Document background
The Waiver Agreement of Purchase and Sale is an essential document in Canadian business and real estate transactions, used when parties need to formally waive certain conditions or contingencies that were originally included in a purchase and sale agreement. This document becomes necessary when buyers or sellers wish to proceed with a transaction by removing certain conditions that were initially put in place for their protection or benefit. The agreement must comply with provincial property laws and federal regulations, making it particularly important to consider jurisdictional requirements. It typically includes detailed information about the original agreement, specific conditions being waived, acknowledgment of implications, and confirmation of the parties' voluntary decision to proceed without these conditions. This type of agreement is commonly used in time-sensitive situations or when market conditions or other circumstances make it advantageous to expedite the transaction by waiving certain requirements.
