The Sales Contract In (Real Estate) is a fundamental document in Canadian real estate transactions, used whenever real property is being transferred from one party to another through a sale. This contract type is essential for both residential and commercial property transactions across Canada, incorporating federal requirements while adapting to specific provincial regulations. The document typically includes comprehensive details about the property, purchase price, payment terms, conditions of sale, and closing requirements. It must comply with various legislation including the Real Estate and Business Brokers Act (REBBA), Land Registration Reform Act, and provincial property laws. The contract serves as the primary reference point for all parties involved in the transaction, including real estate agents, lawyers, and financial institutions, and forms the basis for the eventual transfer of property title. It's particularly important in protecting both buyers' and sellers' interests by clearly documenting all aspects of the agreement and ensuring compliance with Canadian real estate law.

1. Parties: Identification of the seller and buyer, including full legal names, addresses, and any relevant registration numbers

2. Background: Context of the transaction, including brief property description and intention to buy/sell

3. Definitions: Key terms used throughout the agreement, including 'Property', 'Closing Date', 'Purchase Price', etc.

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

5. Purchase Price and Payment: Total purchase price, deposit amount, payment schedule, and method of payment

6. Closing: Closing date, time, and location; conditions for closing; and closing adjustments

7. Representations and Warranties: Seller's declarations about property condition, title, and encumbrances; buyer's warranties regarding financing

8. Title and Ownership: Provisions regarding clean title transfer, title insurance, and handling of title defects

9. Conditions Precedent: Conditions that must be met before closing, including financing, inspection, and title search

10. Property Inspection: Rights and timeline for property inspection, process for addressing issues found

11. Risk and Insurance: Allocation of risk and responsibility for insurance until closing

12. Default and Remedies: Consequences of default by either party and available remedies

13. Notices: How and where formal notices between parties should be delivered

14. General Provisions: Standard clauses including governing law, entire agreement, and amendment procedures