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Purchase Contract (Real Estate)

Purchase Contract (Real Estate) Template for Canada

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Key Requirements PROMPT example:

Purchase Contract (Real Estate)

"I need a Purchase Contract (Real Estate) for buying a commercial property in Ontario, Canada, with the closing date set for March 15, 2025, that includes specific provisions for existing tenant agreements and environmental compliance requirements."

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Document background
The Purchase Contract (Real Estate) is a fundamental legal document used in Canadian property transactions to formalize the agreement between a property seller and buyer. This contract type is essential for any real estate transaction in Canada, whether residential or commercial, and must comply with both federal legislation and provincial property laws. It serves as the primary document establishing the terms of sale, including property details, purchase price, conditions, warranties, and closing requirements. The agreement is designed to protect both parties' interests while ensuring compliance with Canadian real estate regulations, tax laws, and anti-money laundering requirements. This Purchase Contract (Real Estate) is typically prepared with input from legal professionals and real estate agents, and may require customization based on provincial requirements and specific transaction details.
Suggested Sections

1. Parties: Identification of the vendor and purchaser with full legal names and addresses

2. Background: Context of the transaction and brief property description

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed legal description of the property and included fixtures/chattels

5. Purchase Price: Statement of purchase price, deposit requirements, and payment terms

6. Deposit: Details of deposit amount, payment schedule, and handling

7. Closing: Closing date, time, and location specifications

8. Title: Title warranties and requirements for clear title

9. Representations and Warranties: Standard representations by both parties regarding authority, property condition, etc.

10. Conditions Precedent: Required conditions to be met before closing

11. Closing Deliverables: Documents and items to be delivered by each party at closing

12. Adjustments: How property taxes, utilities, and other expenses will be prorated

13. Risk: Risk transfer and insurance requirements until closing

14. Default: Consequences of default by either party

15. Notices: How formal notices must be given between parties

16. General Provisions: Standard legal provisions including governing law, severability, etc.

17. Execution: Signature blocks and witness requirements

Optional Sections

1. Financing Condition: Used when purchase is conditional on buyer obtaining mortgage financing

2. Home Inspection: When purchase is conditional on satisfactory home inspection

3. Sale of Buyer's Property: When purchase is conditional on buyer selling their existing property

4. Rental Property Provisions: Required when property is currently tenanted

5. HST Declaration: Required for new construction or commercial properties

6. Property Management: For properties with ongoing management requirements

7. Environmental Provisions: For properties with known or potential environmental issues

8. Foreign Buyer Provisions: Required when purchaser is a non-resident

9. Condominium Provisions: Specific terms required for condominium purchases

Suggested Schedules

1. Schedule A - Legal Description: Detailed legal description of the property

2. Schedule B - Included Chattels: List of moveable items included in the sale

3. Schedule C - Excluded Fixtures: List of attached items specifically excluded from sale

4. Schedule D - Existing Tenancies: Details of any existing lease agreements

5. Schedule E - Property Condition Disclosure: Vendor's disclosure of known property issues

6. Schedule F - Title Exceptions: List of permitted encumbrances

7. Schedule G - Special Conditions: Any additional terms specific to this transaction

8. Appendix 1 - Property Survey: Current survey of the property

9. Appendix 2 - Property Photographs: Documented condition of property at time of agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions











































Clauses









































Relevant Industries

Real Estate

Banking and Finance

Legal Services

Property Development

Construction

Property Management

Insurance

Real Estate Investment

Hospitality

Retail

Commercial Property

Residential Property

Agriculture (for farm properties)

Industrial

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Risk Management

Finance

Investment

Operations

Administrative Support

Document Management

Asset Management

Due Diligence

Property Acquisitions

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Real Estate Broker

Legal Counsel

Conveyancing Lawyer

Title Examiner

Mortgage Specialist

Real Estate Investment Manager

Property Developer

Commercial Real Estate Manager

Real Estate Administrator

Compliance Officer

Risk Manager

Real Estate Portfolio Manager

Real Estate Analyst

Property Acquisitions Manager

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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