Agreement Of Purchase And Sale Condominium for Canada

Agreement Of Purchase And Sale Condominium Template for Canada

A Canadian Agreement of Purchase and Sale for Condominiums is a legally binding document that facilitates the transfer of ownership of a condominium unit from a seller to a buyer. This comprehensive agreement, governed by provincial legislation including the Condominium Act and real estate laws, outlines all essential terms and conditions of the sale, including purchase price, deposit requirements, closing dates, and included items. It incorporates specific provisions related to condominium ownership, such as status certificate requirements, common element specifications, and maintenance fees. The agreement also addresses provincial-specific requirements for property transfer, tax obligations, and mandatory disclosures.

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What is a Agreement Of Purchase And Sale Condominium?

The Agreement Of Purchase And Sale Condominium is a crucial legal document used in Canadian real estate transactions specifically for condominium properties. This agreement is essential when transferring ownership of a condominium unit from a seller to a buyer, whether it's a resale or new construction property. The document encompasses all vital aspects of the transaction, including property details, purchase price, deposit structure, closing requirements, and conditions specific to condominium ownership. It must comply with provincial legislation, including the Condominium Act, and includes mandatory disclosures about the unit, common elements, and condominium corporation status. The agreement protects both parties' interests by clearly defining their rights and obligations throughout the transaction process, from the initial offer to the final closing.

What sections should be included in a Agreement Of Purchase And Sale Condominium?

1. Parties: Identification of the Seller and Purchaser with full legal names and current addresses

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 legal description of the condominium unit, including unit number, level, building address, and parking/storage units

5. Purchase Price: Statement of the total purchase price and payment structure, including deposit amounts and schedule

6. Deposit: Details of deposit amount(s), payment schedule, and where funds will be held in trust

7. Closing Date: Specified date for completion of the transaction and transfer of ownership

8. Included Items: List of fixtures and chattels included in the purchase price

9. Condominium Documents: Seller's obligations to provide required condominium documentation and buyer's review rights

10. Representations and Warranties: Standard representations and warranties from both parties

11. Conditions: Standard conditions that must be satisfied for the agreement to become firm

12. Title: Requirements for clear title and process for dealing with title issues

13. Closing Requirements: Documents and deliverables required from each party on closing

14. Adjustments: How various expenses will be prorated between parties at closing

15. Default: Consequences of default by either party and available remedies

16. Notices: How and where formal notices under the agreement must be delivered

17. General Provisions: Standard boilerplate clauses including entire agreement, governing law, etc.

What sections are optional to include in a Agreement Of Purchase And Sale Condominium?

1. HST/GST Rebate: Required for new construction condominiums, detailing the assignment of tax rebates

2. Property Management: Used when specific arrangements are needed regarding property management during the interim period

3. Financing Provisions: Detailed when specific financing arrangements are part of the agreement

4. Assignment: When the right to assign the agreement needs to be specifically addressed

5. Rental Property Provisions: Required when the unit is currently tenanted or will be tenant-occupied

6. Construction Completion: For new builds or units under construction, including completion timelines and warranties

7. Foreign Buyer Provisions: Required when the purchaser is a non-resident of Canada

8. Status Certificate Review: Specific provisions regarding the review and approval of the status certificate

9. Parking/Storage Assignment: Detailed section when parking or storage units are being assigned separately

What schedules should be included in a Agreement Of Purchase And Sale Condominium?

1. Schedule A - Legal Description: Detailed legal description of the property and unit identifiers

2. Schedule B - Included Items: Comprehensive list of fixtures, chattels, and other items included in the sale

3. Schedule C - Excluded Items: List of items specifically excluded from the sale

4. Schedule D - Common Element Features: Description of common elements and facilities included with the unit

5. Schedule E - Financial Terms: Detailed breakdown of purchase price, deposit structure, and payment terms

6. Schedule F - Condominium Fees: Current condominium fees and what they include

7. Appendix 1 - Floor Plan: Unit floor plan and measurements

8. Appendix 2 - Parking/Storage Plan: Layout and identification of parking and storage units

9. Appendix 3 - Status Certificate: Current status certificate from the condominium corporation

10. Appendix 4 - Disclosure Statement: Required for new condominiums, containing all required disclosures under the Condominium Act

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Canada

Publisher

Genie AI

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Legal Services

Financial Services

Insurance

Property Management

Construction

Banking

Professional Services

Housing

Relevant Teams

Legal

Real Estate

Property Management

Sales

Compliance

Documentation

Finance

Risk Management

Client Services

Operations

Relevant Roles

Real Estate Agent

Real Estate Broker

Property Lawyer

Conveyancing Lawyer

Property Manager

Mortgage Specialist

Real Estate Developer

Legal Counsel

Compliance Officer

Title Examiner

Real Estate Paralegal

Property Administrator

Sales Director

Transaction Coordinator

Documentation Specialist

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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