The Down Payment Agreement Form is a crucial document in Canadian real estate transactions, used whenever a buyer provides a down payment as part of a property purchase. This document becomes necessary when there's a need to formally document the terms of a down payment, particularly in situations involving staged payments or specific conditions for release of funds. It helps prevent disputes by clearly outlining payment terms, holding arrangements, and conditions for return or forfeiture. The agreement must comply with provincial real estate laws, which vary by jurisdiction, and federal regulations including FINTRAC requirements for large financial transactions. This document is particularly important in protecting both buyers' and sellers' interests during the period between down payment and closing.
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1. Parties: Identifies all parties to the agreement, including full legal names and addresses of the buyer(s) and seller(s)
2. Background: Provides context for the agreement, including reference to the main purchase agreement and property details
3. Definitions: Defines key terms used throughout the agreement
4. Down Payment Amount: Specifies the total down payment amount and percentage of purchase price
5. Payment Terms: Details the payment schedule, including dates, amounts, and method of payment
6. Purpose of Down Payment: Clarifies how the down payment will be applied to the purchase price
7. Holding of Funds: Specifies how and where the down payment will be held (e.g., in trust, escrow)
8. Default and Remedies: Outlines consequences of default and available remedies for both parties
9. Return of Down Payment: Specifies conditions under which the down payment would be returned
10. Governing Law: Identifies the applicable provincial law governing the agreement
11. Execution: Signature block and execution requirements
1. Financing Contingency: Include when down payment is contingent on buyer obtaining financing
2. Multiple Payment Installments: Include when down payment will be paid in multiple installments
3. Interest Provisions: Include when interest will be paid on held down payment funds
4. Foreign Buyer Provisions: Include when buyer is a non-resident of Canada
5. Assignment: Include when rights under the agreement may be assignable
6. Property Inspection Contingency: Include when down payment release is contingent on satisfactory property inspection
7. Dispute Resolution: Include when parties wish to specify mediation or arbitration procedures
1. Schedule A - Property Details: Detailed description of the property including legal description and address
2. Schedule B - Payment Schedule: Detailed breakdown of payment amounts and dates if multiple installments
3. Schedule C - Banking Details: Trust account or escrow account details for down payment
4. Appendix 1 - Proof of Funds: Documentation showing source and availability of down payment funds
5. Appendix 2 - Related Purchase Agreement: Copy or reference to the main purchase agreement
6. Appendix 3 - Identity Verification: Required identification and verification documents for FINTRAC compliance
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