The Real Estate Assignment Contract Form is a crucial document in Canadian real estate transactions, particularly in hot real estate markets where assignment sales are common. This document is primarily used when an original purchaser (assignor) wishes to transfer their rights and obligations under a purchase agreement to a new buyer (assignee) before the closing of the original transaction. It's especially prevalent in pre-construction property sales but can also be used for existing properties. The form must comply with provincial real estate laws, federal tax regulations, and anti-money laundering legislation. It includes comprehensive details about the original purchase agreement, financial terms of the assignment, consent requirements, and tax implications. The document is designed to protect all parties' interests while ensuring transparency and legal compliance in the assignment transaction.
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1. Parties: Identification of the Assignor (original purchaser) and Assignee (new purchaser), including full legal names and contact information
2. Background: Recitals explaining the original purchase agreement, property details, and the intention to assign the purchase contract
3. Definitions: Key terms used throughout the agreement, including 'Original Contract', 'Property', 'Developer/Seller', 'Assignment Date', etc.
4. Assignment: Core provision transferring all rights, title, and interest in the original purchase contract from Assignor to Assignee
5. Purchase Price and Payment: Details of the assignment price, deposit requirements, and payment terms
6. Closing and Completion: Procedures and requirements for completing the assignment transaction
7. Representations and Warranties: Statements of fact and guarantees by both parties regarding their capacity to enter the agreement and status of the original contract
8. Conditions Precedent: Conditions that must be satisfied before the assignment becomes binding
9. Original Developer/Seller Consent: Acknowledgment of requirement for and/or confirmation of developer/seller's consent to the assignment
10. GST/HST and Tax Matters: Treatment of applicable taxes and tax obligations of parties
11. Default and Remedies: Consequences of breach and available remedies to parties
12. Notices: How and where formal communications between parties should be delivered
13. General Provisions: Standard contract clauses including governing law, entire agreement, and amendment procedures
1. Real Estate Agent Representations: Required when real estate agents are involved in the assignment transaction, detailing their roles and commissions
2. Mortgage Assumption: Used when the Assignee will be assuming any existing mortgage arrangements
3. Assignment of Deposits: Detailed section about transfer of deposits when the original deposit structure is complex or involves multiple payments
4. Foreign Buyer Provisions: Required when the Assignee is a foreign buyer, addressing additional requirements and tax implications
5. Construction Status: Relevant for pre-construction properties, detailing the current status and expected completion
6. Multiple Assignee Provisions: Required when there are multiple assignees, detailing their ownership structure and responsibilities
7. Vendor Take-Back Financing: Used when the Assignor is providing financing to the Assignee for the assignment
1. Schedule A - Property Description: Detailed legal description of the property and unit details
2. Schedule B - Original Purchase Agreement: Copy of the original purchase agreement being assigned
3. Schedule C - Payment Schedule: Detailed breakdown of all payments, including deposits and balance due
4. Schedule D - Developer's Consent Form: Written consent from the developer/seller for the assignment
5. Schedule E - Disclosure Statement: Required disclosures about the property and assignment transaction
6. Schedule F - Outstanding Developer Extras: List of any upgrades or extras ordered from the developer
7. Appendix 1 - Assignment Deposit Trust Agreement: Terms for holding and releasing assignment deposits
8. Appendix 2 - Property Status Certificate: Current status of property completion and development (for pre-construction)
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