The Corporate Resolution To Sell Property is a crucial governance document required when a Canadian corporation intends to sell real estate assets. It demonstrates proper corporate authorization and compliance with both federal and provincial legal requirements. This document is typically needed for significant property transactions and must be prepared in accordance with the corporation's bylaws and relevant corporate legislation. The resolution contains specific details about the property, sale terms, and designated individuals authorized to execute the transaction. It serves multiple purposes: providing evidence of proper corporate approval, satisfying requirements of land registry offices, and protecting the interests of both the corporation and its stakeholders. The document is particularly important for maintaining corporate records and may be required by purchasers, title insurance companies, and financial institutions as proof of the corporation's authority to proceed with the sale.
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1. Corporation Identification: Legal name of the corporation, registration number, and registered office address
2. Meeting Details: Date, time, location of the meeting, and confirmation of quorum
3. Attendees: List of directors present at the meeting and those absent
4. Property Description: Detailed legal description of the property being sold, including address and registration details
5. Sale Terms: Key terms of the approved sale, including price and any major conditions
6. Board Resolution: Formal resolution statement approving the sale of the property
7. Authorization: Names and titles of individuals authorized to execute documents related to the sale
8. Execution: Signature block for the Chair/President and Secretary certifying the resolution
9. Certification: Statement certifying that the resolution was duly passed in accordance with corporate bylaws
1. Recitals: Background information explaining the reason for the sale, used when context is important for future reference
2. Special Conditions: Any specific conditions or restrictions on the sale, included when there are unusual terms
3. Related Party Disclosure: Required when the sale involves related parties or potential conflicts of interest
4. Use of Proceeds: Statement regarding the intended use of proceeds from the sale, included when required by corporate governance
5. Shareholder Approval: Reference to shareholder approval if required by articles of incorporation or for major assets
1. Schedule A - Property Details: Detailed legal description of the property, including surveys and lot details
2. Schedule B - Property Valuation: Professional appraisal or valuation report supporting the sale price
3. Schedule C - Board Meeting Minutes: Extract of the relevant board meeting minutes discussing the sale
4. Appendix 1 - Corporate Authority: Copy of relevant corporate bylaws or articles showing authority to sell property
5. Appendix 2 - Supporting Documents: Any additional documents referenced in the resolution, such as purchase offers or agreements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Corporate Services
Legal Services
Property Development
Construction
Manufacturing
Retail
Healthcare
Hospitality
Industrial
Financial Services
Professional Services
Relevant Teams
Legal
Corporate Governance
Real Estate
Finance
Compliance
Risk Management
Operations
Facilities Management
Asset Management
Board Secretariat
Property Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Corporate Secretary
Board Director
General Counsel
Real Estate Manager
Property Manager
Corporate Lawyer
Compliance Officer
Risk Manager
Asset Manager
Facilities Director
Board Chairman
Vice President of Operations
Real Estate Director
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