Document background
The Outright Purchase Agreement is a fundamental commercial document used in Canadian business transactions for the complete acquisition of assets or property. It is particularly relevant when parties seek to execute a clean and final transfer of ownership without ongoing obligations or retained interests. This agreement type is governed by Canadian federal and provincial laws, including provincial Sale of Goods Acts, consumer protection legislation, and tax regulations. It should be used when a purchaser intends to acquire full and unencumbered ownership of assets, requiring comprehensive terms covering purchase price, payment mechanics, warranties, representations, and completion procedures. The agreement is structured to ensure compliance with Canadian legal requirements while providing clarity and certainty for all parties involved in the transaction.
