The Deed of Sale of Condominium Unit is an essential legal document used in Canadian real estate transactions to facilitate the transfer of condominium ownership. This document is required whenever a condominium unit is sold in Canada, whether in a new development or resale situation. It must comply with provincial legislation, including the relevant Condominium Act, Land Titles Act, and Real Estate and Business Brokers Act. The deed includes crucial information about the property, parties involved, purchase price, included features, and specific details about condominium ownership such as common elements and maintenance obligations. It serves as the official record of the property transfer and must be registered with the appropriate land registry office to complete the transaction.
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1. Parties: Identification of the Vendor(s) and Purchaser(s) with full legal names and addresses
2. Background: Context of the transaction, including brief description of the property and intention to transfer
3. Definitions: Key terms used throughout the deed, including 'Property', 'Common Elements', 'Unit', 'Closing Date', etc.
4. Property Description: Detailed legal description of the condominium unit, including unit number, level, building address, and registered plan number
5. Purchase Price: Statement of the total purchase price and payment terms
6. Deposit: Details of the deposit amount, payment schedule, and handling of funds
7. Transfer of Title: Terms regarding the transfer of legal ownership and possession
8. Vendor's Representations and Warranties: Standard warranties regarding title, authority to sell, and property condition
9. Purchaser's Covenants: Purchaser's obligations and acknowledgments regarding the property
10. Closing Adjustments: Details of adjustments for property taxes, maintenance fees, and utilities
11. Condominium Documents: Reference to and incorporation of condominium declaration, by-laws, and rules
12. Risk: Transfer of risk and insurance obligations
13. Execution: Signature blocks and witness requirements
1. Mortgage Arrangements: Include when purchaser is obtaining mortgage financing, detailing lender requirements and conditions
2. Assignment Rights: Include when parties wish to specify whether the agreement can be assigned to another purchaser
3. HST/GST Declaration: Include when the property may be subject to HST/GST, particularly for new constructions
4. Property Management: Include when there are specific arrangements regarding property management transition
5. Parking and Storage: Include when separate parking spaces or storage units are being transferred
6. Special Assessments: Include when there are pending or ongoing special assessments by the condo corporation
7. Pre-existing Tenancies: Include when the unit is currently tenanted and details of lease arrangements need to be addressed
1. Schedule A - Legal Description: Detailed legal description of the property including PIN, registration details, and boundaries
2. Schedule B - Included Items: List of fixtures, appliances, and other items included in the sale
3. Schedule C - Excluded Items: List of items specifically excluded from the sale
4. Schedule D - Current Financial Obligations: Statement of current condo fees, property taxes, and other ongoing financial obligations
5. Schedule E - Unit Floor Plan: Detailed floor plan of the unit showing dimensions and layout
6. Schedule F - Parking/Storage Unit Details: Specific details of any parking spaces or storage units included in the sale
7. Schedule G - Status Certificate: Current status certificate from the condominium corporation
8. Schedule H - Condominium Rules and Regulations: Current version of condominium rules and regulations
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