The Sale Agreement With Possession is a specialized legal instrument used in Canadian real estate transactions where possession and closing dates may differ. This document is essential when parties wish to arrange for the transfer of possession either before or after the actual closing date of the sale. It incorporates standard sale agreement provisions while adding specific terms regarding possession, such as interim occupancy arrangements, insurance requirements, utility responsibilities, and risk allocation. The agreement must comply with provincial property laws, federal regulations, and local real estate practices. It is particularly useful in situations involving delayed closings, renovation requirements, or coordinated moving arrangements between parties. The document provides protection for both vendors and purchasers during the interim period between possession and closing, clearly outlining rights, responsibilities, and remedies.
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1. Parties: Identification and details of the Vendor and Purchaser, including full legal names and addresses
2. Background: Context of the transaction, including brief property description and intention of the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the property being sold, including municipal address and legal description
5. Purchase Price: Statement of the purchase price, deposit details, and payment terms
6. Possession Terms: Specific details about possession date, conditions, and transition arrangements
7. Closing: Closing date, procedures, and requirements for completion of the sale
8. Representations and Warranties: Statements of fact and promises made by both parties regarding the property and transaction
9. Property Condition: Current state of the property and any agreed-upon repairs or modifications
10. Title and Ownership: Confirmation of clear title and transfer of ownership details
11. Adjustments: How property taxes, utilities, and other expenses will be prorated
12. Insurance: Requirements for property insurance during the possession period
13. Default and Remedies: Consequences of breach and available remedies
14. Notices: How formal communications between parties should be made
15. General Provisions: Standard legal clauses including governing law, entire agreement, and amendments
1. Mortgage Arrangements: Include when purchaser is obtaining mortgage financing
2. Tenant Rights: Include when property is currently tenanted
3. Property Management: Include when there are specific arrangements for property management during possession period
4. Environmental Matters: Include when there are environmental concerns or requirements
5. GST/HST provisions: Include for commercial properties or new residential properties
6. Conditions Precedent: Include when sale is subject to specific conditions
7. Assignment Rights: Include when assignment of the agreement needs to be addressed
8. First Nations Considerations: Include for properties on or affecting First Nations lands
1. Schedule A - Property Description: Detailed legal description and property boundaries
2. Schedule B - Permitted Encumbrances: List of accepted liens, easements, or encumbrances
3. Schedule C - Included Fixtures and Chattels: Inventory of items included in the sale
4. Schedule D - Excluded Items: List of items specifically excluded from the sale
5. Schedule E - Current Lease Details: Details of any existing tenancies
6. Schedule F - Property Condition Report: Detailed assessment of property condition at possession
7. Schedule G - Service Contracts: List of transferable service contracts
8. Appendix 1 - Property Photos: Documented visual condition of property
9. Appendix 2 - Floor Plans: Detailed layout of the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Banking and Finance
Legal Services
Insurance
Property Management
Construction
Agriculture (for farm properties)
Retail (for commercial properties)
Industrial
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Property Management
Asset Management
Operations
Sales
Contract Administration
Document Control
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Contract Administrator
Real Estate Broker
Compliance Officer
Risk Manager
Property Developer
Asset Manager
Real Estate Investment Manager
Title Examiner
Closing Coordinator
Real Estate Paralegal
Commercial Property Manager
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