Commercial Real Estate Purchase And Sale Agreement

Commercial Real Estate Purchase And Sale Agreement Template for Canada

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Key Requirements PROMPT example:

"I need a Commercial Real Estate Purchase and Sale Agreement for acquiring a multi-tenant office building in Toronto, with specific provisions for existing tenant leases and environmental compliance requirements, closing expected by March 2025."

Document background

The Commercial Real Estate Purchase And Sale Agreement is a crucial legal document used in Canadian commercial property transactions to formalize the terms and conditions of property transfers between businesses or individuals. This agreement is essential when purchasing or selling any type of commercial real estate in Canada, including office buildings, retail spaces, industrial facilities, or mixed-use properties. It must comply with both federal and provincial regulations governing real estate transactions, including requirements for property transfer, registration, environmental compliance, and tax implications. The document typically includes detailed provisions for due diligence, property inspection, title review, financing conditions, and closing procedures, while also addressing specific provincial requirements for property transfer and registration. It serves as the primary contract governing the entire transaction and provides legal protection for both parties throughout the purchase and sale process.

Suggested Sections

1. Parties: Identification of the vendor and purchaser, including full legal names and addresses

2. Background: Context of the transaction and brief description of the property being sold

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed legal description of the property and included fixtures/improvements

5. Purchase Price: Statement of purchase price, deposit requirements, and payment terms

6. Closing: Closing date, conditions, and procedures for completing the transaction

7. Due Diligence: Buyer's investigation rights and timeline for property inspection

8. Representations and Warranties: Seller's statements about the property's condition and legal status

9. Title: Requirements for clear title and process for addressing title issues

10. Adjustments: How taxes, utilities, and other expenses will be prorated at closing

11. Risk: Allocation of risk and responsibility for the property before closing

12. Default: Consequences of either party's failure to perform

13. Notices: How and where formal notices must be delivered

14. General Provisions: Standard contract clauses including governing law and entire agreement

15. Execution: Signature blocks and date of agreement

Optional Sections

1. Environmental Matters: Specific provisions regarding environmental investigations and liabilities, used when property has potential environmental concerns

2. Tenant Rights: Provisions regarding existing tenants and leases, included when property has current tenants

3. Development Rights: Special provisions regarding development potential or restrictions, used when property has development opportunities

4. Financing Conditions: Specific provisions regarding buyer's financing requirements, included when purchase is contingent on financing

5. Property Management: Provisions for transition of property management, used for properties with ongoing management needs

6. Bulk Sales: Provisions regarding inventory or equipment included in sale, used for properties with significant movable assets

7. Construction Completion: Provisions regarding incomplete construction or renovations, used for properties under development

8. Government Approvals: Special provisions regarding required governmental approvals, used when specific permits or rezoning is needed

Suggested Schedules

1. Schedule A - Legal Description: Detailed legal description of the property

2. Schedule B - Permitted Encumbrances: List of accepted liens, easements, and other title exceptions

3. Schedule C - Purchase Price Allocation: Breakdown of purchase price among land, buildings, and other assets

4. Schedule D - Existing Leases: List and details of current tenant leases

5. Schedule E - Property Contracts: List of service contracts, warranties, and other agreements

6. Schedule F - Environmental Reports: List of environmental studies and findings

7. Schedule G - Property Inventory: Detailed list of included personal property and equipment

8. Appendix 1 - Site Plan: Visual representation of the property boundaries and features

9. Appendix 2 - Due Diligence Documents: List of documents provided for buyer's review

10. Appendix 3 - Form of Deed: Form of transfer/deed to be used at closing

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Commercial Property

Retail

Industrial

Office Space

Hospitality

Healthcare

Manufacturing

Warehouse and Distribution

Professional Services

Financial Services

Technology

Relevant Teams

Legal

Real Estate

Finance

Operations

Risk Management

Facilities Management

Business Development

Asset Management

Investment

Compliance

Property Management

Relevant Roles

Real Estate Attorney

Commercial Property Manager

Real Estate Broker

Chief Financial Officer

Corporate Counsel

Real Estate Development Manager

Facilities Manager

Property Acquisition Manager

Real Estate Investment Manager

Asset Manager

Business Development Director

Risk Management Officer

Commercial Property Appraiser

Real Estate Portfolio Manager

Transaction Manager

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