Canada Real Estate Contract Form – Fill Out and Use This PDF

The Canada Real Estate Contract form, a comprehensive document, outlines the agreement between a seller and a buyer for the transaction of residential property, detailing everything from the property description, purchase price, payment methods, closing adjustments, to warranties and representations. Designed to create a legally binding commitment, it ensures clarity and security for both parties involved in the real estate transaction. For those looking to complete their real estate transactions with confidence, clicking the button below to fill out the form is the first step towards achieving that goal.

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Canada Real Estate Contract Form PDF Details

In the realm of purchasing a home in Canada, navigating the Residential Real Estate Purchase Contract is akin to embarking on a journey through a detailed map of the transaction process, pinpointing each critical landmark from start to finish. This contract meticulously outlines the agreement between the buyer and seller, establishing the identities of the involved parties, the description and particulars of the property, and the terms under which the property will change hands. It delves into the specifics of the property, distinguishing between attached goods, unattached goods, and the legal obligations tied to the property's title, ensuring buyers are informed of what exactly is included in the sale and under what conditions. The contract sets the stage for the transaction, highlighting cooperative commitments, financial arrangements including deposits and purchase price, and the nuanced process of closing, which ensures all financial, legal, and physical property transfers are completed accurately and on time. Beyond the mechanism of transfer, the contract lays down conditions for insurance, warranties, and representations, safeguarding both parties' interests. Moreover, it introduces clauses that address potential disputes, remedies, and the vital aspect of obtaining advice and disclosing pertinent information, reinforcing the importance of transparency and informed decision-making. With deadlines, binding legal implications, and the rights and responsibilities of both buyer and seller clearly stipulated, this contract acts as a comprehensive guide through the complexities of real estate transactions, illuminating the pathway to a successful property transfer.

Question	Answer
Form Name	Canada Real Estate Contract Form
Form Length	5 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	1 min 15 sec
Other names	home purchase offer template, offer to purchase, offer to purchase alberta, real estate buying contract

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RESIDENTIAL REAL ESTATE PURCHASE CONTRACT

This Contract is between:
	______________________________________________________________	THE SELLER
	Name
And	_______________________________________________________________	THE BUYER
	Name

PROPERTY

1.1The Property is the Land, Buildings, Unattached and Attached Goods located at (municipal address):

__________________________________________________________________________________________

1.2The legal description of the Property is:

Plan ________ Block________ Lot ______ Condo Plan _______Unit No. ______ Parking Unit ______

Other______________________________________________________________________________________

1.3The unattached Goods (chattels) described as follows:

__________________________________________________________________________________________

1.4All Attached Goods (fixtures) except for:

__________________________________________________________________________________________

1.5Unless otherwise agreed in writing, title will be free and clear of all encumbrances, registrations and obligations except the following:

(a)those implied by law;

(b)non-financial obligations now on title such as easements, utility rights-of-way, covenants and conditions that are normally found registered against property of this nature and which do not affect the salability of the Property;

(c)homeowners association caveats, encumbrances and similar registrations; and

(d)those items which the Buyer agreed to assume in this Contract.

TRANSACTION

2.1The Buyer and the Seller agree to act cooperatively, reasonably, diligently and in good faith.

2.2Other than the Deposits, the Buyer shall pay the Purchase Price by certified cheque, lawyer's trust cheque, bank draft or other agreed value as follows:

$______________________	Initial Deposit
$______________________	Additional Deposit

$______________________ Assumption of Mortgage

(approximate principal balance)

$_______________________	New Financing
$_______________________	Seller Financing
$_______________________	Other Value
$________________________	Balance Owing
(subject to adjustments)
$________________________	Purchase Price

(unless otherwise agreed in writing, the Purchase Price includes any applicable Goods and Services Tax GST).

DEPOSITS

3.1All Deposits shall be delivered in trust to: ________________________________________________________________

3.2The Initial Deposit shall be deposited no later than the second Business Day following the day that his Contract is signed and accepted by both the Buyer and the Seller as per clause 15.1 (final acceptance) of this Contract. Additional Deposits shall be deposited no later than the second Business Day following the day the Additional Deposit is received by the seller’s lawyer.

3.3Any Additional Deposits shall be delivered as follows:_____________________________________________________

________________________________________________________________________________________________

3.4Unless otherwise agreed in writing, no interest on the Deposits shall be paid to the Seller or the Buyer.

3.5The Deposits shall be held in trust by the Seller’s lawyer for both the Seller and the Buyer and shall be:

(a)forthwith refunded to the Buyer if this offer is not accepted, a condition is not satisfied or waived (as per clause 8.4) or the Seller fails

to perform this Contract; and

(c)forfeited to the Seller if this offer is accepted and all conditions are satisfied or waived and the Buyer fails to perform on this Contract.

3.6If there is a dispute between the Seller and the Buyer as to entitlement to the Deposits then:

(a)the lawyer holding the Deposit shall review the circumstances, determine entitlement and pay the money to the party who is entitled to the Deposit;

CLOSING

4.1.1Unless otherwise agreed in writing, this Contract will be completed, the Purchase Price will be fully paid and vacant possession will be available by: noon on the _________day of ____________________ , ______ (the "Completion Day"), subject to the rights of the existing tenants, if any. If the Completion Day is not a Business Day, then conveyancing matters and payment of the Purchase Price will be completed by 12 noon on the preceding Business Day. Possession will be available on and adjustments will be made as of the Completion Day.

4.2Items which are normally adjusted for, such as real estate taxes, amortized local improvement levies, utilities, rents, security deposits, statutory interest on security deposits, mortgage interest and homeowners association fees will be assumed by the Buyer and will be adjusted as of noon on the Completion Day. All adjustable items are the Seller's responsibility for the entire Completion Day.

4.3If the Seller agrees in writing to accept late payment of the Purchase Price, then the Buyer will pay Interest to the Seller calculated daily from and including the Completion Day to (but excluding) the day the Seller is paid in full. Payment received after noon on any day will be payment as of the next Business Day. Interest means the prime lending rate of the Province of Alberta Treasury Branches at the Completion Day plus 3%.

4.4The Seller's lawyer may use the Purchase Price to pay out all mortgages, registrations and other financial obligations that are the Seller's obligation to discharge. Within a reasonable period of time after the Completion Day, the Seller's lawyer will provide the Buyer's lawyer with evidence of all discharges including, where required, a certified copy of the certificate of title.

4.5If the Buyer has not paid all of the Purchase Price, then the Seller may give the Buyer possession upon reasonable terms.

4.6When the Buyer obtains possession, the Property will be in substantially the same condition as it was in when this Contract was accepted.

4.7The Seller and the Seller's lawyer will deliver normal closing documents to the Buyer or the Buyer's lawyer upon reasonable conditions consistent with the terms of this Contract. The Buyer must have a reasonable period of time before the Completion Day to confirm registration of documents at the Land Titles Office and to obtain the advance of proceeds for any New Financing and Other Value.

4.8If the Seller fails to deliver the closing documents according to section 4, then payment of the Purchase Price and Interest will be postponed until the Buyer has received the closing documents and has a reasonable period of time to register them.

4.9The Seller will pay the costs to prepare the closing documents; to prepare, register and discharge any Seller's caveat based on this Contract; and to provide the documents described in clause 4.12.

4.10The Buyer will pay the costs to prepare, register and discharge any Buyer's caveat based on this Contract; and to register the transfer of land.

4.11If the Property is rented and the Buyer is not assuming the tenancy, then the Seller is responsible for all costs related to ending the tenancy and to giving vacant possession to the Buyer.

4.12At least ten (10) Business Days prior to the Completion Day, the Seller will provide the Buyer, regarding the matters described in clause 6.1, a real property report reflecting the current state of improvement on the Property, with evidence of municipal compliance or non-conformance. The Buyer and the Seller may agree in writing to obtain a policy of title insurance, regarding the matters in clause 6.1, to either replace or supplement the real property report.

INSURANCE

5.1The risk of loss or damage to the Property shall lie with the Seller until the Purchase Price is paid according to the terms of this Contract. If loss or damage to the Property occurs before the Seller is paid the Purchase Price, then any insurance proceeds shall be held in trust for the Buyer and the Seller according to their interests in the Property.

WARRANTIES AND REPRESENTATIONS

6.1The Seller represents and warrants to the Buyer that:

(a)the Seller has the legal right to sell the Property,

(b)the Attached Goods and Unattached Goods are in normal working order;

(c)the Seller is not a non-resident of Canada for the purposes of the Income Tax Act (Canada);

(d)the current use of the Land complies with the existing municipal land use bylaw;

(e)the Buildings and other improvements on the Land are not placed partly or wholly on any easement or utility right-of-way and are entirely on the Land and do not encroach on neighbouring lands, except where an encroachment agreement is in place; and

(f)the location of Buildings and other improvements on the Land complies with all relevant municipal bylaws, regulations or relaxations granted by the appropriate municipality prior to the Completion Day, or the Buildings and other improvements on the Land are "non- conforming buildings" as that term is defined in the Municipal Government Act (Alberta).

6.2All of the warranties contained in this Contract and any attached Schedules are made as of and will be true at the Completion Day, unless otherwise agreed in writing.

6.3Any action relating to a warranty or representation in this Contract must be started within one (1) year from the Completion Day. 6.4 The Seller and the Buyer each acknowledge that, except as otherwise described in this Contract, there are no other warranties, representations or collateral agreements made by or with the other party, the Seller's brokerage and the Buyer's brokerage about the Property, any neighbouring lands, and this transaction, including any warranty, representation or collateral agreement relating to the size/measurements of the Land and Buildings or the existence or non-existence of any environmental condition or problem.

ADDITIONAL TERMS

7.1All time periods, deadlines and dates in this Contract shall be strictly followed and enforced. All times will be Alberta time unless otherwise stated.

7.2This Contract is for the benefit of and shall be binding upon the heirs, executors, administrators and assigns of the individual parties and the successors and assigns of corporate parties.

7.3All changes of number and gender shall be made where required.

7.4Portions of this Contract may be enforced even if the Contract has ended.

7.5The following Schedules form part of this Contract:

____ Financing Schedule

____Property Schedule

7.6Additional terms of sale (if any): ________________________________________________________________________

__________________________________________________________________________________________________

CONDITIONS

8.1The Buyer's Conditions are:

(a)The Buyer will apply and be approved for New Financing as follows:

•loan amount $__________________ (plus mortgage insurance fee, if required), interest rate not to exceed

_______________(________%) percent a year calculated semi-annually not in advance

•a term of not less than________________ years

•payment of $_______________________

•payments to include taxes _____Yes _____ No

The Buyer will pay for all costs associated with the New Financing including the costs to prepare and register any New Financing Security.

Before 9 p.m. on _____________________________________(the "Condition Day").

(b)This Contract is subject to the Buyer's approval of a Property Inspection as per attached Property Inspection Schedule. _____Yes

_____ No