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Building Purchase Agreement for Canada

Building Purchase Agreement Template for Canada

A comprehensive legal document governed by Canadian federal and provincial laws that facilitates the purchase and sale of commercial buildings. This agreement outlines all essential aspects of the property transaction, including purchase price, conditions, warranties, due diligence requirements, and closing procedures. It incorporates relevant provincial real estate regulations, municipal building codes, and environmental compliance requirements, while ensuring adherence to federal financial and anti-money laundering legislation. The agreement provides legal protection for both parties and establishes clear terms for the transfer of property ownership.

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Building Purchase Agreement

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What is a Building Purchase Agreement?

The Building Purchase Agreement is a crucial legal document used in Canadian commercial real estate transactions when acquiring building properties. It serves as the primary contract between a purchaser and vendor, detailing all aspects of the property sale transaction. This document is essential for ensuring compliance with federal and provincial regulations, including property law, environmental standards, and financial requirements. The agreement typically includes comprehensive details about the property, purchase price, conditions precedent, warranties, due diligence requirements, and closing procedures. It's particularly important as it provides legal protection for both parties and creates a clear framework for the transaction's completion. The document must comply with provincial real estate laws, as property law in Canada falls primarily under provincial jurisdiction, while also adhering to federal regulations regarding financial transactions and anti-money laundering requirements.

What sections should be included in a Building Purchase Agreement?

1. Parties: Identification and details of the Vendor and Purchaser, including legal names and addresses

2. Background: Context of the transaction and brief description of the property being purchased

3. Definitions: Defined terms used throughout the agreement

4. Property Description: Detailed legal description of the building and land being purchased

5. Purchase Price: Agreed purchase price and payment terms, including deposit arrangements

6. Due Diligence: Purchaser's right to investigate the property, including timing and scope

7. Conditions Precedent: Conditions that must be satisfied before closing

8. Representations and Warranties: Statements of fact and promises made by both parties

9. Closing Procedures: Steps to be taken to complete the transaction

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

11. Title: Requirements for clear title and handling of title issues

12. Risk and Insurance: Allocation of risk and insurance requirements until closing

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

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

15. General Provisions: Standard legal provisions including governing law, assignment, and amendments

What sections are optional to include in a Building Purchase Agreement?

1. Environmental Matters: Special provisions regarding environmental investigations and liabilities, used when there are environmental concerns

2. Tenant Rights: Provisions dealing with existing tenants, used when the building is currently leased

3. Property Management: Transition of property management responsibilities, used for buildings with ongoing management needs

4. Development Rights: Transfer of development rights or permits, used when development potential is part of the transaction

5. Financing Conditions: Special provisions related to purchaser's financing, used when purchase is contingent on financing

6. Heritage Requirements: Special provisions for heritage buildings, used when the property has heritage designation

7. Vendor's Post-Closing Occupancy: Terms for vendor's temporary continued occupancy, used when vendor needs time to relocate

What schedules should be included in a Building Purchase Agreement?

1. Schedule A - Legal Description: Detailed legal description of the property and building

2. Schedule B - Permitted Encumbrances: List of accepted liens, easements, and other title exceptions

3. Schedule C - Purchase Price Allocation: Breakdown of purchase price for tax purposes

4. Schedule D - Vendor's Deliveries: List of documents and items to be delivered by vendor

5. Schedule E - Property Condition Report: Detailed description of building condition

6. Schedule F - Environmental Reports: Summary or copies of environmental assessments

7. Schedule G - Service Contracts: List of ongoing service contracts affecting the property

8. Schedule H - Rental Roll: Details of existing tenancies, if any

9. Appendix 1 - Form of Transfer/Deed: Form of transfer document to be used

10. Appendix 2 - Certificate of Status: Corporate status certificates for parties if applicable

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

Cost

Free to use
Relevant legal definitions













































Clauses








































Relevant Industries

Real Estate

Commercial Property

Retail

Industrial

Healthcare

Education

Hospitality

Professional Services

Manufacturing

Logistics

Technology

Financial Services

Relevant Teams

Legal

Real Estate

Finance

Operations

Facilities Management

Risk Management

Compliance

Corporate Development

Investment

Asset Management

Property Management

Acquisitions

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Real Estate Director

Property Manager

Corporate Counsel

Legal Counsel

Commercial Property Lawyer

Real Estate Agent

Facilities Manager

Asset Manager

Investment Manager

Development Manager

Risk Manager

Compliance Officer

Finance Director

Operations Director

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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