Assignment Of Purchase And Sale Agreement Form for Canada

Assignment Of Purchase And Sale Agreement Form Template for Canada

This Canadian legal document facilitates the transfer of rights and obligations under an existing Purchase and Sale Agreement from the original purchaser (Assignor) to a new purchaser (Assignee). It is commonly used in real estate transactions across Canadian provinces, particularly in pre-construction property sales or when the original buyer cannot or chooses not to complete the purchase. The document includes detailed terms of the assignment, financial arrangements, representations and warranties, and ensures compliance with provincial real estate laws and regulations. It must adhere to specific provincial requirements regarding property transfers and may require original vendor consent depending on the jurisdiction.

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What is a Assignment Of Purchase And Sale Agreement Form?

The Assignment Of Purchase And Sale Agreement Form is a crucial document in Canadian real estate transactions where the original purchaser (Assignor) wishes to transfer their rights and obligations under an existing purchase agreement to a new buyer (Assignee). This document is particularly common in pre-construction property markets and hot real estate markets where property values may appreciate significantly between the original purchase agreement and closing. The form must comply with provincial real estate laws and often requires careful consideration of tax implications, including GST/HST on new constructions. It typically includes details of the original agreement, assignment price, deposit arrangements, and any conditions for the transfer. Some jurisdictions require original vendor consent, and the document must address provincial-specific requirements for property transfers. This agreement type is essential for protecting all parties' interests and ensuring a legally binding transfer of purchase rights.

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

1. Parties: Identifies and provides full legal names and addresses of the Assignor (original purchaser), Assignee (new purchaser), and acknowledgment of the original Vendor

2. Background: Recitals explaining the original Purchase and Sale Agreement details, including property description, original purchase price, and reason for assignment

3. Definitions: Defines key terms used throughout the agreement, including 'Original Agreement', 'Property', 'Assignment Date', 'Closing Date', etc.

4. Assignment: Core clause transferring all rights, title, and interest in the Original Agreement from Assignor to Assignee

5. Assignment Price: Details of the assignment price, payment terms, and any deposit requirements

6. Assignor's Representations and Warranties: Statements confirming Assignor's right to assign, good standing of Original Agreement, and other key warranties

7. Assignee's Covenants: Assignee's commitments to assume all obligations under the Original Agreement and perform all required duties

8. Closing Conditions: Conditions that must be satisfied for the assignment to complete

9. Closing Procedures: Steps and requirements for completing the assignment transaction

10. General Provisions: Standard clauses including governing law, notices, entire agreement, and amendment provisions

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

1. Vendor Consent: Required when the Original Agreement requires vendor's consent for assignment

2. Deposit Assignment: Used when transferring the original deposit from Assignor to Assignee

3. Real Estate Commission: Include when real estate agents are involved in the assignment transaction

4. GST/HST Declaration: Required for new construction properties or commercial properties subject to GST/HST

5. Assignment Conditions: Special conditions specific to the assignment transaction

6. Confidentiality: When parties wish to keep assignment details confidential

7. Original Purchaser's Documents: When specific documentation from the original purchase needs to be referenced or transferred

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

1. Schedule A - Original Agreement: Copy of the original Purchase and Sale Agreement being assigned

2. Schedule B - Property Description: Detailed legal description of the property and any included/excluded items

3. Schedule C - Financial Terms: Detailed breakdown of assignment price, payment schedule, and adjustments

4. Schedule D - Vendor Consent Form: If required, the signed consent from the original vendor

5. Schedule E - Assignment Deposit Terms: Details of deposit amounts, payment schedule, and handling instructions

6. Appendix 1 - Original Agreement Amendments: Copies of any amendments to the Original Agreement

7. Appendix 2 - Property Documents: Relevant property documentation, plans, or certificates

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

Construction

Legal Services

Financial Services

Property Management

Real Estate Investment

Relevant Teams

Legal

Real Estate Operations

Compliance

Property Management

Contract Administration

Investment

Transaction Processing

Document Control

Risk Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Real Estate Broker

Legal Counsel

Conveyancer

Contract Administrator

Real Estate Investment Manager

Property Developer

Compliance Officer

Transaction Coordinator

Real Estate Paralegal

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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