The Real Estate Purchase Contract Form is a crucial legal document used in Canadian property transactions to formalize the agreement between a buyer and seller. This standardized contract template is designed to comply with both federal and provincial real estate laws, providing a comprehensive framework for property transfers. It is primarily used when initiating a real estate purchase transaction, whether for residential or commercial properties. The document includes essential elements such as property details, purchase price, payment terms, conditions of sale, closing requirements, and various warranties and representations. This contract form is adaptable to different types of property transactions while maintaining compliance with Canadian legal requirements, including provincial-specific regulations and consumer protection laws. It serves as the foundation for the entire transaction process, protecting all parties' interests and ensuring clear documentation of all agreed-upon terms.
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1. Parties: Identification of the buyer and seller with full legal names and addresses
2. Background: Context of the transaction and acknowledgment of parties' intention to enter into the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including address, boundaries, and registration details
5. Purchase Price: Specified purchase price and payment terms including deposit requirements
6. Deposit: Details of the deposit amount, payment schedule, and handling of funds
7. Closing Date: Specified date for completion of the transaction and transfer of ownership
8. Title: Seller's warranties regarding clear title and buyer's right to title search
9. Property Inspection: Terms and conditions for property inspection and buyer's rights
10. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter the agreement
11. Closing Conditions: Conditions that must be met before closing, including financing and inspections
12. Closing Adjustments: How property taxes, utilities, and other expenses will be prorated
13. Risk: Assignment of risk and responsibility for the property before closing
14. Default: Consequences of default by either party
15. Notices: How and where formal notices between parties must be delivered
16. General Provisions: Standard contract clauses including governing law, entire agreement, and amendments
1. Chattels and Fixtures: List of movable items included/excluded in the sale, used when specific items need to be detailed
2. Rental Items: Details of any rental equipment or contracts to be assumed, included when applicable
3. HST/GST Provisions: Special tax considerations, required for new constructions or commercial properties
4. Tenant Rights: Details of existing tenancies, required when property is sold with tenants in place
5. Condominium Provisions: Special terms for condominium purchases, including review of condo documents
6. Property Management: Transition of property management responsibilities, relevant for income properties
7. Environmental Matters: Environmental warranties and indemnities, important for properties with potential environmental concerns
8. Construction Warranties: Transfer of builder warranties, relevant for newer properties
9. Mortgage Assumption: Terms for assuming existing mortgage, if applicable
10. Foreign Buyer Provisions: Additional requirements for non-resident buyers under Canadian law
1. Schedule A - Legal Description: Detailed legal description of the property from land registry
2. Schedule B - Included Chattels: Itemized list of movable property included in the sale
3. Schedule C - Excluded Fixtures: List of attached items that are not included in the sale
4. Schedule D - Existing Tenancies: Details of current lease agreements and tenant information
5. Schedule E - Property Condition Disclosure: Seller's disclosure of known property conditions and defects
6. Schedule F - Title Exceptions: List of permitted encumbrances and title restrictions
7. Schedule G - Purchase Price Allocation: Breakdown of purchase price for tax purposes
8. Appendix 1 - Property Inspection Report: Results of property inspection if completed
9. Appendix 2 - Environmental Assessment: Environmental testing results if required
10. Appendix 3 - Survey Certificate: Current survey showing property boundaries and structures
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Banking and Finance
Legal Services
Insurance
Property Management
Construction
Commercial Property
Residential Property
Real Estate Investment
Property Technology
Mortgage Lending
Property Appraisal Services
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Risk Management
Investment
Business Development
Operations
Finance
Administration
Document Control
Contract Management
Asset Management
Acquisitions
Due Diligence
Relevant Roles
Real Estate Agent
Real Estate Broker
Property Lawyer
Conveyancing Lawyer
Real Estate Manager
Property Manager
Investment Manager
Legal Counsel
Compliance Officer
Real Estate Developer
Property Appraiser
Mortgage Broker
Title Examiner
Real Estate Paralegal
Contract Administrator
Real Estate Investment Analyst
Property Administrator
Transaction Coordinator
Business Development Manager
Risk Manager
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