Deed Of Sale By Co Owners Of Undivided Property for Canada

Deed Of Sale By Co Owners Of Undivided Property Template for Canada

This document is a legally binding agreement used in Canadian jurisdictions for the sale of property jointly owned by multiple parties who hold undivided interests. It facilitates the transfer of property ownership from co-owners to a new buyer, detailing the terms of sale, purchase price allocation, and responsibilities of all parties. The deed must comply with provincial property laws and registration requirements, particularly addressing the complexities of undivided ownership interests and ensuring proper distribution of proceeds among co-owners. It includes specific provisions for title transfer, warranties, and closing procedures in accordance with Canadian property law.

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What is a Deed Of Sale By Co Owners Of Undivided Property?

The Deed of Sale By Co-Owners of Undivided Property is essential when multiple parties who jointly own a property in Canada wish to sell their collective interest to a new owner. This document is particularly important in situations where property is held in undivided shares, such as inherited property, joint investments, or family-owned real estate. It addresses the unique challenges of coordinating multiple sellers, ensuring fair distribution of proceeds, and maintaining compliance with provincial property laws. The deed must include specific details about each co-owner's interest, purchase price allocation, and mechanisms for transferring title. It's commonly used in both residential and commercial property transactions where multiple parties hold ownership rights and must collectively agree to and execute the sale.

What sections should be included in a Deed Of Sale By Co Owners Of Undivided Property?

1. Parties: Identification of all co-owners as Vendors and the Purchaser(s), including full legal names, addresses, and current ownership shares

2. Background: Summary of current ownership structure, property history, and context for the sale

3. Definitions: Key terms used throughout the deed, including Property, Purchase Price, Closing Date, and other relevant terminology

4. Property Description: Detailed legal description of the property, including lot number, plan, and municipal address

5. Purchase Price and Payment: Total purchase price, payment structure, deposit details, and distribution among co-owners

6. Representations and Warranties: Statements by co-owners regarding property title, authority to sell, and absence of encumbrances

7. Covenants: Promises by all parties regarding actions before closing and transfer of possession

8. Closing Procedures: Steps for completing the sale, including document delivery and registration requirements

9. Distribution of Proceeds: Detailed breakdown of how sale proceeds will be distributed among co-owners

10. Governing Law: Specification of applicable provincial law and jurisdiction

11. Execution: Signature blocks for all parties and witnesses

What sections are optional to include in a Deed Of Sale By Co Owners Of Undivided Property?

1. Mortgage Discharge: Include when existing mortgages need to be discharged as part of the sale

2. Tenancy Provisions: Required if the property has existing tenants whose rights need to be addressed

3. Environmental Matters: Include if there are known environmental issues or requirements

4. Property Management Until Closing: Include when there's a significant period between agreement and closing requiring property management

5. Tax Adjustments: Include when specific tax arrangements between co-owners need to be addressed

6. Dispute Resolution: Optional section detailing process for resolving disputes between parties

7. Foreign Ownership: Required if any party is a non-resident of Canada

8. Power of Attorney: Include when any co-owner is authorizing another party to act on their behalf

What schedules should be included in a Deed Of Sale By Co Owners Of Undivided Property?

1. Schedule A - Property Description: Detailed legal description and survey information of the property

2. Schedule B - Purchase Price Allocation: Breakdown of purchase price distribution among co-owners

3. Schedule C - Existing Encumbrances: List of current mortgages, liens, or other encumbrances

4. Schedule D - Property Inventory: List of included fixtures, fittings, and other items in the sale

5. Schedule E - Co-owner Payment Instructions: Banking and payment details for each co-owner

6. Appendix 1 - Property Photos: Recent photographs of the property

7. Appendix 2 - Required Consents: Copies of any required third-party consents or approvals

8. Appendix 3 - Title Documents: Copies of current title documents and ownership 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

Document Type

Sale Deed

Cost

Free to use
Clauses
Relevant Industries

Real Estate

Property Development

Legal Services

Banking and Finance

Property Management

Construction

Urban Planning

Investment and Asset Management

Insurance

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Risk Management

Investment

Operations

Corporate Services

Title and Conveyancing

Document Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Title Officer

Conveyancing Clerk

Estate Administrator

Property Developer

Investment Manager

Real Estate Investment Advisor

Mortgage Broker

Real Estate Portfolio Manager

Compliance Officer

Property Rights Specialist

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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