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Assignable Real Estate Contract for Canada

Assignable Real Estate Contract Template for Canada

This document is a comprehensive real estate purchase agreement governed by Canadian law that specifically includes provisions for assignment rights, allowing the original buyer to transfer their rights and obligations under the contract to another party. The agreement incorporates provincial property law requirements while maintaining compliance with federal regulations where applicable. It includes detailed sections covering property description, purchase price, closing conditions, assignment procedures, and all necessary provisions for a legally binding real estate transaction in Canada. The document is structured to protect all parties' interests while providing flexibility for assignment, making it particularly useful for investors, developers, and property traders.

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Assignable Real Estate Contract

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What is a Assignable Real Estate Contract?

The Assignable Real Estate Contract is a specialized agreement used in Canadian real estate transactions where the original purchaser may want to transfer their rights to another party before closing. This document is particularly valuable in fast-moving real estate markets, development projects, or investment scenarios where the ability to assign contract rights is crucial. It includes comprehensive provisions for the initial purchase agreement while incorporating specific clauses that govern the assignment process, including any conditions, fees, or restrictions on assignment rights. The contract ensures compliance with both federal and provincial real estate laws, including requirements for property transfer, registration, and disclosure. It's commonly used by developers, investors, and real estate professionals who need flexibility in their purchase agreements while maintaining legal certainty and protection for all parties involved.

What sections should be included in a Assignable Real Estate Contract?

1. Parties: Identification of the seller, buyer, and any other primary parties to the agreement

2. Background: Context of the transaction and relationship between the parties

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed legal description of the real estate being sold

5. Purchase Price: The agreed purchase price and payment terms

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

7. Assignment Rights: Terms and conditions under which the buyer can assign the contract to another party

8. Closing Conditions: Conditions that must be satisfied before the transaction can close

9. Due Diligence: Buyer's rights and timeline for property investigation

10. Representations and Warranties: Statements of fact by both parties about the property and their capacity to enter the agreement

11. Closing Date and Possession: Specified date for completion of the transaction and transfer of possession

12. Adjustments: How property taxes, utilities, and other expenses will be prorated

13. Default and Remedies: Consequences of breach by either party

14. Notices: How formal communications between parties should be made

15. Governing Law: Specification of Canadian law and relevant provincial jurisdiction

16. Execution: Signature blocks and execution requirements

What sections are optional to include in a Assignable Real Estate Contract?

1. Mortgage Assumption: Include when buyer is assuming seller's existing mortgage

2. Property Management: Include when property is subject to existing tenant leases or management agreements

3. Construction Provisions: Include for properties under construction or requiring specific improvements

4. Environmental Matters: Include when environmental issues are identified or suspected

5. Assignment Fee: Include if there's a fee for exercising assignment rights

6. GST/HST provisions: Include for new construction or commercial properties

7. First Nations Considerations: Include for properties on or affecting First Nations lands

8. Foreign Buyer Provisions: Include when buyer is not a Canadian resident

What schedules should be included in a Assignable Real Estate Contract?

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

2. Schedule B - Permitted Encumbrances: List of accepted liens, easements, and encumbrances

3. Schedule C - Included Chattels: Inventory of personal property included in sale

4. Schedule D - Excluded Fixtures: List of attached items that are not included in sale

5. Schedule E - Assignment Terms: Detailed terms and conditions for assignment

6. Appendix 1 - Property Disclosure Statement: Seller's disclosure of property condition and known issues

7. Appendix 2 - Title Search Results: Current title search showing ownership and encumbrances

8. Appendix 3 - Site Plan: Property survey or site plan showing boundaries and structures

9. Appendix 4 - Environmental Reports: Any environmental assessments or reports

Authors

Alex Denne

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

Jurisdiction

Canada

Publisher

Ƶ

Document Type

Purchase Agreement

Cost

Free to use
Relevant legal definitions







































Clauses








































Relevant Industries

Real Estate

Construction

Property Development

Banking and Finance

Legal Services

Insurance

Property Management

Urban Planning

Construction Management

Property Investment

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Investment

Development

Acquisitions

Asset Management

Risk Management

Contract Administration

Relevant Roles

Real Estate Lawyer

Property Developer

Real Estate Agent

Real Estate Broker

Property Manager

Investment Manager

Legal Counsel

Compliance Officer

Contract Administrator

Real Estate Investment Analyst

Development Manager

Asset Manager

Property Acquisition Manager

Real Estate Portfolio Manager

Title Examiner

Escrow Officer

Real Estate Paralegal

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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