The Simple Commercial Real Estate Purchase Agreement is a fundamental legal document used in Canadian real estate transactions for the purchase and sale of commercial properties. This agreement is essential when parties wish to document the terms and conditions of a commercial property sale in a clear, comprehensive manner while ensuring compliance with Canadian federal and provincial regulations. It is typically used for straightforward commercial property transactions where standard terms and conditions apply, without unusual complexity or special conditions. The document encompasses all crucial elements of the transaction, including property description, purchase price, payment terms, closing conditions, and party obligations. It serves as the primary contract governing the relationship between buyer and seller, providing legal protection for both parties while ensuring the transaction meets all regulatory requirements. This agreement type is particularly suitable for small to medium-sized commercial property transactions where the parties seek a streamlined, efficient documentation process.
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1. Parties: Identification of the buyer and seller, including full legal names, addresses, and registration details for corporate entities
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the real property, including legal description, municipal address, and included fixtures/chattels
5. Purchase Price: Statement of the purchase price, deposit requirements, and payment terms
6. Closing: Closing date, time, and location details, including conditions for closing
7. Due Diligence: Buyer's inspection rights and timeline for conducting due diligence
8. Representations and Warranties: Standard representations and warranties from both seller and buyer
9. Title: Requirements for clear title and process for addressing title defects
10. Adjustments: Details of adjustments to be made on closing (taxes, utilities, rents, etc.)
11. Risk: Allocation of risk and responsibility for the property until closing
12. Default: Consequences of default by either party and available remedies
13. Notices: Process and requirements for giving notices under the agreement
14. General Provisions: Standard boilerplate provisions including governing law, entire agreement, etc.
15. Execution: Signature blocks and execution requirements
1. Environmental Matters: Specific provisions regarding environmental conditions and liabilities, used when environmental concerns exist
2. Existing Tenancies: Details regarding existing lease agreements and tenant rights, used when property has current tenants
3. Financing Conditions: Conditions related to buyer's financing requirements, used when purchase is subject to financing
4. Property Management: Provisions for transition of property management, used for properties with ongoing management needs
5. Development Conditions: Specific conditions related to future development plans, used when buyer plans to develop the property
6. Foreign Investment: Additional provisions required for foreign buyers, used when buyer is a non-resident
7. GST/HST Elections: Tax elections and certificates, used when applicable to the transaction
8. Vendor Take-Back Mortgage: Terms of seller financing, used when seller is providing partial financing
1. Schedule A - Legal Description: Detailed legal description of the property
2. Schedule B - Permitted Encumbrances: List of permitted liens, encumbrances, and restrictions on title
3. Schedule C - Included Chattels: Detailed list of included personal property and fixtures
4. Schedule D - Leases: List and copies of existing lease agreements
5. Schedule E - Service Contracts: List of existing service contracts and maintenance agreements
6. Schedule F - Environmental Reports: Copies or summaries of environmental assessments and reports
7. Schedule G - Due Diligence Documents: List of documents provided for due diligence review
8. Appendix 1 - Site Plan: Property site plan and survey documents
9. Appendix 2 - Building Plans: Architectural plans and building specifications
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Retail
Office Space
Industrial
Hospitality
Healthcare
Manufacturing
Warehousing
Professional Services
Banking and Finance
Insurance
Legal Services
Construction and Development
Relevant Teams
Legal
Real Estate
Finance
Compliance
Risk Management
Operations
Property Management
Business Development
Facilities
Investment
Asset Management
Acquisitions
Relevant Roles
Real Estate Lawyer
Commercial Property Manager
Real Estate Broker
Commercial Real Estate Agent
Property Developer
Chief Financial Officer
Business Owner
Corporate Counsel
Real Estate Investment Manager
Asset Manager
Facilities Manager
Real Estate Portfolio Manager
Property Acquisition Specialist
Development Director
Risk Manager
Compliance Officer
Real Estate Analyst
Transaction Manager
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