The Real Estate Pre-Sale Agreement is a fundamental document in Canadian property development, used when selling properties that are yet to be constructed or are under construction. This agreement type is particularly common in condominium and new housing developments across Canadian provinces, where properties are sold before completion. The document must comply with provincial real estate development marketing laws, consumer protection legislation, and federal regulations regarding property transactions. It typically includes comprehensive details about the property specifications, construction standards, completion timelines, payment structures, and warranty provisions. The agreement serves to protect both the developer's interests in securing sales and financing, and the purchaser's interests in ensuring delivery of the promised property. It's essential for risk management and establishing clear expectations in pre-construction property sales.
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1. Parties: Identification of the Developer/Seller and the Purchaser with full legal names and addresses
2. Background: Context of the development project, property details, and purpose of the agreement
3. Definitions: Detailed definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold, including legal description and unit details
5. Purchase Price: Statement of the purchase price, deposit requirements, and payment schedule
6. Completion and Closing: Terms and conditions for completion, estimated completion date, and closing procedures
7. Developer's Covenants: Developer's obligations regarding construction, warranties, and delivery of the property
8. Purchaser's Covenants: Purchaser's obligations including payments, cooperation with closing procedures, and compliance requirements
9. Representations and Warranties: Statements of fact and guarantees from both parties
10. Construction and Completion: Details about construction timeline, standards, and completion requirements
11. Adjustments and Closing Costs: Allocation of costs, taxes, and adjustments at closing
12. Default and Remedies: Consequences of default by either party and available remedies
13. Assignment: Terms regarding the ability to assign the contract to another party
14. Notice: Requirements for giving notice under the agreement
15. General Provisions: Standard contract clauses including governing law, severability, and entire agreement
1. Parking and Storage: Details of parking stalls or storage units if included in the purchase
2. Strata Provisions: Required for condominium/strata properties, including bylaws and strata fees
3. View and Layout Protection: Specific provisions regarding protection of views or layout if guaranteed
4. Rental Pool Agreement: For properties with rental management programs
5. Foreign Buyer Provisions: Additional requirements if the purchaser is a foreign buyer
6. GST/HST Certificate: Special tax status declarations if applicable
7. Development Financing: Provisions related to the developer's construction financing if relevant to purchaser
8. Environmental Provisions: Special environmental requirements or certifications
9. Pre-Construction Changes: Process for handling changes during construction phase
1. Schedule A - Property Plans: Detailed floor plans, site plans, and unit layouts
2. Schedule B - Features and Finishes: Detailed list of included features, materials, and finishes
3. Schedule C - Disclosure Statement: Required disclosures under applicable real estate development marketing laws
4. Schedule D - Payment Schedule: Detailed breakdown of deposit and payment requirements with dates
5. Schedule E - Permitted Encumbrances: List of permitted liens, encumbrances, and easements
6. Schedule F - Construction Standards: Detailed construction specifications and standards
7. Schedule G - Common Elements: Description of common areas and facilities (for strata properties)
8. Schedule H - Warranty Information: Details of construction warranties and coverage
9. Appendix 1 - Form of Transfer: Template for the transfer of title document
10. Appendix 2 - Assignment Agreement: Standard form for assignment if permitted
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