905-896-3333 * 905-827-6999 * 416-762-4200

Schedule B for Leases


Schedule B for Leases

First Name: 
Last Name: 
Email: 
Phone: 
Comments: 
 
* * Maximum of 2000 characters


Z Clause For Condo and Freehold


1. Buyer agrees to pay the balance of the purchase price, subject to the usual adjustments, in cash or by certified cheque to the Seller on completion of this transaction.

2. Buyer agrees to pay a further sum of  $_____________ to the Listing Broker in cash or by certified cheque on or before  _____________  as a supplementary deposit to be held in trust pending completion or other termination of this agreement. This amount is to be credited towards the purchase price on completion of this transaction.

3. THIS OFFER IS CONDITIONAL for Five (5) business days following acceptance of this offer upon the Buyer or his Agent being able to arrange satisfactory financing, otherwise this offer shall become null and void and the deposit money shall be returned to the Buyer in full without interest or deduction. This condition is included for the benefit of the Buyer and may be waived at his sole option

4. Buyer agrees to assume an existing first mortgage of about $_____________  bearing interest at the rate of  _____________ % per annum, and repayable in blended monthly payments of $_____________ including both principal and interest and to run until _____________ .

5. Seller agrees to take back a first mortgage for the balance of the purchase price bearing interest at the rate of  _____________ % per annum calculated semi-annually, not in advance, and repayable in blended monthly payments of about $_____________ including both principal and interest based on a 25 year amortization plan, having  _____________ years to run. This mortgage shall contain a clause permitting the prepayment of all or part of the principal sum outstanding on any payment date or dates without notice or bonus.

6. THIS OFFER IS CONDITIONAL upon the sale of the Buyer's property known as  _____________  on or before midnight of  _____________ failing which this offer shall become null and void and the Buyer's deposit shall be returned in full without interest or deduction. This condition is included for the sole benefit of the Buyer and may be waived at his sole option.  Provided further that the Seller may continue to offer the property for sale and in the event he receives another firm and unconditional offer satisfactory to him, he may so notify the Buyer in writing by delivery to the Buyer or the Buyer's address hereinafter indicated. The Buyer shall have  _____________ hours for the giving of such notice to waive this condition by notice in writing delivered to the Seller, failing which this offer shall become null and void, and the Buyer's deposit shall be returned in full without interest or deduction and the Seller shall be at liberty to accept a new offer.

7. THIS OFFER IS CONDITIONAL for Five (5) business days following the acceptance of this offer upon the inspection of the subject property by a Certified Home Inspector and the obtaining from him a report satisfactory to the Buyer, failing which this offer becomes null and void and the deposit shall be returned to the Buyer in full without interest or deduction. This condition is included for the benefit of the Buyer and may be waived at his sole option.

8. THIS OFFER IS CONDITIONAL upon the approval of terms hereof by the Buyer's solicitor. Unless the Buyer gives notice in writing delivered to the Seller within five (5) business days following acceptance of this offer, that this condition is fulfilled, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest. This condition is included for the sole benefit of the Buyer and may be waived at his option by notice in writing to the Seller within the time period stated herein.

9. THIS OFFER IS CONDITIONAL upon the inspection of the property by _____________ and the obtaining of a report satisfactory to the Buyer at his own expense. Unless the Buyer gives notice in writing delivered to the Seller by 9:00pm on  _____________ that this condition is fulfilled, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest. The Seller agrees to co-operate in providing access to the structure for the purpose of this inspection. This condition is included for the sole benefit of the Buyer and may be waived at his option by notice in writing to the Seller within the time period stated herein

10. THIS OFFER IS CONDITIONAL upon the Seller being released from a prior Agreement of Purchase and Sale. Unless the Seller gives notice in writing delivered to the Buyer or to the Buyer's address as herein indicated by 9:00pm on the  _____________ that this condition is fulfilled, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest. (This is a true condition precedent and neither the Seller nor Buyer is entitled to waive this condition at his option)

11. The Seller hereby acknowledges that the real property is subject to registered encumbrances that may, given the Seller's obligation to pay commission and other related closing costs, exceed the available monetary proceeds of the sale from this transaction. This offer shall therefore be conditional for five (5) banking days upon the Seller obtaining the written approval of all mortgages and other registered encumbrances as to the final acceptance of this offer and their agreement to discharge their encumbrances without payment in the aggregate of more than available proceeds to this transaction, failing which this offer becomes null and void and the deposit shall be returned to the Buyer in full without interest or deduction.  This condition is included for the sole benefit of the Buyer and may be waived at his option by notice in writing to the Seller within the time period stated herein.

12. The parties to this transaction agree that this agreement and related documents are being executed/accepted by fax transmission and agree to be bound by same.

13. The buyer acknowledges and agrees that the deposit holder ______________________________ (Co-broker Name) disclose that the depositors funds may be held in a variable interest rate account "in trust" or term deposit, at the current rate of prime less 2.75%. Any interest paid to the buyer is calculated on the next average daily credit balance at the rate of 1%. For all purposes of this notice, the terms " banking days" or "business days" shall mean any day, other then Saturday, Sunday or statutory holiday in the province of Ontario. Should the amount of interest calculated be more then $75.00 the deposit holder shall pay to the depositor the interest accrued on the successful completion of this transaction; otherwise the deposit holder will retain it. The buyer agrees that this schedule forms part of the terms of the trust. No interest shall be paid to the buyer unless the buyer provided the deposit holder with a social insurance number for use on the T5 forms on or before closing of this transaction. Any interest cheques issued by the deposit holder and not negotiated within six (6) months following completion of the herein transaction shall be forfeited to the deposit holder.

14. Buyer acknowledges that the Seller is conveying the real property under the power of sale privilege contained in his mortgage registered against the said property and the Agreement is conditional upon the mortgage not being redeemed by any parties having interest in the property up to the date of closing, and upon the Seller being able pursuant to the laws of Ontario, to complete this transaction pursuant to the Mortgages Act of Ontario and the power of sale privileges contained within his mortgage, otherwise this Agreement of Purchase and Sale shall be null and void and the deposit herein shall be returned to the Buyer in full without interest or deduction.

15. Seller agrees to provide at his expense, within five (5) business days following acceptance of this offer, and existing survey of the said property showing the current location of all structures, buildings, improvements, easements, right-of-ways, and encroachments affecting the said property. The Seller will further deliver upon completion a declaration confirming that there have been no additions of the structures, buildings, and improvements on the property since the date of this survey.

16. Seller agrees to provide an existing survey at his expense of the said property to the Buyer within five (5) business days following acceptance of this offer. The said survey must be sufficient for the purposes of arranging financing for the Buyer.

17. Buyer agrees to assume the existing tenant at a rental rate of $_____________ per month with a lease terminating _____________. The Seller agrees to provide the Buyer with existing tenant leases, prior to the requisition date set herein.

18A. Buyer shall have the right to view the property two further time prior to completion, provided that 24 hours notice is given to the Seller.

18B. Buyer shall have the right to view the property two further time prior to completion provided that 24 hours notice is given to the seller. The Viewing is to be at a mutually agreed upon time within a 72 hour period following the giving of such notice.
The buyer and seller hereby agree that access visits, if specified in the agreement, shall be limited to one hour and the Selling Salesperson must be present.

19. Buyer agrees he shall purchase the subject property as it exists at the present time without representation, warranty or condition with respect to the fitness condition, value, zoning, or lawful use of the property. The Seller makes no representations of warranty with respect to any defects, the state of repair of the working order of any aspect thereof, location of structures walls or fences. The Seller shall have no responsibility whatsoever to remedy any defect, comply with any work orders or deficiency or other similar notice, or complete any unfinished work. The Buyer acknowledges that he has in submitting this agreement, relied entirely upon his own inspections and investigations with respect to the property, including, its quality, quantity, state of repair, zoning and lawful use as well as its value and does not rely upon any representation, warranty or statement made by the Seller or his representatives or any other party involved in this proposed transaction.

20. Seller warrants that the appliances mentioned herein shall be the same as viewed by the Buyer and shall be in good working order at the time of closing.

21. The Buyer hereby acknowledges that the lower level rental is not a legal apartment and may not have received approvals from the Fire Marshall's Office or Ontario Hydro as required in the Fire Marshall's Act amended nor City or required Municipal Approvals.  The Buyer confirms being advised that these approvals are mandatory by law should the dwelling be utilized as a rental or anything other than a single family dwelling in any manner whatsoever. Buyer agrees to assume all responsibility for effecting all repairs and cost to comply with Government Laws or removal compliance.

22. Buyer acknowledges that the basement apartment has not received approvals from the Fire Marshals Office or Ontario Hydro as required in the Fire Marshals Act, Section 9.8.

23. The Seller warrants that the basement apartment has received approvals from all necessary authorities and agrees to provide letters of compliance within five (5) banking days following acceptance of this offer.

24. The Buyer acknowledges having received a brochure on Retrofitting and acknowledges that should a portion of the dwelling be used as a rental unit that approvals are to be received by the Fire Marshal's Office, Ontario Hydro and the Zoning Department.

25. SELLER agrees to provide, at the Seller's expense, and in the name of the Buyer, a current Status Certificate and usual accompanying condominium documentation, within ten (10) business days following acceptance of this Offer (excluding Saturdays, Sundays and Statutory Holidays).  Buyer shall have two (2) business days from receipt to review with his solicitor, and be satisfied regarding contents of such documentation, failing which this Offer shall become null and void, and the deposit shall be returned to the Buyer without interest or deduction.  This condition is included for the benefit of the Buyer and may be waived at the Buyer's sole option within the time allotted.

26. The Seller warrants as follows:

(a) that the Act, declaration, by-laws and rules of the condominium corporation have been complied with, with respect to this unit;
(b) that no improvements, additions or repairs which require the consent of the Condominium Corporation have been carried out in the said unit, upon its exclusive use areas or the common elements, without the consent of the Condominium Corporation.

This offer is conditional upon the Buyer obtaining a Status Certificate and associated documents as required under the Condominium Act, 1998 from the condominium corporation herein satisfactory to the solicitor for the Buyer. The Buyer's solicitor shall have five (5) business days after receipt of such Status Certificate and associated documents, including copies of all documents listed in 33 (c) of the Status Certificate, which the Buyer and/or Buyer's solicitor have requested within, which to notify the Seller or the Seller's solicitor or the Seller's realtor that the said Status Certificate is satisfactory to them, failing which, the agreement is null and void and the deposit will be returned. The cost of the Status Certificate and any accompanying documents shall be borne by the Seller.

This condition is for the benefit of the Buyer and if the foregoing condition is not fulfilled, then this Agreement, at the option of the Buyer, shall be considered null and void and all monies paid herein shall be returned to the Buyer without any deduction whatsoever.

The Seller agrees to be responsible for any special assessment or increase in common expenses for the current fiscal year or any other costs or charges relating to the unit as disclosed in the certificate, or as a result of any changes, on or before the date of closing, in the information disclosed in the certificate requested at the time this Agreement of Purchase and Sale is entered into. This amount, if any, shall be adjusted on closing.

27. This offer is conditional upon the Seller receiving probate on or before _____________, otherwise this Offer shall become null and void and the deposit money will be returned to the Buyer in full without interest or deduction.  This condition is included for the benefit of the Seller and may be waived at their sole option.  In the event that the probate is not obtained, the Buyer has the option of extending this condition on obtaining probate to a date not to exceed the closing date set out herein.

28. The parties to this Agreement acknowledge that the Province of Ontario has implemented "Current Value Assessment" ("CVA").  Any information made available by the Seller, or any Broker or Salesperson in connection with assessment or property tax information pre-dates CVA.  There shall be no obligation of, claim made against any party hereunder, or any Broker or Salesperson referred to herein, arising out of, or in any way related to assessment or property tax information in connection with this said property.

29. Buyer agrees to obtain at his own expense, an inspection of the subject property by a "Qualified" home inspector within five (5) business days following acceptance of this offer.  In the event such inspection reveals deficiencies in the structural, mechanical or electrical systems of the subject property which the Buyer is unwilling to accept and which the Seller is unable or unwilling to remedy, than this Offer shall be null and void and the deposit shall be returned to the Buyer in full without interest or deduction.  This condition is inserted for the sole benefit of the Buyer and may be waived at his sole option by notice in writing to the Seller within the time period stated herein.

30.COMPLETION DATE: This Agreement shall be completed by no later than 6:00 p.m. on (Date)

31. Irrevocability:  This offer shall be irrevocable by _____________ until $_____________ _____________ on the _____________.

32. The Seller represents and warrants to the best of his knowledge and beliefs and acknowledges, that the Buyer is relying upon such representations and warranties in connection with the purchase by the Buyer of the property that, on completion: (a) there are no known problems with the electrical, plumbing, or heating and air conditioning systems, (b) There are no known structural problems, (c) There is no known damage to the basement, roof, or elsewhere caused by water seepage or flooding, (d) The chattels and fixtures remaining with the property are the property of the Seller, and are free and clear of encumbrances and are now and will be on closing in good working order and fit for their intended use.

33. The Buyer acknowledges that the Seller has purchased the property by way of a prior accepted Agreement of Purchase and Sale, and the Seller is assigning the Seller's rights thereunder to the Buyer. Upon acceptance of this offer, the Seller shall give written notice of assignment to any other parties affected by this agreement. If the Seller is unable to complete the transaction by reason of default of the party from whom the Seller has purchased the property, the Seller shall not be liable for any damages or loss incurred by the Buyer, and this Agreement of Purchase and Sale shall become null and void and the deposit shall be returned to the Buyer in full without deduction.

34. The Seller represents and warrants that during the time the Seller has owned the property, the property and the buildings and structures thereon have not been used for any criminal use or activity, and that to the best of the Seller's knowledge the property and the buildings and structures thereon have never been used for any criminal use or activity. This warranty shall survive and not merge on the completion of this transaction

35. The Buyer acknowledges that the property and buildings and structures thereon have been used for a criminal use or activity and acknowledges that the Seller makes no representations and/or warranties with respect to the state of repair of the premises and the Buyer accepts the property and the buildings and structures thereon in their present state and in an "as is" condition.

36. This Agreement is conditional upon the Buyer obtaining a report from a fuel oil distributor registered under the Technical Standards and Safety Act, 2002 and any Regulations thereto as amended from time to time stating the tank system in, on or about the property is in a safe operating condition and complies with the requirements of the Technical Standards and Safety Act, 2002 and any Regulations thereto as amended from time to time. Seller agrees to allow access to the property by the fuel oil distributor for purpose of obtaining a report. Unless the Buyer gives notice in writing delivered to the Seller not later than p.m. on the  _____________ day of _____________, 20_____________, that this condition has been fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction. This condition is included for the benefit of the Buyer and may be waived at the Buyer's sole option by notice in writing to the Seller within the time period stated herein.

37. The Seller represents and warrents that the fuel oil tank in, on or about the property is in compliances with the requirements of the Technical Standards and Safety Act, 2002 and any Regulations thereto as amended from time to time and has been registered with the Technical Standards and Safety Authority and does not have to be removed, upgraded or replaced before October 1,2006. This warranty shall survive and not merge upon the completion of this transaction.

38. The Seller agrees that the Seller will, at the Seller's expense, have the underground fuel oil tank on the property removed from the property by a contractor registered under the Technical Standards and Safety Act, 2002 and any Regulations thereto as amended from time to time by no later than p.m. on the day  _____________ of _____________, 2003, and thereafter to have the soil surrounding the underground fuel oil tank assessed for contamination and any contamination cleaned and removed by a contractor registered under the Technical Standards and Safety Act, 2002 and any Regulations thereto as amended from time to time, and on or before closing to provide evidence of the said testing, cleaning and removal from the said contractor and to restore the grading and landscaping on the property to the existing or a comparable condition to which it was prior to the removal of the said fuel oil tank.

39. The Buyer acknowledges that there was an underground fuel tank on the property that has been removed and the Seller agrees to provide to the Buyer at the Seller's own expense by no later than p.m. on the  _____________ day _____________ of 2003, evidence that a contractor registered under the Technical Standards and Safety Act, 2002 and any Regulations thereto as amended from time to time, has removed the said fuel oil tank, assessed the soil surrounding the underground fuel oil tank for contamination and cleaned and removed any contamination.

40. THIS OFFER IS CONDITIONAL for five (5) business days on the Buyer obtaining insurance for the property satisfactory to the Buyer in the Buyer's sole and absolute discretion. Unless the Buyer gives notice in writing delivered to the Seller that this condition is fulfilled, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest or deduction. The Seller agrees to co-operate in providing access to the property, if necessary, for any inspection of the property required for the fulfillment of this condition. This condition is included for the benefit of the Buyer and may be waived at the Buyer's sole option by notice in writing to the Seller within the time period stated herein.

41. The Buyer acknowledges that the Buyer has received a completed Seller Property Information Statement from the Seller and has had an opportunity to read the information provided by the Seller on the Seller Property Information Statement prior to submitting this offer.

42. The Parties to this Agreement acknowledge that the real estate Broker(s) so named in this Agreement has recommended that the Parties obtain independent professional advice prior to signing this document. The Parties further acknowledge that no information provided by such real estate Broker(s) is to be construed as legal, tax or environmental advice.

43. The Seller agrees to co-operate fully in providing access to the subject property in the event that an appraisal is required by the Buyer for purposes of financing or obtaining Home Insurance.    Said access shall be at the convenience of the Buyer or Buyer's designated representative provided 24 hours verbal notice has been given to the Seller or Seller's Agent.

44. Seller agrees to remove all garbage and debris from the property prior to closing and to leave the premises in a clean and broom swept condition.

45. Buyer agrees that all deposits shall be made by way of a Certified Cheque, Bank Draft or money order.

The Buyer acknowledges and agrees that the deposit holder disclosed that the depositors funds may be held in a variable daily interest rate account or term deposit, at the current rate of Bank of Canada prime "minus" 2.75%.  Any interest paid is calculated on the next average daily credit balance at the rate of 1% to the buyer.  Should the amount of interest calculated be more than $95.00 the deposit holder shall pay to the depositor the interest accrued on the successful completion of this transaction, otherwise the deposit holder will retain it.  The Buyer agrees that this schedule forms part of the terms of the Trust.
 
The interest earned on all deposits is subject to an administrative fee of Ninety Five Dollars ($95.00) per deposit or additional deposit (s)
 
The Buyer acknowledges that no interest shall be paid to the Buyer unless the Buyer provides the deposit holder with a valid Social Insurance Number so the TD Bank may open a GIC or Term Deposit  and issue a T5 as  required by Revenue Canada no later Five (5) days following acceptance of this agreement so a term deposit may be open on their behalf 
 
Name: ___________________________ SIN Number: __________________________    
 

Any interest cheques issued by the deposit holder and not negotiated within SIX (6) months following completion of the herein transaction shall be forfeited to the deposit holder. 
 

46. The Listing Broker and the Co-operating Broker are authorized to advertise and discuss the sale price with other realtors and the public in the promotion and conduct of their business. Such promotions shall not include mention of the names of the Seller or Buyer

47. For the purpose of this agreement, the terms "banking days" or "business days" shall mean any day, other than a Saturday, Sunday or statutory holiday in Ontario.

48. The Seller agrees to replace and/or repair the following items ad least 2 weeks before closing in a professional workmanship like manner.  The Buyer(s) shall have the right to inspect the property 1 further time (aside from the other inspection) prior to completion of this transaction to satisfy him self of the repairs and replacement of the following.  The inspection is to be for ad least 1 hour at a mutually agreed upon time.  The Seller agrees to provide access to the property for the purpose of this transaction.

List all the problems that need to fixed or repaired

49. In Compensation of deficiencies, found during the home inspection, the Seller shall credit the amount of $_____________ Canadian Dollars to the Buyer on completion of this transaction.

50. Unless stated otherwise in this agreement, the Seller represents that the property is not subject to any local improvement charges or special charges, and that the Seller has not received any notification of future charges which may be outstanding or levied in respect of the property.  in the event there are such charges they shall be adjusted in favour of the Buyer upon completion  of this transaction.

 

 


Standard Lease Clauses


1. Landlord shall pay real estate taxes, [condominium fees and parking if applicable] and maintain fire insurance on the premises. Tenant acknowledges the Landlord's fire insurance on the premises provides no coverage on Tenant's personal property.

2. LESSEE to provide 10 post dated cheques on the day the LESSEE receives the keys to the property.

3. LESSEE agrees to pay for the cost of repairs to the premises and/or appliances caused by his negligence or wilful damage.

4. LESSEE agrees to return the property to the LESSOR in a clean condition as it was on the first day of tenancy. No alterations or painting shall be done to the premises until full written consent is given to the LESSEE by the LESSOR.

5. The Tenant agrees to allow the Landlord or his agent to show the property at all reasonable hours to prospective Buyers or Tenants, after giving the Tenant at least twenty four (24) hours notice of such showing, and to allow the Landlord to affix a For Sale or For Rent sign on the property.

6. The Lessee shall keep the lawns in good condition including cutting the grass on a weekly basis and shall not injure or remove the shade trees, shrubbery, hedges or any other tree or plant which may be in, upon or about the premises, and shall keep the sidewalks in front and at the sides of the premises free of snow and ice within 12hrs of any snowfall.

7. The parties to this transaction agree that this agreement and related documents are being executed/accepted by fax transmission and agree to be bound by same.

8. This Offer is conditional upon the Lessor being satisfied concerning the personal and/or credit worthiness of the Lessee. Unless the Lessor gives notice in writing to the Lessee hereinafter indicated not later than _____________ till ____p.m. hat this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Lessee in full without deduction. This condition is included for the benefit of the Lessor and may be waived at the Lessor's sole option by notice in writing to the Lessee or his real estate agent within the time period stated herein.

9. Tenant and Landlord agree that an accepted Agreement to Lease shall form a completed lease and no other lease will be signed between the Parties.

10. Lessor represents and warrants that the appliances as listed in this Agreement to Lease will be in good working order at the commencement of the lease term. Lessee agrees to maintain said appliances in a state of ordinary cleanliness at the Tenant's cost.

11. Tenant shall comply with all the By-laws of the Condominium Corporation.

12. Lessee agrees not to make any decorating changes such as painting to the premises without the consent of the Lessee.

13. Lessee agrees to be responsible for any repair or replacement cost due to the presence of any pets on the premises. Lessee further agrees that if pets are kept on the premises,  the Lessee shall, at lease termination, have the carpets professionally cleaned and make any repairs that may be necessary to restore any damages caused by pets.

14. Tenant, if not in default hereunder, shall have the option, by written notice, given to the Landlord at least __________________ days before the end of the lease term, to renew the lease for a further year term on the following terms and conditions: __________________

15. Tenant agrees to pay the cost of all utilities required on the premises during the term of the lease and any extension thereof, including but not limited to electricity, water, sewer and gas or other fuel. Tenant further agrees to provide proof to the Landlord on or before the date of possession that the services have been transferred to the Tenant's name.

16. The Lessor agrees to supply 2 of keys to the unit door, 2 keys for the front building door, 2 keys for the mailbox upon the Lessor receiving the 10 post dated cheques.  The Lessee shall return all keys to the Lessor at the end of the lease term. Should the Lessee lose any of the keys and need a replacement or should the Lessee lose any keys and not supply them all at the end of this lease term, then the Lessee agrees to pay $5.00 for each missing or key that needs to be replaced.

17. The Lessor shall have all the carpets/broadloom professionally cleaned proper to the commencement of this lease term.  The Lessee shall have the carpets/broadloom professionally cleaned prior to the end of his/her lease term.

18. The Lessee agrees to comply with all the bylaws of the condo corporation.

19. Tenant, if not in default hereunder, shall have the option, by written notice, given to the Landlord at least _____________ days before the end of the lease term, to renew the lease for a further year term on the following terms and conditions: _____________

20. In consideration of the sum of $_____________ paid by the Tenant to the Landlord, the receipt of which is hereby acknowledged, and in consideration of the terms and conditions herein recited, the Landlord gives to the Tenant an option irrevocable within the time limit herein for acceptance, to purchase, free and clear of all encumbrances, the lands and premises situated at _____________. The option shall be open for acceptance by notice in writing delivered to the Landlord not later than 6:00 p.m. on _____________.  The terms of the purchase shall be the following: _____________