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Non Refundable Deposit Purchase Agreement
"I need a Non-Refundable Deposit Purchase Agreement for a commercial property purchase in Ontario, with a 10% deposit that becomes non-refundable after the due diligence period ending March 15, 2025, and completion scheduled for June 2025."
1. Parties: Identification of the purchaser and vendor, including full legal names and addresses
2. Background: Context of the transaction and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Deposit Terms: Amount, payment method, and explicit non-refundable nature of the deposit
5. Purchase Price and Payment: Total purchase price, how deposit applies to purchase, and payment schedule
6. Non-Refundable Nature: Clear statement of circumstances under which deposit is non-refundable
7. Purchase Completion: Timeline and requirements for completing the purchase
8. Representations and Warranties: Standard representations by both parties regarding capacity and authority
9. Default and Remedies: Consequences of default by either party
10. Notices: How formal communications between parties should be made
11. General Provisions: Standard legal provisions including governing law, assignment, and amendments
1. Conditions Precedent: Specific conditions that must be met before purchase completion, used when there are particular requirements
2. Inspection Rights: Terms for inspection of goods/property, included when physical assets are involved
3. Financing Conditions: Terms related to securing financing, used when purchase depends on financing
4. Property Description: Detailed description of real estate or significant assets, used for property transactions
5. Due Diligence: Terms for conducting due diligence, used in business asset purchases
6. GST/HST Provisions: Special tax handling provisions, included when relevant to the transaction
7. Environmental Matters: Environmental representations and warranties, used for real estate or business assets
8. Survival Provisions: Specifying which provisions survive completion, used in complex transactions
1. Schedule A - Property Description: Detailed description of the property or goods being purchased
2. Schedule B - Deposit Payment Schedule: If deposit is to be paid in installments, detailed payment schedule
3. Schedule C - Completion Requirements: Detailed list of documents and requirements for completion
4. Schedule D - Permitted Encumbrances: List of acceptable liens or encumbrances, if applicable
5. Appendix 1 - Form of Transfer: Standard form for transfer of title or ownership
6. Appendix 2 - Due Diligence Checklist: List of required due diligence items and documentation
Authors
Real Estate
Retail
Manufacturing
Construction
Automotive
Professional Services
Technology
Agriculture
Mining
Commercial Property
Industrial Equipment
Hospitality
Legal
Procurement
Sales
Finance
Operations
Compliance
Real Estate
Business Development
Contract Administration
Risk Management
Legal Counsel
Contract Manager
Business Development Manager
Real Estate Agent
Property Manager
Procurement Manager
Sales Manager
Commercial Director
Chief Financial Officer
Operations Manager
Business Owner
Corporate Lawyer
Transaction Manager
Compliance Officer
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