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Assignment Of Option To Purchase (Real Estate) for Canada

Assignment Of Option To Purchase (Real Estate) Template for Canada

This document facilitates the transfer of rights under an existing option to purchase real estate in Canada from the current option holder (Assignor) to a new party (Assignee). It outlines the terms and conditions of the assignment, including consideration, representations and warranties, and the mechanism for exercising the option. The document must comply with Canadian federal and provincial real estate laws, including requirements for property transfers, registration, and contract formation. It includes provisions for consent from the original property owner where required and ensures all parties' rights and obligations are clearly defined under Canadian law.

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What is a Assignment Of Option To Purchase (Real Estate)?

The Assignment Of Option To Purchase (Real Estate) is a crucial document in Canadian real estate transactions where the holder of an option to purchase property wishes to transfer their rights to another party. This document is commonly used in both commercial and residential real estate contexts, particularly in development projects or investment scenarios where timing and market conditions make such transfers advantageous. It must comply with Canadian federal and provincial legislation governing real estate transactions, including property transfer laws, registration requirements, and contract formation rules. The document typically includes detailed information about the original option agreement, property specifications, consideration for the assignment, and mechanisms for exercising the assigned option. It's particularly relevant in situations involving property development, real estate investment strategies, or when the original option holder cannot or chooses not to exercise their purchase rights.

What sections should be included in a Assignment Of Option To Purchase (Real Estate)?

1. Parties: Identifies the Assignor (current option holder), Assignee, and Original Grantor of the option

2. Background: Recitals detailing the original option agreement, property details, and intention to assign

3. Definitions: Defines key terms including Option, Property, Original Agreement, Assignment Date, and Exercise Period

4. Assignment: Core provision transferring all rights, title and interest in the Option from Assignor to Assignee

5. Consideration: States the payment or other consideration for the assignment

6. Assignor's Representations and Warranties: Assignor's declarations regarding ownership of option, authority to assign, and status of option

7. Assignee's Covenants: Assignee's promises to comply with original option terms and conditions

8. Exercise of Option: Procedures and requirements for exercising the assigned option

9. Notice: Requirements for giving notices under the assignment

10. General Provisions: Standard contract clauses including governing law, amendments, and severability

11. Execution: Signature blocks and execution requirements

What sections are optional to include in a Assignment Of Option To Purchase (Real Estate)?

1. Original Grantor's Consent: Required when the original option agreement requires consent for assignment

2. Further Assurances: Additional commitments to execute documents needed to effect the assignment, included when complex property rights are involved

3. Time of Essence: Included when strict compliance with time requirements is crucial

4. Assignment Fee Structure: Detailed payment terms when the assignment involves complex payment arrangements

5. Conditions Precedent: Include when assignment is subject to specific conditions being met

6. Security Provisions: Required when payment for the assignment is not made in full upon execution

7. Real Estate Agent Provisions: Include when real estate agents are involved in the assignment transaction

What schedules should be included in a Assignment Of Option To Purchase (Real Estate)?

1. Schedule A - Property Description: Legal description and details of the property subject to the option

2. Schedule B - Original Option Agreement: Copy of the complete original option agreement being assigned

3. Schedule C - Payment Terms: Detailed breakdown of assignment consideration and payment schedule if applicable

4. Schedule D - Required Consents: Copies of any required consents from original grantor or other parties

5. Schedule E - Property Documents: List of all property-related documents transferred with the assignment

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Canada

Publisher

Genie AI

Cost

Free to use
Relevant legal definitions



































Clauses






























Relevant Industries

Real Estate

Commercial Property

Residential Property

Property Development

Construction

Real Estate Investment

Legal Services

Property Management

Relevant Teams

Legal

Real Estate

Property Development

Business Development

Investment

Acquisitions

Contract Administration

Property Management

Asset Management

Risk Management

Relevant Roles

Real Estate Lawyer

Property Developer

Real Estate Agent

Real Estate Broker

Property Manager

Investment Manager

Legal Counsel

Contract Manager

Real Estate Investment Director

Development Project Manager

Real Estate Paralegal

Title Officer

Real Estate Transaction Coordinator

Business Development Manager

Asset Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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