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Contract To Sell Condo Template for Canada

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Key Requirements PROMPT example:

Contract To Sell Condo

"I need a Contract to Sell Condo for a standard two-bedroom unit in Toronto, with a closing date of March 15, 2025, including one parking space and one storage locker, with the sale conditional on financing approval."

Document background
The Contract To Sell Condo is a crucial legal document used in Canadian real estate transactions for the transfer of condominium ownership. This document is essential when selling or purchasing a condominium unit in any Canadian province, subject to both federal regulations and provincial-specific requirements. The contract addresses all aspects of the transaction, including unit specifications, purchase price, payment terms, conditions precedent, and closing requirements. It incorporates provisions required by provincial condominium acts and real estate regulations, ensuring protection for both buyers and sellers. The document is particularly important as condominium sales involve unique considerations such as common elements, maintenance fees, and governance structure, which must be clearly outlined and agreed upon by all parties.
Suggested Sections

1. Parties: Identifies and provides full legal names and addresses of the seller and purchaser

2. Background: Establishes the context of the sale, including brief description of the property and parties' intention to enter into the transaction

3. Definitions: Defines key terms used throughout the agreement including Property, Common Elements, Purchase Price, Closing Date, etc.

4. Property Description: Detailed description of the condominium unit, including unit number, level, building address, and parking/storage units if applicable

5. Purchase Price: States the total purchase price, deposit requirements, and payment structure

6. Deposit Terms: Details regarding the amount, payment schedule, and handling of the deposit

7. Closing Date and Possession: Specifies the closing date, time of possession, and any conditions related to occupancy

8. Title and Ownership: Warranties regarding clear title and process for title transfer

9. Condominium Status Certificate: Requirements and provisions regarding the status certificate

10. Common Expenses: Details of monthly maintenance fees and allocation of expenses up to closing

11. Representations and Warranties: Standard warranties from both parties regarding the property and their capacity to enter into the agreement

12. Closing Conditions and Requirements: Lists all conditions that must be met before closing

13. Default and Remedies: Consequences of default by either party and available remedies

14. Notices: How and where formal notices under the agreement must be delivered

15. General Provisions: Standard clauses including entire agreement, governing law, amendment procedures, etc.

Optional Sections

1. Financing Condition: To be included when purchaser requires mortgage financing to complete the purchase

2. Home Inspection Condition: When purchaser wishes to conduct a home inspection

3. Sale of Existing Home Condition: When purchase is conditional on buyer selling their existing property

4. Rental Items: When there are rented items (e.g., water heater) that need to be addressed

5. Improvements and Modifications: When there are specific agreements about improvements or modifications to be made before closing

6. Assignment Rights: When parties wish to specifically address the right to assign the agreement

7. HST Rebate: For new condos or substantially renovated units where HST rebates apply

8. Property Management Transition: When unit is currently tenanted or requires specific management transition

9. Foreign Buyer Provisions: When purchaser is a non-resident of Canada

Suggested Schedules

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

2. Schedule B - Included Items: List of fixtures, appliances, and other items included in the sale

3. Schedule C - Excluded Items: List of items specifically excluded from the sale

4. Schedule D - Condominium Documents: List of all condominium documents provided to purchaser

5. Schedule E - Current Rental Items: Details of any equipment or fixtures that are rented

6. Schedule F - Property Condition Disclosure: Seller's disclosure of known property conditions and issues

7. Appendix 1 - Floor Plan: Unit floor plan and measurements

8. Appendix 2 - Parking/Storage Layout: Layout showing designated parking and storage areas

9. Appendix 3 - Recent Photographs: Current photographs of the unit and common elements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions








































Clauses






































Relevant Industries

Real Estate

Legal Services

Property Management

Financial Services

Insurance

Construction

Property Development

Property Investment

Real Estate Technology

Professional Services

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Contract Administration

Risk Management

Document Processing

Transaction Support

Investment Advisory

Relevant Roles

Real Estate Agent

Real Estate Broker

Property Lawyer

Real Estate Lawyer

Condominium Manager

Property Manager

Legal Counsel

Compliance Officer

Real Estate Transaction Coordinator

Title Examiner

Mortgage Specialist

Real Estate Investment Advisor

Property Developer

Real Estate Administrator

Contracts Manager

Legal Document Specialist

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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