The Affidavit of Consideration for Use by Buyer is a crucial document in Canadian real estate transactions, designed to prevent fraud and ensure transparency in property purchases. This sworn statement is required by land registry offices across various Canadian provinces to verify the actual consideration paid for property transfers. The document is implemented as part of anti-money laundering measures and to ensure accurate assessment of land transfer taxes. It requires buyers to declare under oath the true consideration paid, including any indirect payments or additional agreements. The affidavit must detail the complete purchase price, source of funds, and confirm that no side agreements exist to conceal the true value of the transaction. This document became increasingly important as provinces strengthened their measures against property value manipulation and tax avoidance schemes.
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1. Identification of Deponent: Details of the person making the affidavit, including full legal name, occupation, and address
2. Property Description: Legal description of the property being purchased
3. Transaction Details: Information about the purchase agreement, including date and parties involved
4. Consideration Declaration: Statement of the full and true consideration being paid for the property
5. Source of Funds: Declaration regarding the legitimacy and source of funds being used for the purchase
6. True Transaction Statement: Declaration that the transaction is not structured to avoid taxes or hide true consideration
7. Jurat: Formal closing statement including date, location, and commissioner's details
1. Multiple Buyers Declaration: Required when there are multiple buyers, detailing their respective contributions to the consideration
2. Corporate Buyer Authority: Required when the buyer is a corporation, confirming the deponent's authority to make declarations on behalf of the corporation
3. Non-Resident Declaration: Required when the buyer is a non-resident of Canada, addressing tax implications
4. Gift Declaration: Required when part of the consideration is being provided as a gift from a third party
5. Mortgage Declaration: Required when part of the consideration includes mortgage financing
1. Schedule A - Property Details: Detailed legal description of the property if too lengthy for main document
2. Schedule B - Consideration Breakdown: Detailed breakdown of consideration if complex or involving multiple components
3. Schedule C - Supporting Documents: List of attached documents evidencing source of funds or other relevant matters
Relevant legal definitions
Consideration
Property
Deponent
Purchase Agreement
Closing Date
Transfer
Transferor
Transferee
Commissioner of Oaths
Side Agreement
Purchase Price
Land Transfer Tax
Legal Description
True Consideration
Additional Consideration
Source of Funds
Related Person
Fair Market Value
Beneficial Owner
Transaction
Property
Deponent
Purchase Agreement
Closing Date
Transfer
Transferor
Transferee
Commissioner of Oaths
Side Agreement
Purchase Price
Land Transfer Tax
Legal Description
True Consideration
Additional Consideration
Source of Funds
Related Person
Fair Market Value
Beneficial Owner
Transaction
Clauses
Declaratory
Identity Verification
Property Description
Consideration Declaration
Source of Funds
Anti-Avoidance
True Value Statement
No Side Agreements
Authority to Execute
Legal Compliance
Tax Compliance
Beneficial Ownership
Third-Party Interests
Mortgage Declaration
Foreign Investment
Penalty Acknowledgment
Gift Declaration
Oath and Attestation
Identity Verification
Property Description
Consideration Declaration
Source of Funds
Anti-Avoidance
True Value Statement
No Side Agreements
Authority to Execute
Legal Compliance
Tax Compliance
Beneficial Ownership
Third-Party Interests
Mortgage Declaration
Foreign Investment
Penalty Acknowledgment
Gift Declaration
Oath and Attestation
Relevant Industries
Real Estate
Legal Services
Banking and Financial Services
Property Development
Construction
Public Sector
Mortgage Lending
Real Estate Investment
Professional Services
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Risk Management
Conveyancing
Corporate Secretarial
Documentation
Title Registration
Relevant Roles
Real Estate Lawyer
Property Lawyer
Conveyancing Lawyer
Real Estate Agent
Property Manager
Compliance Officer
Legal Assistant
Paralegal
Title Examiner
Real Estate Transaction Coordinator
Mortgage Specialist
Land Registry Officer
Real Estate Investment Manager
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