The Realty Purchase Agreement serves as the primary legal instrument for real property transactions in Canada, establishing the contractual relationship between the vendor and purchaser. This document is essential when transferring ownership of real property, whether residential, commercial, or industrial. It must comply with both federal regulations and provincial property laws, which can vary by jurisdiction. The agreement typically includes detailed property descriptions, purchase price, payment terms, conditions precedent, closing requirements, and various representations and warranties. It also addresses specific Canadian requirements such as land registration procedures, HST/GST considerations, and, where applicable, compliance with the Foreign Buyer Ban Act. The document's structure and content are designed to protect all parties' interests while ensuring a legally compliant property transfer under Canadian law.
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1. Parties: Identification and details of the Vendor and Purchaser, including full legal names and addresses
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement, including defined terms for Property, Closing Date, Purchase Price, etc.
4. Property Description: Detailed legal description of the property, including municipal address and legal identification
5. Purchase Price: Statement of the purchase price, deposit requirements, and payment terms
6. Deposit: Details of deposit amount, payment schedule, and handling of deposit funds
7. Closing Date: Specified date for completion of the transaction and transfer of ownership
8. Title: Vendor's warranties regarding clear title and Purchaser's title search rights
9. Representations and Warranties: Standard representations by both parties regarding authority, property condition, and disclosure
10. Conditions Precedent: Conditions that must be satisfied before closing, including financing and inspection conditions
11. Closing Requirements: Documents and actions required from each party to complete the transaction
12. Adjustments: How property taxes, utilities, and other expenses will be prorated between parties
13. Risk: Assignment of risk and responsibility for the property between acceptance and closing
14. Default: Consequences and remedies if either party fails to complete the transaction
15. Notices: How and where formal notices between parties must be delivered
16. General Provisions: Standard contract clauses including entire agreement, governing law, and amendment procedures
1. Tenant Rights: Required when the property is sold subject to existing tenancies
2. Chattels and Fixtures: Used when specific items of personal property are included or excluded from the sale
3. Mortgage Assumption: Included when the Purchaser is assuming an existing mortgage
4. Construction Warranties: Required for new construction properties with builder warranties
5. Environmental Conditions: Added when there are known environmental issues or special requirements
6. Condominium Provisions: Required for condominium properties, including status certificate requirements
7. Survey Requirements: When a new survey is required or existing survey provisions need to be specified
8. HST/GST Provisions: Detailed tax provisions for commercial properties or new residential construction
9. Property Management: Transition provisions for properties with existing management contracts
10. Foreign Buyer Provisions: Required when the purchaser is a non-resident of Canada
1. Schedule A - Legal Description: Detailed legal description of the property from land registry
2. Schedule B - Permitted Encumbrances: List of accepted liens, easements, and encumbrances
3. Schedule C - Included Chattels: Itemized list of personal property included in the sale
4. Schedule D - Excluded Fixtures: List of attached items that are not included in the sale
5. Schedule E - Property Condition Disclosure: Vendor's disclosure of known property conditions and defects
6. Schedule F - Environmental Disclosure: Details of any environmental issues or reports
7. Schedule G - Rental Schedule: Details of existing tenancies and lease terms
8. Schedule H - Title Search Requirements: Specific requirements for title searching and insurance
9. Appendix 1 - Property Photographs: Dated photographs documenting property condition
10. Appendix 2 - Floor Plans: Current floor plans and property measurements
Relevant legal definitions
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