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Commercial Property Sale Contract
"I need a Commercial Property Sale Contract for the purchase of a multi-tenant office building in Toronto, with specific provisions for existing tenant leases and environmental compliance requirements, closing planned for March 2025."
1. Parties: Identification of the vendor and purchaser, including full legal names and registered addresses
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the property, including municipal address and legal boundaries
5. Purchase Price: Statement of the purchase price and payment terms, including deposit requirements
6. Due Diligence: Buyer's rights and timeframes for property inspection, document review, and satisfaction of conditions
7. Representations and Warranties: Vendor's declarations regarding property condition, title, and other material facts
8. Closing Conditions: Conditions that must be satisfied before the transaction can close
9. Closing Procedures: Details of the closing process, including documentation requirements and timing
10. Adjustments: Provisions for adjusting taxes, utilities, rents, and other expenses as of closing
11. Title: Requirements for clear title and addressing any title defects
12. Risk: Allocation of risk and responsibility for the property before closing
13. Default: Consequences of default by either party
14. Notices: How and where formal notices under the agreement must be delivered
15. General Provisions: Standard contract clauses including governing law, entire agreement, and amendments
1. Environmental Matters: Specific provisions regarding environmental investigations and liabilities, used when environmental concerns exist
2. Tenant Rights: Provisions dealing with existing tenants and leases, used when property is leased
3. Property Management: Transition of property management responsibilities, used for properties with ongoing management needs
4. Development Rights: Transfer of development rights or permits, used when property has pending or approved development plans
5. Heritage Requirements: Special conditions for heritage properties, used when property has historical designation
6. Vendor Financing: Terms of any vendor financing arrangements, used when vendor provides financing
7. GST/HST Certificate: Special GST/HST provisions, used when applicable to the transaction
8. Construction Completion: Provisions for incomplete construction or renovations, used for properties under development
1. Schedule A - Legal Description: Detailed legal description of the property and included fixtures
2. Schedule B - Permitted Encumbrances: List of accepted liens, easements, and encumbrances
3. Schedule C - Leases: Details of existing leases and tenant arrangements
4. Schedule D - Service Contracts: List of transferable service contracts and maintenance agreements
5. Schedule E - Deliveries: List of documents and items to be delivered on closing
6. Schedule F - Environmental Reports: Environmental assessment reports and related documentation
7. Schedule G - Property Condition Report: Current condition report including photographs and inspection results
8. Appendix 1 - Site Plan: Detailed plan showing property boundaries and structures
9. Appendix 2 - Financial Statements: Operating statements and financial records for income-producing properties
Authors
Real Estate
Commercial Property Development
Retail
Manufacturing
Hospitality
Healthcare
Education
Financial Services
Logistics and Warehousing
Office Space Management
Industrial
Technology
Entertainment and Recreation
Legal
Real Estate
Finance
Compliance
Risk Management
Facilities Management
Business Development
Operations
Property Management
Asset Management
Investment
Corporate Development
Real Estate Attorney
Property Manager
Commercial Real Estate Agent
Business Development Manager
Chief Financial Officer
Real Estate Investment Manager
Facilities Manager
Corporate Counsel
Risk Management Officer
Asset Manager
Acquisition Manager
Development Director
Property Developer
Real Estate Portfolio Manager
Compliance Officer
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