Purchase and Sale Contract Template - Canada

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CONTRACT OF PURCHASE AND SALE
PREPARED BY:
_________________________________________________________________
DATE OF OFFER: _________________________________________________________________
SELLER:
______________________________
BUYER:
____________________________
SELLER:
______________________________
BUYER:
____________________________
ADDRESS: ______________________________
ADDRESS: ____________________________
PHONE:
______________________________
PHONE:
___________________________
OCCUPATION: ________________________
Resident of Canada
Non-Resident of Canada
As defined under the Income Tax Act.
PROPERTY:
Address:____________________________ Municipality:_______ PC: ________
Legal Description:
PID # _____________________ (the “Property”)
The Buyer agrees to purchase the Property from the Seller on the following terms and subject to
the following conditions:
1. PURCHASE PRICE:
The purchase price of the Property will be _____ DOLLARS ($_____) (the “Purchase Price”)
2. DEPOSIT:
A deposit of $_____ which will form part of the Purchase Price, will be paid on the following
terms:
(1) _________________________________________________________________________
All monies paid pursuant to this section (Deposit) will be delivered in trust to
_______________________ and held in trust in accordance with the provisions of the Real
Estate Act. In the event the Buyer fails to pay the Deposit as required by this Contract, the
Seller may, at the Seller’s option, terminate this Contract. The party who receives the Deposit is
authorized to pay all or any portion of the Deposit to the Buyer’s or Seller’s conveyancer (the
“Conveyancer”) without further written direction of the Buyer or Seller, provided that: (a) the
Conveyancer is a Lawyer or Notary: (b) such money is to be held in trust by the Conveyancer as
stakeholder pursuant to the provisions of the Real Estate Act pending the completion of the
transaction and not on behalf of any of the principals to the transaction; and (c) if the sales does
not complete, the money should be returned to such party as stakeholder or paid into Court.
CONTRACT OF PURCHASE AND SALE
PREPARED BY:
_________________________________________________________________
DATE OF OFFER: _________________________________________________________________
SELLER:
______________________________
BUYER:
____________________________
SELLER:
______________________________
BUYER:
____________________________
ADDRESS: ______________________________
ADDRESS: ____________________________
PHONE:
______________________________
PHONE:
___________________________
OCCUPATION: ________________________
Resident of Canada
Non-Resident of Canada
As defined under the Income Tax Act.
PROPERTY:
Address:____________________________ Municipality:_______ PC: ________
Legal Description:
PID # _____________________ (the “Property”)
The Buyer agrees to purchase the Property from the Seller on the following terms and subject to
the following conditions:
1. PURCHASE PRICE:
The purchase price of the Property will be _____ DOLLARS ($_____) (the “Purchase Price”)
2. DEPOSIT:
A deposit of $_____ which will form part of the Purchase Price, will be paid on the following
terms:
(1) _________________________________________________________________________
All monies paid pursuant to this section (Deposit) will be delivered in trust to
_______________________ and held in trust in accordance with the provisions of the Real
Estate Act. In the event the Buyer fails to pay the Deposit as required by this Contract, the
Seller may, at the Seller’s option, terminate this Contract. The party who receives the Deposit is
authorized to pay all or any portion of the Deposit to the Buyer’s or Seller’s conveyancer (the
“Conveyancer”) without further written direction of the Buyer or Seller, provided that: (a) the
Conveyancer is a Lawyer or Notary: (b) such money is to be held in trust by the Conveyancer as
stakeholder pursuant to the provisions of the Real Estate Act pending the completion of the
transaction and not on behalf of any of the principals to the transaction; and (c) if the sales does
not complete, the money should be returned to such party as stakeholder or paid into Court.
2
3. TERMS AND CONDITIONS:
The purchase and sale of the Property includes the following terms and is subject to the
following conditions:
_________________________________________________________________________
EACH CONDITION, if so indicated, is for the sole benefit of the party indicated. Unless each
condition is waived or declared fulfilled by written notice given by the benefiting party to the
other party on or before the date specified for each condition, this contract will be terminated
thereupon and the Deposit returnable in accordance with the Real Estate Act.
4. COMPLETION:
The sale will be completed on or before ______, 20___ (Completion Date) at the appropriate
Land Title Office.
5. POSSESSION:
The Buyer will have vacant possession of the Property at 12 noon on ______, 20___
(Possession Date) OR subject to the following existing tenancies, if any: **.
6. ADJUSTMENTS:
The
Buyer
will
assume
and
pay
all
taxes,
rates,
local
improvement
assessments, fuel, utilities and other charges from and including the date set for adjustments
and all adjustments, both incoming and outgoing of whatsoever nature will be made as of
______, 20___ (Adjustment Date).
7. INCLUDED ITEMS:
THE PURCHASE PRICE INCLUDES any buildings, improvements, fixtures, appurtenances
and attachments thereto and all blinds, awnings, screen doors and windows, curtain rods,
tracks and valances, fixed mirrors, fixed carpeting, electric, plumbing, heating and air
conditioning fixtures and all appurtenances and attachments thereto as viewed by the Buyer
at the date of inspection, INCLUDING: ___________________________________________
BUT EXCLUDING: __________________________________________________________
8. VIEWED:
The Property and all included items will be in substantially the same condition at Possession
Date as when viewed by the Buyer on
, 20___.
9. TITLE:
Free and clear of all encumbrances except subsisting conditions, provisos, restrictions,
exceptions and reservations, including royalties, contained in the original grant or contained
in any other grant or disposition from the Crown, registered or pending restrictive covenants
and rights-of-way, in favor of utilities and public authorities, existing tenancies set out in
clause 5, if any, and except as otherwise set out herein.
INITIALS
3
10. TENDER:
Tender or payment of monies by the Buyer to the Seller will be by certified cheque, bank
draft, cash or lawyer's/notary's trust cheque.
11. DOCUMENTS:
All documents required to give effect to this contract will be delivered in registerable form
where necessary and shall be lodged for registration in the appropriate Land Title Office by
3:00 p.m. on the Completion Date.
12. TIME:
Time shall be of the essence hereof, and unless the balance of the cash payment is paid
and such formal agreement to pay the balance as may be necessary is entered into on or
before the Completion Date, the Seller may at the Seller's option terminate this Contract
and in such event the amount paid by the Buyer will be absolutely forfeited to the Seller on
account of damages, without prejudice to the Seller's other remedies.
13. BUYER FINANCING:
If the Buyer is relying upon a new mortgage to finance the Purchase Price the Buyer, while
still required to pay the Purchase Price on completion date, may wait to pay the Purchase
Price to the Seller until after the transfer and new mortgage documents have been lodged
for registration in the appropriate Land Title Office, but only if before such lodging, the Buyer
has: (a) made available for tender to the Seller that portion of the Purchase Price not
secured by the new mortgage, and (b) fulfilled all the new Mortgagee's conditions for
funding except lodging the mortgage for registration, and (c) made available to the Seller, A
Lawyer's or Notary's undertaking to pay the Purchase Price upon the lodging of the transfer
and new mortgage documents and the advance by the mortgagee of the mortgage proceeds
pursuant to the Canadian Bar Association (BC Branch) (Real Property Section) standard
undertakings (the “CBA Standard Undertakings”).
14. CLEARING TITLE:
If the Seller has existing financial charges to be cleared from title, the Seller, while still
required to clear such charges, may wait to pay and discharge existing financial charges
until immediately after receipt of the Purchase Price, but in this event, the Seller agrees that
payment of the Purchase Price shall be made by the Buyer’s Lawyer or Notary to the
Seller’s Lawyer or Notary, on the CBA Standard Undertakings to pay out and discharge the
financial charges, and remit the balance, if any, to the Seller.
15. COSTS:
The Buyer will bear all costs of the conveyance and if applicable, any costs related to
arranging a mortgage and the Seller will bear all costs of clearing title.
INITIALS
4
16. RISK:
All buildings on the Property and all other items included in the purchase and sale will be
and remain at the risk of the Seller until 12:01 a.m. on the Completion Date. After that time,
the Property and all included items will be at the risk of the Buyer.
17. PLURAL:
In this Contract, any reference to a party includes that party’s heirs, executors,
administrators, successors and assigns; singular includes plural and masculine includes
feminine.
18. REPRESENTATIONS AND WARRANTIES:
There are no representations, warranties, guarantees, promises or agreements other than
those set out in this Contract and the representations contained in the Property Disclosure
Statement if incorporated into and forming part of this Contract, all of which will survive the
completion of the sale.
19. PERSONAL INFORMATION:
The Buyer and Seller hereby consent to the collection, use and disclosure by the Buyer’s
and Seller’s Lawyers and/or Notaries to their agents and employees, of personal information
about the Buyer and Seller for all purposes consistent with the transaction contemplated
herein.
20. ACCEPTANCE IRREVOCABLE (Buyer and Seller):
The Seller and Buyer specifically confirm that this Contract of Purchase and Sale is
executed under seal.
It is agreed and understood, that the Seller’s acceptance is
irrevocable until after the date specified for the Buyer to either;
A.
fulfill or waive the terms and conditions herein contained; and /or
B.
exercise any option(s) herein contained.
21. THIS IS A LEGAL DOCUMENT. READ THIS ENTIRE DOCUMENT BEFORE YOU SIGN.
22. OFFER:
This offer, or counter-offer, will be open for acceptance until 5:00 o'clock p.m. on
______________________, 20___, and upon acceptance of the offer, or counter-offer, by
accepting in writing and notifying the other party of such acceptance there shall be a binding
Contract of Purchase and Sale on the terms and conditions set forth.
Witness
(Buyer)
(Occupation)
Witness
(Buyer)
(Occupation)
INITIALS
5
23. RECEIPT:
The Buyer’s lawyer hereby acknowledges receipt of the above mentioned Deposit.
___________________________________________
24. ACCEPTANCE:
The Seller hereby accepts the above offer and agrees to complete the sale upon the terms
and conditions set out above.
Seller’s acceptance is dated _________________________
Witness
(Seller)
(Occupation)
Witness
(Seller)
(Occupation)
INITIALS

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