The Promissory Purchase And Sale Agreement is a specialized legal instrument commonly used in Canadian business transactions where the purchase price is to be paid over time rather than in a single payment at closing. This document type is particularly valuable for transactions involving substantial assets, business acquisitions, or real estate purchases where seller financing is a component of the deal structure. It incorporates elements of both a traditional purchase agreement and a promissory note, providing security for the seller while allowing the buyer to complete the purchase through structured payments. The agreement must comply with Canadian federal legislation, including the Bills of Exchange Act and Interest Act, as well as applicable provincial laws governing property transfers and secured transactions. It is commonly used when buyers require flexible payment terms or when traditional financing options may not be suitable for the transaction structure.
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1. Parties: Identification and details of the seller and purchaser
2. Background: Context of the transaction and relationship between the parties
3. Definitions: Key terms used throughout the agreement
4. Purchase and Sale: Core agreement to purchase and sell the subject matter
5. Purchase Price: Total purchase price and payment structure
6. Promissory Note Terms: Terms of the promissory note including principal amount, interest rate, and payment schedule
7. Representations and Warranties: Statements of fact and guarantees by both parties
8. Conditions Precedent: Conditions that must be met before the agreement becomes effective
9. Closing: Details of the closing process and requirements
10. Default and Remedies: Consequences of default and available remedies
11. Notices: How and where formal notices must be delivered
12. General Provisions: Standard legal provisions including governing law, amendments, and assignment
1. Security: Details of any security or collateral for the promissory note
2. Guarantees: Terms of any third-party guarantees for the payment obligations
3. Insurance Requirements: Required insurance coverage for the subject matter
4. Due Diligence: Process and requirements for buyer's investigation of the purchase
5. Intellectual Property: If the purchase includes IP rights, specific terms regarding their transfer
6. Employee Matters: If the purchase includes business assets, terms regarding employees
7. Environmental Matters: Environmental warranties and indemnities for real property or business assets
8. Broker Provisions: If brokers are involved, terms regarding their compensation
1. Schedule A - Property Description: Detailed description of the property or assets being purchased
2. Schedule B - Promissory Note: Form of promissory note to be executed
3. Schedule C - Payment Schedule: Detailed payment terms and amortization schedule
4. Schedule D - Security Agreement: If applicable, terms of security arrangements
5. Schedule E - Due Diligence Requirements: List of required due diligence items and deadlines
6. Schedule F - Permitted Encumbrances: List of accepted liens or encumbrances on the property
7. Appendix 1 - Closing Deliverables: Checklist of documents required at closing
8. Appendix 2 - Form of Transfer Documents: Templates for transfer documentation
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Manufacturing
Retail
Agriculture
Technology
Professional Services
Construction
Healthcare
Automotive
Equipment and Machinery
Small Business
Commercial Property
Relevant Teams
Legal
Finance
Corporate Development
Real Estate
Treasury
Risk Management
Compliance
Business Development
Commercial Operations
Investment
Relevant Roles
Chief Financial Officer
Corporate Counsel
Legal Director
Business Development Manager
Real Estate Manager
Property Acquisition Specialist
Commercial Director
Finance Manager
Contract Administrator
Risk Manager
Treasury Manager
Investment Director
Business Owner
Corporate Secretary
Compliance Officer
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