Condominium Purchase Agreement Template for Canada

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Key Requirements PROMPT example:

Condominium Purchase Agreement

I need a Condominium Purchase Agreement for a pre-construction luxury unit in Vancouver, with expected completion in March 2025, including provisions for two parking spaces and a storage locker, with the option to assign the agreement before closing.

Document background
The Condominium Purchase Agreement is essential for any transaction involving the sale and purchase of a condominium unit in Canada. This document is used to formalize the terms and conditions of the property transfer, ensuring compliance with provincial condominium legislation and federal regulations. It contains crucial information about the unit specifications, common elements, financial terms, and obligations of all parties involved. The agreement is particularly important as condominium ownership involves both individual unit ownership and shared responsibility for common areas. It must address specific requirements set forth by provincial/territorial condominium acts, including disclosure requirements, cooling-off periods, and warranty provisions. The document serves as the foundation for the transaction and is typically prepared after initial negotiations but before the closing process begins.
Suggested Sections

1. Parties: Identification of the seller and purchaser with full legal names and contact information

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 description of the condominium unit, including unit number, level, and registered address

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

6. Common Elements: Description of common elements included in the purchase and percentage ownership

7. Representations and Warranties: Statements of fact and promises made by both parties regarding the property and transaction

8. Conditions Precedent: Conditions that must be satisfied before closing, including financing and status certificate review

9. Closing Requirements: Obligations of both parties for closing, including documentation and funds transfer

10. Adjustments: Details of adjustments to be made on closing, including property taxes and maintenance fees

11. Title Matters: Requirements for clear title and permitted encumbrances

12. Risk: Allocation of risk and responsibility for the property until closing

13. Default: Consequences of default by either party

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

15. General Provisions: Standard contract clauses including entire agreement, governing law, and amendments

Optional Sections

1. New Construction Provisions: Used for new developments, including construction completion dates, warranties, and occupancy requirements

2. Parking and Storage: Used when parking spaces or storage units are included in the purchase

3. Special Amenities: Used when the unit comes with specific amenities or exclusive use areas

4. HST Rebate: Used for new construction where HST rebates may apply

5. Assignment: Used when the purchaser may want the right to assign the agreement before closing

6. Pre-Construction Cooling Off Period: Used for new construction sales with statutory rescission rights

7. Rental Property Provisions: Used when the unit is currently tenanted or has existing leases

8. Renovation Agreement: Used when specific renovations are to be completed before closing

Suggested Schedules

1. Schedule A - Legal Description: Full legal description of the property from land registry

2. Schedule B - Unit Features and Specifications: Detailed list of unit features, fixtures, and finishes

3. Schedule C - Common Elements: Detailed description of common elements and exclusive use areas

4. Schedule D - Financial Terms: Detailed breakdown of purchase price, deposits, and payment schedule

5. Schedule E - Condominium Documents: List of required condominium documents including declaration, by-laws, and rules

6. Schedule F - Status Certificate: Current status certificate from the condominium corporation

7. Schedule G - Parking/Storage Unit Details: Specific details of any parking or storage units included

8. Schedule H - Warranties: Details of warranties, including new home warranty program if applicable

9. Appendix 1 - Floor Plans: Unit and building floor plans

10. Appendix 2 - Disclosure Statement: Required disclosure statement for new condominiums

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

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