An Agreement To Sell With Possession is a specialized legal document used in Canadian real estate transactions where immediate possession of the property is required before the final closing of the sale. This arrangement is commonly used in situations where buyers need to occupy the property before financing is finalized, during extended closing periods, or when other circumstances necessitate early possession. The document must comply with provincial property laws, the Sale of Goods Act, and relevant provincial Land Titles Acts. It includes crucial elements such as purchase terms, possession conditions, risk allocation, insurance requirements, and responsibilities of both parties during the interim period. This type of agreement requires careful drafting to protect both parties' interests and ensure clear understanding of obligations during the possession period before final sale completion.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
Alternatively...
1. Parties: Identifies and defines all parties to the agreement, including their legal names, addresses, and any defined terms to be used for each party
2. Background: Sets out the context of the agreement, including the intent to sell and arrange possession, and any relevant property details
3. Definitions: Defines all key terms used throughout the agreement
4. Sale Terms: Details of the purchase price, payment terms, and conditions of sale
5. Property Description: Detailed legal description of the property being sold
6. Possession Terms: Specific arrangements for possession, including timing, duration, and any conditions
7. Purchase Price and Payment: Breakdown of purchase price, deposit requirements, and payment schedule
8. Representations and Warranties: Statements and guarantees made by both parties regarding the property and their capacity to enter into the agreement
9. Closing Conditions: Conditions that must be met before the sale can be completed
10. Risk and Insurance: Allocation of risk and insurance requirements during the possession period
11. Default and Remedies: Consequences of default by either party and available remedies
12. General Provisions: Standard legal provisions including governing law, notices, and amendment procedures
1. Tenant Obligations: Used when the buyer will be occupying the property as a tenant during the possession period
2. Property Maintenance: Used when specific maintenance responsibilities need to be allocated during the possession period
3. Utilities and Expenses: Used when there needs to be clear allocation of responsibility for utilities and other ongoing expenses
4. Environmental Matters: Used when there are specific environmental concerns or requirements related to the property
5. Mortgage Arrangements: Used when the agreement involves specific mortgage or financing arrangements
6. Agricultural Provisions: Used when the property includes agricultural land with specific requirements
7. First Nations Considerations: Used when the property involves or is adjacent to First Nations lands
1. Property Description Schedule: Detailed legal description and any relevant plans or surveys of the property
2. Payment Schedule: Detailed breakdown of payment terms, amounts, and dates
3. Possession Agreement: Detailed terms and conditions of possession arrangement
4. Property Condition Report: Documentation of property condition at time of possession
5. Insurance Requirements: Detailed insurance requirements for both parties
6. Permitted Use Guidelines: Specifications for how the property may be used during the possession period
Authors
Find the document you need
No items found.
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your data is private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
