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Residential Real Estate Purchase Contract

Residential Real Estate Purchase Contract Template for Canada

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Key Requirements PROMPT example:

Residential Real Estate Purchase Contract

"I need a Residential Real Estate Purchase Contract for a newly constructed single-family home in Ontario, with a closing date of March 15, 2025, that includes specific provisions for final construction completion and warranty coverage for new builds."

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Document background
The Residential Real Estate Purchase Contract is a fundamental legal document used in Canadian property transactions to formalize the agreement between buyers and sellers of residential properties. This contract is essential for any residential real estate transaction in Canada, whether involving single-family homes, condominiums, or other residential properties. It must comply with both federal and provincial legislation, including property law, consumer protection acts, and real estate regulations. The document typically includes crucial elements such as property details, purchase price, closing conditions, warranties, and specific provincial requirements. It serves as the primary agreement governing the entire transaction process, from initial offer to final closing, and provides legal protection for all parties involved while ensuring compliance with Canadian real estate law and practice.
Suggested Sections

1. Parties: Identifies and provides full legal names and addresses of the buyer(s) and seller(s)

2. Background: Establishes the context of the transaction and confirms the seller's ownership and right to sell

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Property Description: Detailed legal description of the property including municipal address, legal description, and property identification number

5. Purchase Price: States the total purchase price and breaks down the payment structure including deposit and balance

6. Deposit: Specifies deposit amount, payment timing, and handling of funds in trust

7. Closing Date: Establishes the date for completion of the transaction and transfer of ownership

8. Included Items: Lists all fixtures and chattels included in the purchase price

9. Excluded Items: Specifies items explicitly excluded from the sale

10. Title: Outlines requirements for clear title and process for addressing title defects

11. Representations and Warranties: States seller's declarations about the property's condition and legal status

12. Conditions Precedent: Lists conditions that must be satisfied before the agreement becomes firm

13. Closing Requirements: Details documents and actions required from each party for closing

14. Property Insurance: Specifies requirements for insurance coverage until closing

15. Risk: Addresses responsibility for the property until closing

16. Default: Outlines remedies available if either party defaults

17. Notices: Specifies how and where formal notices must be delivered

18. General Provisions: Contains standard legal clauses including governing law, assignment, and entire agreement

Optional Sections

1. Financing Condition: Used when buyer requires mortgage financing to complete the purchase

2. Home Inspection Condition: Used when buyer wishes to conduct a home inspection

3. Sale of Buyer's Property: Used when purchase is conditional on buyer selling their existing property

4. Rental Properties: Used when property includes tenant-occupied units, addressing lease assignments

5. HST/GST Provisions: Used for new construction or commercial properties where HST/GST applies

6. Property Management: Used for properties with ongoing management requirements until closing

7. Environmental Matters: Used when environmental assessments or remediation is required

8. Construction Completion: Used for new construction properties not yet completed

9. Condominium Provisions: Used specifically for condominium property purchases

10. First Nations Lands: Used when property is on First Nations lands with special requirements

Suggested Schedules

1. Schedule A - Property Details: Comprehensive legal description and property specifications

2. Schedule B - Included Items: Detailed list of all fixtures and chattels included in sale

3. Schedule C - Excluded Items: Detailed list of items explicitly excluded from sale

4. Schedule D - Financial Terms: Detailed breakdown of purchase price, deposit, and payment terms

5. Schedule E - Seller's Warranties: Detailed warranties about property condition and legal status

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

7. Schedule G - Permitted Encumbrances: List of accepted liens, easements, or encumbrances

8. Appendix 1 - Property Survey: Current survey showing property boundaries and structures

9. Appendix 2 - Floor Plans: Detailed plans showing property layout and dimensions

10. Appendix 3 - Title Search Results: Current title search showing registered interests in property

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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








































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Relevant Industries

Real Estate

Legal Services

Banking & Finance

Insurance

Property Development

Property Management

Construction

Professional Services

Financial Services

Public Sector

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Risk Management

Finance

Operations

Insurance

Documentation

Client Services

Relevant Roles

Real Estate Agent

Real Estate Broker

Real Estate Lawyer

Property Lawyer

Mortgage Broker

Property Manager

Title Examiner

Escrow Officer

Real Estate Paralegal

Compliance Officer

Legal Counsel

Transaction Coordinator

Property Inspector

Real Estate Appraiser

Banking Officer

Insurance Underwriter

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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