The Contract of Sale of Residential Property is a fundamental legal document used in Canadian real estate transactions to formalize the transfer of residential property ownership. It is essential for any residential property sale in Canada, whether involving private homes, condominiums, or other residential units. The document incorporates federal and provincial legal requirements, including property law, consumer protection provisions, and financial regulations. It details crucial elements such as property description, purchase price, payment terms, conditions precedent, warranties, and closing procedures. This contract type is designed to protect both vendors and purchasers by clearly stating their rights and obligations, while ensuring compliance with Canadian real estate legislation and local property regulations. It serves as the primary reference document throughout the transaction process and becomes the basis for the final property transfer.
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1. Parties: Identifies and provides full legal names and addresses of the vendor(s) and purchaser(s)
2. Background: Establishes the context of the sale, confirming the vendor's ownership and intention to sell, and purchaser's intention to buy
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Property Description: Detailed legal description of the property including municipal address and legal land description
5. Purchase Price: States the agreed purchase price and details of how and when it will be paid
6. Deposit: Specifies the deposit amount, payment terms, and how it will be held in trust
7. Closing Date: Specifies the date of closing and conditions for any extensions
8. Title: Vendor's warranties regarding clear title and purchaser's right to title search
9. Representations and Warranties: Standard warranties about property condition, services, and vendor's authority to sell
10. Conditions Precedent: Essential conditions that must be met before the sale becomes firm
11. Included Items: Lists fixtures and chattels included in the purchase price
12. Adjustments: Details of how property taxes, utilities, and other expenses will be adjusted
13. Risk: Specifies when risk transfers to the purchaser and insurance requirements
14. Closing Procedures: Details the process and requirements for closing the transaction
15. Default: Consequences and remedies if either party defaults on their obligations
16. Notices: How and where formal notices under the agreement must be delivered
17. General Provisions: Standard legal provisions including entire agreement, amendment process, and governing law
1. Rental Properties: Required when the property includes rental units, detailing tenant information and lease assignments
2. Swimming Pool/Hot Tub Compliance: Required when the property includes these features, confirming compliance with safety regulations
3. Heritage Property Provisions: Required for heritage-designated properties, specifying maintenance and alteration restrictions
4. Condominium Provisions: Required for condominium properties, including status certificate requirements and condo-specific terms
5. Well and Septic Provisions: Required for rural properties with private water and sewage systems
6. Survey Requirements: Optional section when a new survey is required or an existing survey needs certification
7. GST/HST Provisions: Required for new construction or substantially renovated properties
8. Environmental Provisions: Required when there are known environmental issues or specific environmental warranties needed
9. Subdivision/Development Potential: Optional when the property has potential for subdivision or development
1. Schedule A - Legal Description: Detailed legal description of the property from land registry
2. Schedule B - Included Items: Comprehensive list of fixtures and chattels included in the sale
3. Schedule C - Excluded Items: List of items specifically excluded from the sale
4. Schedule D - Existing Encumbrances: List of permitted encumbrances that will continue after closing
5. Schedule E - Property Condition Disclosure: Vendor's disclosure of known property conditions and defects
6. Schedule F - Rental Unit Details: Details of any rental units, including current leases and tenant information
7. Appendix 1 - Property Photographs: Dated photographs documenting property condition at time of agreement
8. Appendix 2 - Floor Plans: Current floor plans of the property
9. Appendix 3 - Site Plan: Plan showing property boundaries and major features
Relevant legal definitions
Agreement
Approval Date
Business Day
Chattels
Closing
Closing Date
Completion
Consideration
Deposit
Effective Date
Encumbrances
Fixtures
GST/HST
Improvements
Included Items
Land
Land Registration Office
Land Transfer Tax
Mortgage
Permitted Encumbrances
Property
Purchase Price
Purchaser
Purchaser's Solicitor
Real Property
Requisition Date
Schedule
Statement of Adjustments
Survey
Title
Title Insurance
Transfer/Deed of Land
Vendor
Vendor's Solicitor
Warranties
Approval Date
Business Day
Chattels
Closing
Closing Date
Completion
Consideration
Deposit
Effective Date
Encumbrances
Fixtures
GST/HST
Improvements
Included Items
Land
Land Registration Office
Land Transfer Tax
Mortgage
Permitted Encumbrances
Property
Purchase Price
Purchaser
Purchaser's Solicitor
Real Property
Requisition Date
Schedule
Statement of Adjustments
Survey
Title
Title Insurance
Transfer/Deed of Land
Vendor
Vendor's Solicitor
Warranties
Clauses
Identification of Parties
Property Description
Purchase Price
Payment Terms
Deposit
Title
Representations and Warranties
Property Condition
Environmental
Inspection Rights
Insurance
Risk Transfer
Conditions Precedent
Due Diligence
Adjustments
Closing Requirements
Default and Remedies
Assignment
Survival
Force Majeure
Notices
Entire Agreement
Amendment
Time of Essence
Severability
Governing Law
Further Assurances
Counterparts
Independent Legal Advice
Registration
Property Tax
Utilities
Possession
Included Items
Excluded Items
Real Estate Commission
Land Transfer Tax
GST/HST
Property Insurance
Tender
Discharge of Encumbrances
Property Description
Purchase Price
Payment Terms
Deposit
Title
Representations and Warranties
Property Condition
Environmental
Inspection Rights
Insurance
Risk Transfer
Conditions Precedent
Due Diligence
Adjustments
Closing Requirements
Default and Remedies
Assignment
Survival
Force Majeure
Notices
Entire Agreement
Amendment
Time of Essence
Severability
Governing Law
Further Assurances
Counterparts
Independent Legal Advice
Registration
Property Tax
Utilities
Possession
Included Items
Excluded Items
Real Estate Commission
Land Transfer Tax
GST/HST
Property Insurance
Tender
Discharge of Encumbrances
Relevant Industries
Real Estate
Legal Services
Financial Services
Insurance
Property Development
Construction
Property Management
Banking
Professional Services
Public Sector
Property Investment
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Risk Management
Operations
Documentation
Client Services
Investment
Advisory
Administrative Support
Contract Administration
Relevant Roles
Real Estate Agent
Real Estate Broker
Property Lawyer
Conveyancer
Legal Counsel
Property Manager
Mortgage Advisor
Real Estate Investment Manager
Property Developer
Title Examiner
Compliance Officer
Real Estate Paralegal
Property Assessor
Real Estate Administrator
Contract Manager
Legal Document Specialist
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