The Partial Payment Agreement For House And Lot is essential in Canadian real estate transactions where buyers acquire property through installment payments rather than a traditional mortgage. This document is typically used when sellers offer owner financing or when buyers prefer a structured payment plan directly with the property owner. It includes comprehensive details about the property, payment terms, interest rates, security arrangements, and conditions for title transfer, all compliant with Canadian federal and provincial regulations. The agreement provides protection for both parties by clearly defining their rights and obligations throughout the payment period, including provisions for default, maintenance responsibilities, and eventual property transfer. It's particularly relevant in situations where traditional mortgage financing may not be the preferred or available option.
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1. Parties: Identifies and provides full legal details of the seller and buyer
2. Background: Establishes the context of the agreement, including the seller's ownership of the property and buyer's interest in purchasing through partial payments
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed legal description of the house and lot, including address, lot number, and registration details
5. Purchase Price: States the total purchase price and how it was determined
6. Payment Terms: Details of the payment structure, including down payment, installment amounts, payment schedule, and interest rates
7. Security and Registration: Provisions regarding property title, liens, and security measures to protect both parties' interests
8. Possession and Occupancy: Terms regarding when and how the buyer can take possession of the property
9. Default and Remedies: Consequences of payment default and available remedies for both parties
10. Property Maintenance and Responsibilities: Obligations regarding property maintenance, repairs, and improvements during the payment period
11. Insurance and Property Tax: Requirements for property insurance and responsibility for property tax payments
12. Transfer of Title: Conditions and process for transferring final title upon completion of payments
13. Governing Law: Specifies that the agreement is governed by Canadian law and the specific provincial jurisdiction
14. Execution: Signature blocks and execution requirements
1. Property Inspection: Details of property inspection requirements and findings, used when a recent inspection has been conducted
2. Early Payment Provisions: Terms for early payment options and any associated benefits or penalties, included when early payment is permitted
3. Co-signer Provisions: Terms relating to co-signers or guarantors, included when there are additional parties guaranteeing the payments
4. Property Use Restrictions: Specific restrictions on property use during the payment period, included when there are special conditions
5. Assignment Rights: Terms regarding the right to assign the agreement to another party, included when assignment is permitted
6. Death or Incapacity Provisions: Procedures in case of death or incapacity of either party, included for added security
7. Renovation Terms: Conditions for making property improvements during the payment period, included when renovations are anticipated
1. Schedule A - Property Details: Detailed property description, including lot plans, surveys, and specifications
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payment dates, amounts, and interest calculations
3. Schedule C - Property Inspection Report: Complete property inspection findings and recommendations
4. Schedule D - Property Photos: Current photographs documenting the property's condition at agreement signing
5. Schedule E - Title Documents: Copies of relevant title documents and certificates
6. Appendix 1 - Insurance Requirements: Detailed insurance requirements and minimum coverage specifications
7. Appendix 2 - Property Maintenance Standards: Specific standards for property maintenance during the payment period
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