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Real Property Sales Contract
"I need a Real Property Sales Contract for the purchase of a commercial warehouse in Ontario, with specific environmental provisions and tenant transition clauses as the property is currently leased to multiple businesses."
1. Parties: Identification of the seller and purchaser with full legal names and addresses
2. Background: Context of the sale and brief property description
3. Definitions: Key terms used throughout the agreement including 'Property', 'Closing Date', 'Purchase Price', etc.
4. Property Description: Detailed legal description of the property being sold, including municipal address and legal title details
5. Purchase Price: The agreed purchase price, deposit requirements, and payment terms
6. Deposit: Details of the deposit amount, when it's payable, and how it will be held
7. Closing: Closing date, time, and location details
8. Title: Seller's warranty of good and marketable title, permitted encumbrances
9. Representations and Warranties: Standard representations by both parties regarding authority, property condition, etc.
10. Conditions Precedent: Conditions that must be satisfied before closing
11. Closing Deliverables: Documents and items to be delivered by each party on closing
12. Adjustments: How property taxes, utilities, and other expenses will be adjusted between parties
13. Risk: When risk passes to the purchaser and insurance requirements
14. Default: Consequences of default by either party
15. Notices: How formal notices between parties should be given
16. General Provisions: Standard boilerplate provisions including governing law, assignment, etc.
1. Financing Condition: Used when purchaser requires mortgage financing to complete the purchase
2. Home Inspection Condition: Used when purchaser wants right to conduct property inspection
3. Sale of Purchaser's Property: Used when purchase is conditional on purchaser selling their existing property
4. Rental Property Provisions: Used when property is currently tenanted, including assignment of leases
5. HST/GST Provisions: Detailed provisions required for commercial properties or new residential properties
6. Property Management: Used for properties with ongoing management requirements until closing
7. Construction Completion: Used for new builds or properties under construction
8. Environmental Provisions: Used for properties with potential environmental concerns
1. Schedule A - Legal Description: Detailed legal description of the property from title documents
2. Schedule B - Permitted Encumbrances: List of accepted encumbrances that will remain on title
3. Schedule C - Included Chattels: List of moveable items included in the sale
4. Schedule D - Excluded Fixtures: List of attached items that are excluded from the sale
5. Schedule E - Rental Schedule: Details of existing tenancies if property is income-producing
6. Schedule F - Property Condition Disclosure: Seller's disclosure of known property conditions
7. Schedule G - Environmental Disclosure: Environmental conditions or concerns if applicable
8. Appendix 1 - Property Plans: Relevant property plans, surveys, or drawings
9. Appendix 2 - Title Search: Results of title search showing current ownership and encumbrances
Authors
Real Estate
Property Development
Construction
Banking & Finance
Legal Services
Insurance
Property Management
Urban Planning
Agriculture (for farm properties)
Commercial Property
Legal
Real Estate
Property Management
Acquisitions
Commercial Development
Risk Management
Compliance
Finance
Operations
Corporate Services
Real Estate Lawyer
Property Lawyer
Real Estate Agent
Real Estate Broker
Property Developer
Commercial Property Manager
Legal Counsel
Conveyancing Lawyer
Title Examiner
Mortgage Specialist
Real Estate Paralegal
Property Administrator
Real Estate Investment Manager
Land Development Manager
Real Estate Transaction Coordinator
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