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Land Buying Agreement
"Need a Land Buying Agreement for purchasing a commercial property at 123 Business Drive, Toronto, with a purchase price of $2.5M and closing date of March 15, 2025; must include specific provisions for existing tenant rights and property inspection conditions."
1. Parties: Identification of the Vendor and Purchaser, including full legal names and 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 land and any improvements, including municipal address and legal title information
5. Purchase Price: Agreed purchase price, deposit amount, and payment terms
6. Closing Date: Specified date for completion of the transaction
7. Title and Ownership: Warranties regarding clear title and ownership transfer commitments
8. Due Diligence Period: Timeframe and conditions for property inspection and title review
9. Vendor's Representations and Warranties: Vendor's statements regarding property condition, liens, violations, etc.
10. Purchaser's Representations and Warranties: Purchaser's statements regarding financial capacity and intended use
11. Closing Conditions: Conditions that must be satisfied before closing
12. Closing Procedures: Steps to be taken on closing day, including documentation and payments
13. Property Adjustments: Adjustments for taxes, utilities, and other expenses
14. Default and Remedies: Consequences of default by either party
15. Notices: How and where formal notices must be delivered
16. General Provisions: Standard legal provisions including governing law, assignment, and amendment procedures
17. Execution: Signature blocks and date of agreement
1. Environmental Matters: Required when there are environmental concerns or assessments needed
2. Indigenous Land Rights: Required when property may be affected by indigenous land claims or rights
3. Heritage Property Provisions: Required for properties with historical designation or potential
4. Agricultural Land Provisions: Required for agricultural land subject to special regulations
5. Tenant Rights: Required when property has existing tenants
6. Subdivision Requirements: Required when property requires subdivision approval
7. Water Rights: Required for properties with water sources or riparian rights
8. Mining/Mineral Rights: Required when dealing with properties with separate mineral rights
9. Foreign Ownership Compliance: Required when purchaser is a non-Canadian entity
10. Development Conditions: Required when purchase is contingent on development approvals
1. Schedule A - Legal Description: Detailed legal description of the property including surveys and plans
2. Schedule B - Permitted Encumbrances: List of accepted encumbrances that will remain on title
3. Schedule C - Purchase Price Allocation: Breakdown of purchase price between land and improvements
4. Schedule D - Included Chattels: List of personal property included in the sale
5. Schedule E - Environmental Reports: Summary or copies of environmental assessments
6. Schedule F - Property Condition Report: Detailed report on the current condition of the property
7. Appendix 1 - Site Plan: Detailed plan showing property boundaries and improvements
8. Appendix 2 - Title Search: Current title search results showing registered interests
9. Appendix 3 - Property Tax Assessment: Current property tax assessment and payment status
10. Appendix 4 - Zoning Certificate: Current zoning confirmation from municipality
Authors
Real Estate
Construction
Agriculture
Commercial Development
Residential Development
Industrial
Retail
Hospitality
Mining
Forestry
Energy
Infrastructure
Legal
Real Estate
Property Management
Business Development
Operations
Finance
Compliance
Risk Management
Environmental
Acquisitions
Investment
Due Diligence
Real Estate Lawyer
Property Manager
Real Estate Agent
Land Developer
Property Acquisitions Manager
Legal Counsel
Real Estate Investment Manager
Development Director
Commercial Property Manager
Real Estate Analyst
Land Surveyor
Environmental Consultant
Title Examiner
Real Estate Portfolio Manager
Compliance Officer
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