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Residential Real Estate Contract for Canada

Residential Real Estate Contract Template for Canada

A comprehensive legal agreement governed by Canadian federal and provincial laws, designed to facilitate the transfer of residential real estate property from seller to buyer. This document outlines all essential terms and conditions of the sale, including property details, purchase price, closing conditions, and obligations of all parties involved. It incorporates relevant provisions from provincial real estate legislation, consumer protection laws, and financial regulations, while ensuring compliance with local property transfer requirements and real estate professional standards.

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Residential Real Estate Contract

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What is a Residential Real Estate Contract?

The Residential Real Estate Contract serves as the primary legal instrument for documenting and executing the sale and purchase of residential properties in Canada. This document is essential for any transaction involving residential real estate, whether it's a single-family home, condominium, or other residential property. It must comply with federal regulations and specific provincial legal requirements, incorporating elements from various acts including the Real Estate and Business Brokers Act, Land Titles Act, and Consumer Protection Act. The contract typically includes detailed property descriptions, financial terms, conditions of sale, representations and warranties, and closing requirements. It protects both buyers' and sellers' interests while ensuring transparency and legal compliance throughout the transaction process. The document is designed to address various scenarios including traditional sales, new constructions, and properties with special considerations such as heritage designations or environmental factors.

What sections should be included in a Residential Real Estate Contract?

1. Parties: Identification of the buyer(s) and seller(s) with full legal names and current addresses

2. Background: Context of the transaction and acknowledgment of the parties' intention to enter into the agreement

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Property Description: Detailed legal description of the property including address, lot number, and legal boundaries

5. Purchase Price: Total purchase price and payment structure, including deposit details

6. Deposit Terms: Amount, payment timeline, and handling of the deposit

7. Closing Date: Specified date and time for completing the transaction

8. Title and Ownership: Warranties regarding clear title and transfer of ownership

9. Property Inspection: Terms and conditions for property inspection and buyer's rights

10. Property Condition: Seller's warranties about the property's condition and disclosure obligations

11. Included Items: List of fixtures and chattels included in the sale

12. Excluded Items: Items specifically excluded from the sale

13. Closing Adjustments: How property taxes, utilities, and other expenses will be prorated

14. Representations and Warranties: Standard representations by both parties regarding authority and capacity

15. Default and Remedies: Consequences of breach and available remedies

16. Notices: How formal communications between parties should be made

17. Governing Law: Specification of applicable Canadian provincial law

18. Execution: Signature blocks and witnessing requirements

What sections are optional to include in a Residential Real Estate Contract?

1. Financing Condition: Terms related to buyer obtaining mortgage financing, used when buyer requires financing to complete purchase

2. Sale of Buyer's Property: Condition relating to the sale of buyer's existing property, included when buyer needs to sell their current property

3. Tenant Rights: Provisions regarding existing tenants and lease agreements, required when property is currently tenanted

4. Swimming Pool/Hot Tub Compliance: Special provisions for properties with pools or hot tubs, addressing safety and compliance requirements

5. Heritage Property Provisions: Special conditions for heritage-designated properties

6. Environmental Matters: Additional provisions for properties with known environmental concerns

7. Multiple Unit Property: Special provisions for properties with multiple units or shared facilities

8. Foreign Buyer Provisions: Additional requirements when buyer is not a Canadian resident

9. Renovation/Construction Provisions: Terms related to ongoing or planned construction work

10. GST/HST Provisions: Special tax considerations for new constructions or commercial properties

What schedules should be included in a Residential Real Estate Contract?

1. Schedule A - Property Details: Detailed property description, including lot size, boundaries, and easements

2. Schedule B - Included Items: Comprehensive list of fixtures and chattels included in the sale

3. Schedule C - Excluded Items: Detailed list of items specifically excluded from the sale

4. Schedule D - Property Disclosure Statement: Seller's disclosure of property condition and known issues

5. Schedule E - Title Search: Results of title search and any encumbrances

6. Schedule F - Property Survey: Current survey of the property showing boundaries and structures

7. Schedule G - Environmental Assessment: Results of any environmental assessments or reports

8. Schedule H - Inspection Reports: Any existing inspection reports or property assessments

9. Schedule I - Proof of Deposits: Documentation of deposit payments and terms

10. Schedule J - Utilities and Services: Details of utility accounts and services associated with the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Canada

Publisher

Genie AI

Cost

Free to use
Relevant legal definitions








































Clauses




































Relevant Industries

Real Estate

Legal Services

Financial Services

Insurance

Property Management

Construction

Banking

Property Development

Professional Services

Public Sector

Relevant Teams

Legal

Real Estate Operations

Compliance

Risk Management

Property Management

Sales

Document Processing

Contract Administration

Title Services

Mortgage Services

Customer Relations

Transaction Processing

Property Valuation

Relevant Roles

Real Estate Agent

Property Lawyer

Notary Public

Mortgage Broker

Real Estate Broker

Property Manager

Title Examiner

Real Estate Paralegal

Compliance Officer

Legal Counsel

Real Estate Administrator

Contract Manager

Property Appraiser

Real Estate Transaction Coordinator

Property Inspector

Insurance Underwriter

Real Estate Investment Manager

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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