Apartment Sale Agreement Template for Canada

The Apartment Sale Agreement is a crucial legal document used in Canadian real estate transactions for the purchase and sale of apartment properties. This agreement is essential when transferring ownership of an apartment unit, whether it's a condominium, co-operative, or freehold apartment. The document must comply with federal regulations and specific provincial property laws, incorporating requirements for property transfer, title registration, and financial terms. It includes comprehensive details about the property, parties involved, purchase price, payment structure, conditions precedent, and closing requirements. The agreement serves as the primary reference document throughout the transaction process, from the initial offer acceptance to the final closing, and provides legal protection for both the vendor and purchaser. It's particularly important in addressing unique aspects of apartment sales, such as condominium corporation requirements, shared facility agreements, and specific provincial regulations regarding multi-unit residential properties.

1. Parties: Identifies and provides full legal names and addresses of the vendor and purchaser

2. Background: Establishes the context of the sale, including brief property description and parties' intention to enter into the transaction

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Property Description: Detailed legal description of the apartment, including unit number, building address, and registered plan details

5. Purchase Price: States the agreed purchase price and payment structure, including deposit terms

6. Payment Terms: Specifies the method and timing of payments, including deposit, balance due, and adjustments

7. Closing: Details the closing date, time, and location for completing the transaction

8. Title and Ownership: Warranties regarding clear title and provisions for title transfer

9. Representations and Warranties: Standard warranties from both parties regarding authority, property condition, and legal status

10. Conditions Precedent: Conditions that must be satisfied before closing, including financing and inspection conditions

11. Property Inspection: Terms regarding the buyer's right to inspect the property and related conditions

12. Adjustments: Provisions for adjusting taxes, utilities, maintenance fees, and other expenses at closing

13. Risk: Allocation of risk and responsibility for the property between agreement signing and closing

14. Default: Consequences and remedies in case either party defaults on their obligations

15. Notices: How and where formal notices between parties must be delivered

16. General Provisions: Standard legal provisions including governing law, entire agreement, and amendment procedures