The Assignment Deed For Resale Flat is a crucial legal document used in Canadian real estate transactions when transferring ownership rights of an existing residential property. This document is particularly important in provinces with high residential property turnover rates and is designed to comply with both federal and provincial property laws. It is used when the current owner (Assignor) wishes to transfer their complete interest in a residential flat to a new owner (Assignee), typically in resale situations rather than new developments. The deed must include specific details about the property, parties involved, consideration, and various warranties and representations required by Canadian law. It's essential for ensuring clear title transfer and protecting both parties' interests in the transaction. The document is especially relevant in urban areas with significant condominium and apartment developments, where property assignments are common.
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1. Parties: Identification of the Assignor (current owner/seller) and Assignee (buyer), including full legal names, addresses, and any other relevant identification details
2. Background: Context of the assignment, including original purchase details, reason for assignment, and current status of the property
3. Definitions: Clear definitions of key terms used throughout the deed, including Property, Purchase Price, Completion Date, etc.
4. Property Description: Detailed legal description of the flat, including unit number, building details, and registered title information
5. Consideration: Purchase price and payment terms, including deposits and balance payment details
6. Assignment: Core clause transferring all rights, title, and interest in the property from Assignor to Assignee
7. Assignor's Representations and Warranties: Declarations regarding property ownership, absence of encumbrances, and authority to sell
8. Assignee's Covenants: Promises and obligations of the buyer, including payment and compliance with existing property obligations
9. Completion: Closing date, process, and requirements for completing the assignment
10. Notices: How and where formal communications between parties should be delivered
11. Governing Law: Specification that the deed is governed by Canadian law and the specific provincial jurisdiction
12. Execution: Signature blocks and witnessing requirements
1. Spousal Consent: Required if the property is or was a matrimonial home under provincial family law
2. Mortgage Details: Include if there's an existing mortgage being assumed or requiring discharge
3. Conditions Precedent: Include if the assignment is subject to specific conditions being met before completion
4. Property Management Obligations: Include if there are specific building management or strata obligations to be transferred
5. GST/HST Declaration: Required for properties subject to GST/HST considerations
6. Foreign Buyer Declaration: Required in provinces with foreign buyer restrictions or additional taxes
7. Assignment of Rental Income: Include if the property is currently tenanted and rental income is being assigned
1. Schedule A - Property Details: Comprehensive legal description of the property and any included fixtures/fittings
2. Schedule B - Purchase Price Breakdown: Detailed breakdown of the purchase price, deposits, and payment schedule
3. Schedule C - Existing Encumbrances: List of any existing mortgages, liens, or other encumbrances on the property
4. Schedule D - Current Lease Details: Details of any existing tenancy agreements if the property is rented
5. Appendix 1 - Property Plans: Floor plans, site plans, and any relevant property drawings
6. Appendix 2 - Title Search Results: Recent title search results showing current ownership and encumbrances
7. Appendix 3 - Strata Documents: Relevant strata/condominium documents if the property is part of a strata development
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