The Provisional Agreement For Sale And Purchase is a crucial document in Canadian real estate transactions, serving as a bridging agreement between initial property negotiations and the final sale agreement. It is typically used when parties have reached preliminary terms but require time for due diligence, financing arrangements, or the satisfaction of specific conditions. This document includes essential elements such as property details, purchase price, payment terms, conditions precedent, and timeframes for completion, while operating within the framework of Canadian federal and provincial property laws. It provides necessary legal protection for both parties during the preliminary phase of the transaction, allowing for thorough investigation of the property and arrangement of financing while maintaining a binding framework for the intended sale.
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1. Parties: Identification of the vendor and purchaser with full legal names and addresses
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property including legal description, boundaries, and included fixtures/fittings
5. Purchase Price: Agreed purchase price and payment terms including deposit requirements
6. Conditions Precedent: Essential conditions that must be met before the agreement becomes binding
7. Due Diligence Period: Timeframe and terms for buyer's investigation of the property
8. Completion Date: Specified date for closing the transaction and transfer of title
9. Vendor's Warranties: Standard warranties regarding property title, condition, and vendor's authority to sell
10. Purchaser's Warranties: Warranties regarding purchaser's ability to complete the transaction
11. Default and Remedies: Consequences and available remedies if either party defaults
12. Notices: How formal communications between parties should be made
13. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and amendments
1. Financing Condition: Used when purchase is conditional on buyer obtaining mortgage financing
2. Property Inspection: Detailed terms for professional property inspection when specifically required
3. Sale of Existing Property: Include when purchase is conditional on buyer selling their existing property
4. Tenant Rights: Required when property is currently tenanted with existing lease agreements
5. GST/HST Provisions: Necessary for new properties or commercial properties subject to GST/HST
6. Environmental Conditions: Include for properties with potential environmental concerns
7. Development Conditions: Used when property purchase involves future development plans
8. First Nations Considerations: Required for properties on or affecting First Nations lands
1. Schedule A - Property Details: Comprehensive legal description and property specifications
2. Schedule B - Included Items: List of fixtures, fittings, and chattels included in the sale
3. Schedule C - Excluded Items: Items specifically excluded from the sale
4. Schedule D - Property Disclosure Statement: Vendor's disclosure of property condition and known issues
5. Schedule E - Special Conditions: Any additional terms or conditions specific to this transaction
6. Appendix 1 - Property Plans: Site plans, floor plans, and survey documents
7. Appendix 2 - Title Documents: Copies of title documents and registered encumbrances
8. Appendix 3 - Environmental Reports: Any environmental assessments or reports if applicable
Relevant legal definitions
Agreement
Business Day
Chattels
Closing
Closing Date
Completion
Conditions Precedent
Deposit
Due Diligence Period
Effective Date
Encumbrances
Fixtures
GST/HST
Land
Laws
Material Adverse Change
Permitted Encumbrances
Property
Purchase Price
Purchaser
Purchaser's Solicitor
Registration
Settlement
Statement of Adjustments
Title
Transaction
Transfer Documents
Vendor
Vendor's Solicitor
Requisition Date
Requisition Period
Working Day
Zoning
Improvements
Business Day
Chattels
Closing
Closing Date
Completion
Conditions Precedent
Deposit
Due Diligence Period
Effective Date
Encumbrances
Fixtures
GST/HST
Land
Laws
Material Adverse Change
Permitted Encumbrances
Property
Purchase Price
Purchaser
Purchaser's Solicitor
Registration
Settlement
Statement of Adjustments
Title
Transaction
Transfer Documents
Vendor
Vendor's Solicitor
Requisition Date
Requisition Period
Working Day
Zoning
Improvements
Clauses
Property Description
Purchase Price
Payment Terms
Deposit
Due Diligence
Conditions Precedent
Title
Representations and Warranties
Property Inspection
Risk and Insurance
Default and Remedies
Completion
Assignment
Time of Essence
Notices
Entire Agreement
Severability
Force Majeure
Governing Law
Dispute Resolution
Adjustments
Property Access
Environmental Matters
Planning and Zoning
Chattels and Fixtures
GST/HST
Legal Costs
Further Assurances
Survival
Confidentiality
Purchase Price
Payment Terms
Deposit
Due Diligence
Conditions Precedent
Title
Representations and Warranties
Property Inspection
Risk and Insurance
Default and Remedies
Completion
Assignment
Time of Essence
Notices
Entire Agreement
Severability
Force Majeure
Governing Law
Dispute Resolution
Adjustments
Property Access
Environmental Matters
Planning and Zoning
Chattels and Fixtures
GST/HST
Legal Costs
Further Assurances
Survival
Confidentiality
Relevant Industries
Real Estate
Legal Services
Financial Services
Construction
Property Development
Commercial Property
Residential Property
Property Management
Banking
Insurance
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Contract Administration
Risk Management
Corporate Services
Business Development
Finance
Operations
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Real Estate Broker
Property Developer
Mortgage Broker
Legal Counsel
Property Manager
Real Estate Investment Manager
Compliance Officer
Contract Manager
Real Estate Paralegal
Title Examiner
Property Acquisition Manager
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