The Transfer Of Ownership Agreement Property is a crucial legal instrument in Canadian real estate transactions, used whenever real property ownership changes hands. This document type is essential for both residential and commercial property transfers across all Canadian provinces and territories, though specific requirements may vary by jurisdiction. It encompasses all necessary elements required by Canadian law for a valid property transfer, including detailed property description, purchase price, payment terms, and closing conditions. The agreement must comply with provincial land titles legislation, federal tax regulations, and local property laws. It serves as the foundational document for recording the transaction with land registry offices and establishing the new owner's legal rights to the property. The document is particularly important as it creates a clear audit trail for property ownership and helps prevent future disputes regarding the transfer.
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1. Parties: Identifies and provides full legal details of the transferor (seller) and transferee (buyer)
2. Background: Establishes the context of the transfer, including brief property history and current ownership
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Property Description: Detailed legal description of the property being transferred, including boundaries and registration details
5. Purchase Price and Payment Terms: Specifies the agreed purchase price and payment structure, including deposit details
6. Transfer of Title: Details the legal mechanism and timing of the transfer of ownership
7. Representations and Warranties: Statements by both parties regarding their capacity to enter the agreement and the property's condition
8. Closing Conditions: Specifies all conditions that must be met before the transfer can be completed
9. Closing Date and Possession: States the date of transfer completion and arrangements for possession
10. Adjustments and Expenses: Outlines how property taxes, utilities, and other expenses will be prorated
11. Governing Law: Specifies that Canadian law governs the agreement and which province's laws apply
12. Execution: Formal signing section including witness requirements and date
1. Mortgage Arrangements: Include when the purchase involves mortgage financing or assumption of existing mortgage
2. Tenant Rights and Obligations: Required when the property has existing tenants with ongoing lease agreements
3. Property Management Transition: Include for properties with ongoing management services or contracts
4. Environmental Warranties: Important for commercial properties or properties with potential environmental concerns
5. GST/HST Declarations: Required for new properties or commercial properties subject to GST/HST
6. Foreign Buyer Provisions: Include when the transferee is a non-resident of Canada
7. Spousal Consent: Required when the property is or was a matrimonial home
8. Conditional Clauses: Include specific conditions such as property inspection, financing approval, or sale of buyer's existing property
1. Schedule A - Property Details: Comprehensive legal description of the property, including lot numbers, plans, and registered easements
2. Schedule B - Included Fixtures and Chattels: Detailed list of all items included in the sale
3. Schedule C - Excluded Items: List of items specifically excluded from the sale
4. Schedule D - Current Encumbrances: List of existing mortgages, liens, or other encumbrances on the property
5. Schedule E - Property Condition Report: Detailed report on the current condition of the property
6. Schedule F - Environmental Assessment: Environmental reports or certificates if applicable
7. Schedule G - Required Repairs: List of agreed repairs to be completed before closing
8. Appendix 1 - Property Survey: Current survey of the property showing boundaries and structures
9. Appendix 2 - Title Search Results: Results of the title search showing ownership history and encumbrances
10. Appendix 3 - Property Tax Certificates: Current property tax certificates showing any outstanding amounts
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