The Short Form Purchase And Sale Agreement is a fundamental commercial document used in Canadian business transactions where parties seek a simplified yet legally robust framework for asset or property transfers. This document is particularly suitable for straightforward transactions where the complexity doesn't warrant a full-length agreement but where parties still require formal documentation of key terms and conditions. It incorporates essential elements required under Canadian contract law while maintaining brevity and clarity. The agreement is commonly used for transactions involving tangible assets, small business sales, equipment purchases, or straightforward real estate deals. It includes core provisions for purchase price, payment terms, closing conditions, and basic warranties, while allowing for customization through optional clauses and schedules as needed for specific transaction requirements.
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1. Parties: Identifies and provides full legal names and addresses of the buyer and seller
2. Background: Brief context of the transaction and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Purchase and Sale: Core agreement to purchase and sell the subject property/goods
5. Purchase Price: States the purchase price, payment terms, and deposit requirements
6. Closing: Specifies the closing date and closing deliverables
7. Representations and Warranties: Basic representations by both parties regarding authority to enter agreement and condition of goods/property
8. Conditions Precedent: Essential conditions that must be met before closing
9. Default and Remedies: Consequences of breach and available remedies
10. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Due Diligence: Include when buyer requires inspection or investigation period
2. Financing Contingency: Include when purchase is contingent on buyer obtaining financing
3. Environmental Matters: Include for transactions involving industrial property or potential environmental concerns
4. Inventory: Include when purchase includes inventory that needs to be valued or adjusted
5. Employee Matters: Include when purchase involves business with employees
6. Intellectual Property: Include when purchase includes IP assets
7. Tax Matters: Include when special tax considerations apply to the transaction
8. Broker Provisions: Include when real estate or business brokers are involved
1. Schedule A - Property Description: Detailed description of property or goods being sold
2. Schedule B - Purchase Price Allocation: Breakdown of purchase price across different asset categories
3. Schedule C - Permitted Encumbrances: List of accepted liens, encumbrances, or restrictions
4. Schedule D - Excluded Assets: List of assets specifically excluded from the sale
5. Schedule E - Form of Bill of Sale: Template for the bill of sale to be executed at closing
6. Schedule F - Closing Deliverables: Detailed list of documents and items to be delivered at closing
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Manufacturing
Technology
Professional Services
Agriculture
Construction
Small Business
Wholesale Trade
Equipment and Machinery
Relevant Teams
Legal
Finance
Procurement
Operations
Real Estate
Sales
Risk Management
Compliance
Business Development
Asset Management
Relevant Roles
Business Owner
Chief Executive Officer
Chief Financial Officer
Commercial Manager
Procurement Manager
Real Estate Agent
Property Manager
Legal Counsel
Contract Administrator
Business Development Manager
Operations Manager
Asset Manager
Sales Director
Investment Manager
Risk Manager
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