to purchase property and need for down payment
3. Definitions: Key terms used throughout the agreement
4. Property Details: Legal description and address of the property being purchased
5. Down Payment Amount: Specific amount of the down payment and percentage of purchase price
6. Payment Terms: Schedule, method, and conditions of down payment transfer
7. Source of Funds Declaration: Declaration of the legitimate source of down payment funds (anti-money laundering compliance)
8. Conditions Precedent: Conditions that must be met before the down payment becomes payable
9. Representations and Warranties: Statements of fact and promises made by each party
10. Default and Remedies: Consequences of failing to provide the down payment as agreed
11. Return of Down Payment: Circumstances under which the down payment would be returned
12. Governing Law: Specification of applicable Canadian provincial law
13. Notices: How formal communications between parties should be made
14. Execution: Signature blocks and execution requirements
1. Gift Letter Provisions: Required when down payment includes gifted funds from family members
2. Third-Party Contributor Terms: Used when a third party is contributing to the down payment
3. Mortgage Contingency: Added when down payment is contingent on mortgage approval
4. Interest Provisions: Required when the down payment is to be held in an interest-bearing account
5. Multiple Payment Installments: Used when down payment will be paid in multiple installments
6. Property Sale Contingency: Added when down payment depends on the sale of another property
7. Assignment Rights: Included when parties want to allow/restrict assignment of the agreement
1. Schedule A - Payment Schedule: Detailed breakdown of payment amounts and dates if multiple installments
2. Schedule B - Property Details: Comprehensive legal description and details of the property
3. Schedule C - Source of Funds Documentation: Required documentation proving legitimate source of funds
4. Schedule D - Gift Letter: If applicable, formal gift letter from family members contributing to down payment
5. Appendix 1 - Bank Details: Banking information for transfer of down payment
6. Appendix 2 - Required Identification Documents: List and copies of required ID documents for anti-money laundering compliance
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