The Legal Real Estate Contract serves as the primary instrument for documenting and executing property transactions in Canada. This document is essential when transferring ownership of real property, whether residential or commercial, and must comply with both federal and provincial legislative requirements. It contains detailed provisions covering property description, purchase price, payment terms, conditions precedent, warranties, and closing procedures. The contract is designed to protect all parties' interests while ensuring transparency and legal certainty in real estate transactions. It incorporates necessary elements required by Canadian property law, including specific provincial requirements, and can be customized to address particular circumstances such as commercial properties, condominiums, or properties with existing tenancies.
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1. Parties: Identifies and provides full legal names and addresses of all parties involved in the transaction (buyer, seller, and any other relevant parties)
2. Background: Provides context for the agreement and establishes the intent of the parties to enter into a real estate transaction
3. Definitions: Defines key terms used throughout the agreement to ensure clear interpretation
4. Property Description: Detailed legal description of the property, including address, lot number, and property boundaries
5. Purchase Price: Specifies the agreed purchase price and payment terms, including deposit requirements
6. Closing Date: States the date when the transaction will be completed and ownership transferred
7. Representations and Warranties: Statements of fact by the seller regarding the property's condition and legal status
8. Due Diligence: Outlines the buyer's right to inspect and investigate the property
9. Conditions Precedent: Lists conditions that must be satisfied before the agreement becomes binding
10. Closing Deliverables: Details the documents and items to be delivered by each party at closing
11. Risk and Insurance: Addresses responsibility for the property until closing and insurance requirements
12. Default and Remedies: Specifies consequences of breach and available remedies
13. Notices: Establishes how formal communications between parties should be made
14. Governing Law: Confirms that the agreement is governed by Canadian law and specifies applicable provincial jurisdiction
15. Execution: Signature blocks and execution requirements
1. Mortgage Contingency: Used when the purchase is contingent on the buyer obtaining mortgage financing
2. Property Management: Required when the property includes rental units or requires specific management arrangements
3. Environmental Matters: Included when there are known environmental issues or concerns
4. Tenant Rights: Necessary when the property is sold with existing tenants
5. Fixtures and Chattels: Details specific items included or excluded from the sale
6. Development Rights: Included when there are specific development or renovation plans
7. Property Access: Used when special access arrangements are needed before closing
8. Assignment Rights: Specifies whether and how the agreement can be assigned to other parties
9. Construction Warranties: Required for new construction or recently renovated properties
10. Condominium Provisions: Included when the property is a condominium unit
1. Schedule A - Property Description: Detailed legal description of the property and land survey details
2. Schedule B - Included Items: Comprehensive list of fixtures and chattels included in the sale
3. Schedule C - Excluded Items: List of items specifically excluded from the sale
4. Schedule D - Title Exceptions: List of permitted encumbrances and title exceptions
5. Schedule E - Environmental Reports: Summary or copies of environmental assessments
6. Schedule F - Property Condition Report: Detailed report on the current condition of the property
7. Schedule G - Tenant Schedule: List of current tenants and lease terms, if applicable
8. Schedule H - Property Management Agreements: Details of existing property management contracts
9. Appendix 1 - Property Photos: Current photographs of the property and significant features
10. Appendix 2 - Floor Plans: Detailed floor plans and property layouts
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Insurance
Property Management
Urban Planning
Hospitality
Retail
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Property Management
Finance
Operations
Documentation
Business Development
Corporate Services
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Real Estate Broker
Legal Counsel
Compliance Officer
Property Developer
Title Examiner
Mortgage Advisor
Real Estate Investment Manager
Construction Manager
Land Surveyor
Commercial Property Manager
Real Estate Paralegal
Risk Manager
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