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.
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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
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
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
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Real Estate
Commercial Property
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Property Development
Construction
Real Estate Investment
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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
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Real Estate Investment Director
Development Project Manager
Real Estate Paralegal
Title Officer
Real Estate Transaction Coordinator
Business Development Manager
Asset Manager
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