The Standard Real Estate Sales Contract is a fundamental legal instrument used in Canadian property transactions to formalize the agreement between a buyer and seller for the transfer of real property. This document is essential for any real estate transaction in Canada, whether residential or commercial, and must comply with both federal regulations and specific provincial requirements where the property is located. The contract incorporates all crucial elements required for a valid property transfer, including precise property description, purchase price, payment terms, conditions precedent, and closing requirements. It serves as the definitive agreement that protects all parties' interests while ensuring the transaction meets all legal requirements. This document type is particularly important as it forms the basis for the property's transfer of title and is required by financial institutions, land registry offices, and legal professionals involved in the closing process.
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1. Parties: Identification of the vendor(s) and purchaser(s) with full legal names and addresses
2. Background: Context of the transaction and basic property information
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property and included fixtures/chattels
5. Purchase Price: Statement of purchase price, deposit requirements, and payment terms
6. Deposit Terms: Details of deposit amount, payment schedule, and holding conditions
7. Closing Date: Specified date and time for completion of the transaction
8. Title Search Period: Timeframe and conditions for title investigation
9. Representations and Warranties: Standard declarations by both parties regarding the property and their capacity to enter into the agreement
10. Conditions Precedent: Essential conditions that must be met before closing
11. Closing Deliverables: Documents and items to be delivered by each party at closing
12. Adjustments: How property taxes, utilities, and other expenses will be prorated
13. Default and Remedies: Consequences and available remedies if either party defaults
14. Notices: How and where formal communications between parties should be delivered
15. Execution: Signature blocks and witness requirements
1. Financing Conditions: Used when purchase is contingent on buyer obtaining mortgage financing
2. Home Inspection: Include when purchase is conditional on satisfactory home inspection
3. Property Management: Required when property is currently tenant-occupied
4. HST/GST Provisions: Necessary for new constructions or commercial properties
5. Assignment Rights: Include when either party may want to assign the agreement
6. Foreign Buyer Provisions: Required when purchaser is a non-resident of Canada
7. Condominium Provisions: Required for condominium property sales
8. Development Conditions: Include when property has development potential requiring approvals
9. Environmental Conditions: Used for properties with potential environmental concerns
1. Schedule A - Legal Description: Detailed legal property description from land registry
2. Schedule B - Included Chattels: List of moveable items included in the sale
3. Schedule C - Excluded Fixtures: List of attached items that are not included in the sale
4. Schedule D - Existing Tenancies: Details of current lease agreements if property is tenanted
5. Schedule E - Property Condition Disclosure: Vendor's disclosure of known property conditions and defects
6. Schedule F - Title Exceptions: List of permitted encumbrances and easements
7. Appendix 1 - Property Survey: Current survey of the property boundaries and structures
8. Appendix 2 - Floor Plans: Detailed plans showing property layout and dimensions
9. Appendix 3 - Property Photographs: Recent photographs documenting property condition
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