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Agreement For Sale Of Immovable Property
"I need an Agreement for Sale of Immovable Property for a multi-unit commercial building in Ontario, Canada, with specific provisions for existing tenant leases and environmental compliance requirements, as the building was previously used for light industrial purposes."
1. Parties: Identifies and provides full legal details of the vendor and purchaser
2. Background: Outlines the context of the transaction and confirms the vendor's ownership and right to sell
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including lot number, plan, and municipal address
5. Purchase Price: Specifies the purchase price, deposit amount, and payment terms
6. Deposit: Details of the deposit amount, payment schedule, and handling of funds
7. Closing: Closing date, time, and location for completion of the transaction
8. Title and Ownership: Warranties regarding clear title and process for title transfer
9. Representations and Warranties: Standard warranties from both parties regarding authority, property condition, and legal status
10. Property Condition: Current state of the property and any known defects or issues
11. Adjustments: How property taxes, utilities, and other expenses will be prorated
12. Risk: Allocation of risk and responsibility for the property until closing
13. Default: Consequences and remedies in case either party defaults
14. Notices: How formal communications between parties should be made
15. General Provisions: Standard legal clauses including governing law, entire agreement, and amendments
1. Financing Conditions: Used when the purchase is contingent on the buyer obtaining mortgage financing
2. Property Inspection: Include when the agreement is conditional on a satisfactory property inspection
3. Sale of Buyer's Property: Used when purchase is conditional on the buyer selling their existing property
4. Tenant Rights: Required when the property is currently tenanted and includes provisions regarding existing leases
5. HST/GST Provisions: Necessary for commercial properties or new residential properties subject to HST/GST
6. Environmental Conditions: Include for properties with potential environmental concerns or required assessments
7. Development Conditions: Used when the property purchase is contingent on obtaining specific development approvals
8. Foreign Buyer Provisions: Required when the purchaser is not a Canadian resident
9. Chattels and Fixtures: Details specific items included or excluded from the sale when necessary
1. Schedule A - Legal Description: Detailed legal description of the property from land registry
2. Schedule B - Permitted Encumbrances: List of accepted encumbrances that will remain on title
3. Schedule C - Included Chattels: Itemized list of movable items included in the sale
4. Schedule D - Excluded Fixtures: List of items normally considered fixtures that are excluded from the sale
5. Schedule E - Required Repairs: List of repairs agreed to be completed before closing
6. Schedule F - Property Disclosure Statement: Vendor's disclosure of property condition and known issues
7. Schedule G - Environmental Reports: Environmental assessment results if applicable
8. Schedule H - Survey/Real Property Report: Current survey or real property report showing property boundaries and structures
Authors
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Insurance
Property Management
Urban Planning
Architecture
Commercial Property
Residential Property
Agriculture (for farmland)
Industrial Property
Retail Property
Legal
Real Estate
Property Management
Acquisitions
Development
Finance
Compliance
Risk Management
Operations
Administrative Support
Investment
Due Diligence
Real Estate Lawyer
Property Manager
Real Estate Agent
Real Estate Broker
Legal Counsel
Conveyancing Lawyer
Title Examiner
Mortgage Specialist
Property Developer
Land Surveyor
Commercial Property Manager
Real Estate Investment Manager
Property Administrator
Legal Assistant
Paralegal
Closing Coordinator
Real Estate Transaction Manager
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