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.
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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
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
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
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Compliance
Risk Management
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Sales
Document Processing
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Real Estate Agent
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Notary Public
Mortgage Broker
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Compliance Officer
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Property Appraiser
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Property Inspector
Insurance Underwriter
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