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Residential Purchase Contract for Canada

Residential Purchase Contract Template for Canada

A comprehensive legal document used in Canadian residential real estate transactions that outlines the terms and conditions for the purchase and sale of residential property. This contract, governed by Canadian provincial and federal laws, establishes the rights and obligations of both buyer and seller, including purchase price, payment terms, closing conditions, property specifications, and various contingencies. It incorporates provincial-specific requirements and includes provisions for property transfer, title examination, financing conditions, and closing procedures, while ensuring compliance with local real estate regulations and consumer protection laws.

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Residential Purchase Contract

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What is a Residential Purchase Contract?

The Residential Purchase Contract serves as the primary legal instrument for residential property transactions in Canada. It is essential when any individual or entity wishes to purchase residential real estate, whether a house, condominium, or other residential property. The document includes critical information such as property details, purchase price, deposit requirements, closing dates, conditions of sale, and both parties' obligations. It must comply with provincial real estate laws and regulations, as property law in Canada is primarily governed at the provincial level. This contract type is designed to protect both buyers' and sellers' interests while ensuring transparency and legal compliance throughout the transaction process. It typically incorporates various conditions precedent, such as financing approval, home inspection results, and title searches, and may be modified to accommodate specific provincial requirements or unique transaction elements.

What sections should be included in a Residential Purchase Contract?

1. Parties: Identification of the buyer(s) and seller(s) with full legal names and current addresses

2. Background: Brief context of the transaction and property being sold

3. Definitions: Key terms used throughout the agreement defined for clarity

4. Property Description: Detailed legal description of the property including address, legal boundaries, and property identification number

5. Purchase Price: The agreed purchase price and payment structure, including deposit details

6. Deposit: Amount, payment terms, and handling of the deposit

7. Closing Date: Specified date and time for completion of the transaction

8. Title: Seller's warranty of clear title and buyer's right to title search

9. Representations and Warranties: Standard warranties about the property's condition and seller's authority to sell

10. Property Condition: Current state of the property and any included/excluded fixtures and chattels

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

12. Insurance: Requirements for property insurance until closing

13. Default: Consequences of either party failing to complete the transaction

14. Notice: How and where formal notices between parties must be delivered

15. General Provisions: Standard legal clauses including governing law, assignment, and entire agreement

What sections are optional to include in a Residential Purchase Contract?

1. Financing Condition: Used when buyer requires mortgage financing to complete the purchase

2. Home Inspection Condition: When buyer wishes to conduct a home inspection before finalizing the purchase

3. Sale of Buyer's Property: Condition making the purchase dependent on the sale of buyer's current property

4. Rental Property Provisions: Required when property is currently tenanted or has existing lease agreements

5. Swimming Pool/Hot Tub Compliance: Special provisions for properties with pools or hot tubs requiring safety compliance

6. Heritage Property Requirements: Special conditions for properties designated as heritage buildings

7. Condominium Provisions: Additional terms specific to condominium purchases

8. Environmental Concerns: Special provisions for properties with known environmental issues

9. Multiple Offer Process: Terms governing multiple offer situations

What schedules should be included in a Residential Purchase Contract?

1. Schedule A - Property Details: Detailed description of the property including lot size, zoning, and easements

2. Schedule B - Included Items: Comprehensive list of fixtures and chattels included in the sale

3. Schedule C - Excluded Items: List of items specifically excluded from the sale

4. Schedule D - Property Condition Disclosure: Seller's disclosure of known property issues and defects

5. Schedule E - Title Exceptions: List of permitted encumbrances and title restrictions

6. Schedule F - Additional Terms: Any additional terms and conditions agreed upon by the parties

7. Appendix 1 - Property Survey: Current survey of the property if available

8. Appendix 2 - Floor Plans: Detailed floor plans of the property

9. Appendix 3 - Photographs: Recent photographs of the property documenting current condition

Authors

Alex Denne

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

Jurisdiction

Canada

Cost

Free to use
Relevant legal definitions








































Clauses



































Relevant Industries

Real Estate

Legal Services

Financial Services

Insurance

Property Management

Construction

Professional Services

Banking

Mortgage Lending

Property Development

Relevant Teams

Legal

Real Estate

Compliance

Risk Management

Document Processing

Property Management

Transaction Processing

Contract Administration

Investment

Client Services

Due Diligence

Operations

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Lawyer

Real Estate Broker

Mortgage Broker

Property Manager

Real Estate Paralegal

Title Examiner

Real Estate Transaction Coordinator

Compliance Officer

Legal Counsel

Contract Administrator

Property Appraiser

Real Estate Investment Manager

Document Specialist

Real Estate Portfolio Manager

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