The Simple Real Estate Purchase Agreement Between Family Members is designed for use in Canadian jurisdictions when transferring residential property ownership between related parties. This document is particularly useful when family members wish to formalize a property sale while acknowledging their special relationship and including specific family-oriented provisions. It can be used for various scenarios, including parents selling to children, transfers between siblings, or other intrafamilial property transactions. The agreement incorporates necessary legal requirements for property transfers in Canada while maintaining clarity and simplicity appropriate for family transactions. It includes provisions for below-market sales, future rights considerations, and tax implications specific to family transfers, while ensuring compliance with provincial land registry requirements and federal tax regulations.
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1. Parties: Identifies the family members involved as Seller and Buyer, including their legal names and relationships
2. Background: Explains the context of the family transaction and confirms the parties' intention to enter into a legally binding agreement
3. Definitions: Defines key terms used throughout the agreement, including Property, Closing Date, and Purchase Price
4. Property Description: Detailed legal description of the property being sold, including address and legal boundaries
5. Purchase Price and Payment: Specifies the agreed purchase price, payment terms, and whether the price reflects fair market value or includes any family discount
6. Deposit: Details of any deposit required, how it will be held, and conditions for its return or forfeiture
7. Closing Date and Possession: Specifies the date of closing and when the buyer will take possession of the property
8. Property Condition and Inspection: Describes the current condition of the property and any known issues that must be disclosed
9. Representations and Warranties: Basic warranties about property ownership, authority to sell, and condition of the property
10. Closing Costs and Adjustments: Outlines how closing costs will be divided and what adjustments will be made for taxes, utilities, etc.
11. Default and Remedies: Describes what happens if either party fails to complete the transaction as agreed
12. Governing Law: Confirms that the agreement is governed by Canadian law and the specific provincial jurisdiction
13. Execution: Signature block and witnessing requirements
1. Family Occupancy Rights: Used when other family members have been living in the property and need to vacate or retain occupancy rights
2. Future Right of First Refusal: Optional clause giving the selling family member right of first refusal if the property is sold in the future
3. Mortgage Assumption: Include when the buyer is assuming an existing mortgage from the seller
4. Gift Portion Declaration: Required when part of the transaction is considered a gift for tax purposes
5. Family Member Buy-Back Option: Gives the seller the option to buy back the property under specific conditions
6. Rental Agreement: Used when the selling family member will continue to occupy the property as a tenant
7. Maintenance Responsibilities: Important when ongoing property maintenance will be shared between family members
8. Future Development Rights: Relevant when the property has development potential that the family wants to share
9. Family Trust Provisions: Required when the property is part of a family trust arrangement
1. Schedule A - Property Description: Detailed legal description of the property including lot size, boundaries, and any easements
2. Schedule B - Included Fixtures and Chattels: List of all items included in the sale (appliances, fixtures, furniture, etc.)
3. Schedule C - Property Disclosure Statement: Detailed disclosure of known property issues, repairs, and conditions
4. Schedule D - Family Relationship Declaration: Documents the family relationship and any special considerations due to the relationship
5. Schedule E - Payment Schedule: If payment is to be made in installments or includes special arrangements
6. Appendix 1 - Property Photos: Current dated photos documenting the property's condition at time of sale
7. Appendix 2 - Market Valuation: Independent property valuation to establish fair market value for tax purposes
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