The Multi Family Purchase And Sale Agreement is a sophisticated legal instrument used in Canadian real estate transactions involving properties with multiple residential units. This document is essential when transferring ownership of apartment buildings, residential complexes, or other multi-unit properties. It addresses unique aspects of multi-family property transactions, including existing tenant rights, property management transitions, and compliance with provincial residential tenancy laws. The agreement is structured to protect both buyers and sellers while ensuring compliance with Canadian federal and provincial regulations governing real estate transactions, property transfer, and residential tenancy. It includes comprehensive provisions for due diligence, property inspection, financial verification, and the assumption or termination of existing contracts and leases.
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1. Parties: Identification of the buyer and seller, including legal names, addresses, and registration details if corporations
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Defined terms used throughout the agreement
4. Property Description: Detailed description of the property, including legal description, buildings, and unit count
5. Purchase Price: Total purchase price, deposit structure, and payment terms
6. Due Diligence: Buyer's investigation rights, timeline, and scope of property inspection
7. Conditions Precedent: Conditions that must be satisfied before closing, including financing and inspections
8. Representations and Warranties: Statements of fact by both parties about the property and their capacity to enter into the agreement
9. Closing Procedures: Details of the closing process, including documentation requirements and timing
10. Adjustments: How various expenses and income will be prorated between parties
11. Property Management Until Closing: Seller's obligations regarding property maintenance and operation until closing
12. Risk and Insurance: Allocation of risk and insurance requirements until closing
13. Default and Remedies: Consequences of breach by either party
14. Notices: How and where formal notices must be delivered
15. General Provisions: Standard legal provisions including governing law, assignment, and entire agreement
1. Existing Tenancies: Details about current tenants and lease agreements, used when property has existing tenants
2. Property Management Transition: Procedures for transitioning property management, used when there's existing management staff
3. Environmental Matters: Environmental representations and requirements, used when environmental concerns exist
4. Vendor Take-Back Mortgage: Terms of seller financing, used when seller provides partial financing
5. Development Potential: Rights and restrictions regarding future development, used when property has development potential
6. Employee Matters: Treatment of existing employees, used when property has employed staff
7. Franchise Agreements: Details about existing franchise agreements, used for properties with franchise components
8. Construction Completion: Requirements for completing ongoing construction, used for properties under construction
1. Schedule A - Legal Description: Detailed legal description of the property
2. Schedule B - Permitted Encumbrances: List of accepted liens, easements, and encumbrances
3. Schedule C - Rent Roll: Current rent roll showing all units, tenants, and lease terms
4. Schedule D - Personal Property: Inventory of included personal property and equipment
5. Schedule E - Financial Statements: Historical financial statements for the property
6. Schedule F - Service Contracts: List of existing service contracts and their terms
7. Schedule G - Property Condition Report: Detailed report on property condition
8. Schedule H - Environmental Reports: Environmental assessment reports
9. Appendix 1 - Form of Deed: Form of transfer/deed to be used
10. Appendix 2 - Tenant Estoppel Certificate: Form of estoppel certificate to be obtained from tenants
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Property Management
Legal Services
Financial Services
Insurance
Construction
Property Investment
Banking
Commercial Real Estate
Residential Property
Relevant Teams
Legal
Real Estate
Property Management
Asset Management
Investment
Acquisitions
Due Diligence
Finance
Operations
Compliance
Risk Management
Development
Relevant Roles
Real Estate Attorney
Property Developer
Real Estate Broker
Property Manager
Investment Manager
Asset Manager
Real Estate Investment Director
Acquisitions Manager
Due Diligence Officer
Real Estate Portfolio Manager
Chief Investment Officer
Real Estate Finance Manager
Property Operations Director
Compliance Officer
Legal Counsel
Transaction Manager
Development Manager
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