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The Residential Sales Contract is a fundamental legal instrument used in Canadian real estate transactions for the purchase and sale of residential properties. This document is essential when any residential property changes ownership in Canada, whether it's a single-family home, condominium, or other residential unit. The contract must comply with both federal and provincial legislation, including the Real Estate and Business Brokers Act, Land Registration Reform Act, and relevant consumer protection laws. It contains crucial information about the property, parties involved, purchase price, closing date, conditions of sale, and both parties' obligations. The document serves as the primary reference point for all aspects of the transaction and is typically prepared with input from real estate professionals and legal advisors to ensure all required elements are properly addressed and local regulations are met.

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

2. Background: Brief context of the transaction and acknowledgment of the 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, lot number, and registration details

5. Purchase Price: The agreed purchase price and payment terms, including deposit amounts and payment schedule

6. Deposit: Details of the deposit amount, when it's payable, and how it will be held in trust

7. Closing Date: The agreed-upon date for completing the transaction and transferring ownership

8. Title and Ownership: Seller's warranties regarding clear title and any existing encumbrances

9. Property Inspection: Terms regarding the buyer's right to inspect the property and conditions related to the inspection

10. Seller's Representations and Warranties: Seller's guarantees regarding the property's condition, legal status, and disclosed issues

11. Buyer's Representations and Warranties: Buyer's confirmations regarding financial capability and understanding of the agreement

12. Closing Requirements: Documents and actions required from both parties to complete the transaction

13. Property Condition and Chattels: Description of included fixtures, chattels, and the condition they must be in upon closing

14. Risk: Allocation of risk and responsibility for the property between acceptance and closing

15. Default and Remedies: Consequences and available remedies if either party defaults on their obligations

16. Notices: How formal communications between parties should be delivered and when they're deemed received

17. General Provisions: Standard contract clauses including governing law, entire agreement, and amendment procedures