The Real Estate Contract Assignment Form is a crucial document in Canadian real estate transactions where the original purchaser needs to transfer their contractual rights to a new buyer before closing. This situation commonly arises in pre-construction sales, investment properties, or when personal circumstances change. The form must comply with strict provincial and federal regulations, particularly in provinces like British Columbia and Ontario where assignment transactions are heavily regulated. The document includes essential information such as the original purchase agreement details, property description, assignment price, and all parties' obligations. It requires careful attention to tax implications, disclosure requirements, and often needs approval from the original seller or developer. The form serves as a legally binding agreement that protects all parties' interests while ensuring transparency in the assignment process.
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1. Parties: Identifies all parties involved: Original Buyer (Assignor), New Buyer (Assignee), and acknowledgment of Original Seller
2. Background: Details of the original purchase contract, including property description, original purchase price, and relevant dates
3. Definitions: Defines key terms used throughout the agreement including Assignment, Original Contract, Closing Date, Assignment Fee, etc.
4. Assignment: Core clause transferring all rights, title, and interest in the original contract from Assignor to Assignee
5. Purchase Price and Payment Terms: Details of the assignment price, deposit requirements, and payment schedule
6. Representations and Warranties: Statements by the Assignor regarding their right to assign, good standing of original contract, and no defaults
7. Closing Conditions: Conditions that must be met before the assignment becomes final
8. Closing Date and Procedures: Timeline and process for completing the assignment transaction
9. Notices: How and where formal communications between parties should be delivered
10. General Provisions: Standard contract clauses including governing law, entire agreement, and severability
1. Original Seller Consent: Required when the original purchase agreement requires seller's consent for assignment
2. GST/HST Declaration: Required when the assignment may have GST/HST implications
3. Foreign Buyer Provisions: Required when the assignee is a foreign buyer subject to additional requirements
4. Real Estate Agent Involvement: Required when real estate agents are involved in the assignment transaction
5. Assignment Restriction Clauses: Required when there are specific restrictions on further assignment
6. Developer Approval: Required for new construction properties where developer approval is needed
7. Multiple Assignee Provisions: Required when there are multiple assignees taking over the contract
1. Schedule A - Original Purchase Contract: Copy of the original purchase and sale agreement being assigned
2. Schedule B - Property Details: Detailed description of the property including legal description and any inclusions/exclusions
3. Schedule C - Payment Schedule: Detailed breakdown of all payments, including deposits, assignment fee, and remaining balance
4. Schedule D - Original Seller Consent Form: Signed consent form from the original seller if required
5. Schedule E - Developer Assignment Forms: Any specific forms required by the developer for new construction assignments
6. Appendix 1 - Supporting Documents: Copies of relevant documents such as deposit receipts, proof of funds, or other required documentation
7. Appendix 2 - Disclosure Statement: Required disclosures regarding the property and assignment transaction
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