Sutton Group Realty Systems Inc. Page 1
1. Pay the balance
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 pays a Further Sum
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.
Notes:
This is if you have a 2nd deposit -- buyers can break up their deposit if they can't get access to all of it at the time of the offer.
3. Condition of Financing
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. Condition Home Inspection
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.
OR
Condition Home Inspectin with Remedy:
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.
5. Condition on Buyer Solicitor Approval
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.
Notes:
You can also edit this and use it for Sellers Solicitors Approval
6. Condition Upon 3rd Party
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
Notes:
Third Party Could Be a Parent, Special Inspector such as a Mold Inspector etc.
7. Condition Upon Seller Getting Released from 1st deal
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)
8. Condition on Buyers Property Selling
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 24 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.
9. Condition Seller Getting Probate (Will / Estate)
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.
10. Condition Upon Buyer Getting Insurance
THIS OFFER IS CONDITIONAL for five (5) business days following acceptance of this offer, upon 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.
11. Conditional Upon Seller Finding a House or Place to Live
This Offer is conditional upon the Seller finding accommodation satisfactory to the Seller in the Seller's sole and absolute discretion. Unless the Seller gives notice in writing delivered to the Buyer personally or in accordance with any other provisions for the delivery of notice in this Agreement of Purchase and Sale or any Schedule thereto not later than Notice due by time p.m. 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 deduction. This condition is included for the benefit of the Seller and may be waived at the Seller's sole option by notice in writing to the Buyer as aforesaid within the time period stated herein.
12. Survey Clause - Long with Boundaries
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.
13. Survey - Short Basic Clause
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.
14. Assuming a Tenant
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 plus Rental Application with existing Tenants Full Names, Birthdays, Contact Information, prior to the requisition date set herein.
Seller agrees to credit the Buyers account on closing, by way of the Sellers Solicitors statement of adjustment, a last months deposit.
Notes: If no leases - Specify "paying on a month to month basis
15. Assume Tenant - General Warranty
The Seller represents and warrants, to the best of the Seller's knowledge and belief that, during the period of the Seller's ownership, the property has been rented in accordance with Landlord and Tenant legislation and that any rent increase has been effected in accordance with relevant rent review legislation. The Parties agree that this representation and warranty shall survive and not merge on completion of this transaction, but apply only to those circumstances existing at completion of this transaction.
16. Assuming Tenant - No Disputes or Outstanding Repairs
The Seller represents and warrants, to the best of the Seller's knowledge and belief, that there are no disputes between the Seller as landlord and any tenant as to the state of repair of the leased premises, the payment of rents, contravention of applicable rent review legislation for residential tenancies, or other material items concerning the tenants' lease agreements other than as specifically set out in this Agreement of Purchase and Sale. The Parties agree that these representations and warranties shall survive and not merge on completion of this transaction, but apply only to those circumstances existing at completion of this transaction.
17. Retrofit NO - Basement Apartment
The Buyer hereby acknowledges that the lower level rental is not a legal apartment and has 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.
18. Retrofit No - Short Clause
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.
19. Retrofit - Buyer Acknowledges Brochure
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.
20. Retrofit - Yes - Basement Approved
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.
21. No Warranties - Property Sold As Is
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. Buyer Acknowledges property is being Sold "As Is".
22. No Warranty - Previous Grow-op "as is"
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.
23. Warranty - Was NOT a Grow Op, No Criminal Activity,Death
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, No Deaths, 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
24. Seller Warrants Condition of Property
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.
25. Seller Warrants Oil Tank Complies
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.
26. Seller to Remove Oil Tank
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
____________________, 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.
27. Buyer Acknowledges Oil Tank Removed - Short
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
____________________, 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.
28. Seller Warrants No Local Improvement Charges
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.
29. Kitec Plumbing - Buyer Acknowledges
The Buyer acknowledges that the property and buildings and structures has had installed therein or thereon Kitec plumbing, fittings for Kitec plumbing or Kitec Plumbing Systems ("Kitec") and acknowledges that the Seller makes no representations and/or warranties with respect to the state of repair of the premises respecting the said Kitec and the Buyer accepts the property and the buildings and structures thereon in their present state and in an "as is" condition.
Notes: Kitec Plumbing was typically installed in homes and condos built between 1995 and 2007. Approx cost could be $8000 - $12,000 or more to remove depending on size.
30. Kitec Plumbing - Seller Warrants no Kitec
The Seller represents and warrants to the Buyer that during the time the Seller owned the property, the Seller has not installed in any building on the property Kitec plumbing, any fittings for Kitec plumbing nor any Kitec Plumbing Systems ("Kitec") and that to the best of the undersigned's knowledge, no building on the property contains or has ever contained Kitec. This representation and warranty shall survive and not merge on the completion of the above transaction, and if the building is part of a multiple unit building, this warranty shall only apply to the part of the building, which is subject to this transaction.
Notes: Should always put this in clause when in doubt and condo built between 1995 and 2007
31. Vermiculite - Seller Warrants No Vericulite
The Seller represents and warrants to the Buyer that during the time the Seller has owned the property, Seller has not caused any building on the property to be insulated with insulation containing vermiculite, and to the best of the Seller's knowledge no building on the property contains or has ever contained insulation containing vermiculite. This warranty shall survive and not merge on the completion of this transaction, and if the building is part of a multiple unit building, this warranty shall only apply to that part of the building which is the subject of this transaction.
32. Vermiculite Removed
The Seller represents and warrants that, although vermiculite insulation was installed in the building, such vermiculite insulation was removed in ____________________, by ____________________ (Company) and the Seller further warrants that, to the best of his knowledge, no vermiculite insulation has been installed in the building since such removal. The Parties agree that this representation and warranty shall survive and not merge on completion of this transaction, but apply only to the state of the property at completion of this transaction. As evidence of the removal, the Seller agrees to provide to the Buyer or his agent within 10 days following acceptance of this offer with documents verifying the insulation has been removed and receipts for proof of payment to the contractor shall be provided.
Notes:
You can also ask for an Air Quality Test and make it conditional upon the Buyers Approval.
33. Air Quality Testing - Conditional
This Offer is Conditional for Seven (7) Banking Days following acceptance of this offer upon Buyer obtaining an Air Quality Test of the subject property, at his expensive, and finding the result to his satisfaction, failing which this offer shall become null and void and the deposit shall be returned to the Buyer in full. This condition is included for the benefit of the Buyer and may be waived at his sole option.
Notes:
If your home inspection reveals mould do this test.
34. Air Quality Test - Paid by Seller (Good for Mould or Previous Fire)
SELLER agrees to provide, at the Seller's expense, an air quality test of the subject property by a Professional Company/Specialist in the area, within seven (7) days following acceptance of this offer (excluding Saturdays, Sundays and Statutory Holidays). Buyer shall have two (2) business days from receipt of the report to review the report with their Insurance Company, and be satisfied with the report, 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.
Notes: Good clause in case of Mould or Previous Fire in Property. If there was a previous fire ensure you include a statement - Buyer acknowledges there was a fire in the house in what year.
36. Water - Seller Warranty
The Seller represents and warrants, to the best of the Seller's knowledge and belief, that, during the Seller's occupancy of the property, the pump and all related equipment serving the said property have performed adequately with adequate pressure and supply and quality on a continuous use, and will be in good working order on closing.
35. Well - Water Supply and Potabillity - Condition
This Offer is conditional upon the Buyer determining, at the Buyer's own expense, that:
(1) there is an adequate water supply to meet the Buyer's household needs;
(2) the pump and all related equipment serving the property are in proper operating condition; and
(3) the Buyer can obtain a Bacteriological Analysis of Drinking Water from the authority having jurisdiction indicating that there is no significant evidence of bacterial contamination.
Unless the Buyer gives notice in writing delivered to the Seller personally or in accordance with any other provisions for the delivery of notice in this Agreement of Purchase and Sale or any Schedule thereto not later than 6:00 p.m. on ____________________ that these conditions have been fulfilled, this Offer shall become null and void and the deposit shall be returned to the Buyer in full without deduction. These conditions are included for the benefit of the Buyer and may be waived at the Buyer's sole option by notice in writing to the Seller as aforesaid within the time period stated herein. The Seller agrees to allow access to the subject property to the Buyer or the Buyer's agent for the purpose of satisfying this condition.
Notes: 7 - 10 days condition - with cottage properties on well and septic always make it condition upon Buyer Solicitor approval too.
36 - Right to View the Property By the Buyer - Always Put
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.
37. Appliances as Viewed
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.
38. Seller Represents All is Good In Home
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.
39. Disclosure to Get Legal Advise Broker Not providing Tax/Environmental Advice
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.
40. Not Assuming Any Rentals
All parties agree the Buyer shall not assume any existing rental agreements. Seller agrees the furnace, air conditioning unit, water tank, any heating and cooling systems, are included herein unless otherwise noted in this agreement of purchase and sale as being assumed.
41. Seller to Removal All Garbage - Clean Swept Condition
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.
42 - Deposit shall be Certified
Buyer agrees that all deposits shall be made by way of a Certified Cheque, Bank Draft or money order.
43. Seller to Fix at his Expense
The Seller agrees to replace or repair the following items 2 (two) weeks prior to the closing date set herein, in a professional workmanship like manner. The Buyer(s) shall have the right to inspect the property 1 (one) further time (aside from any other inspections) prior to the completion of this transaction to satisfy himself of the repairs and replacement of the following listed below. The Seller agrees to provide access to the property for the purpose of inspection with 24 hours notice given by the Buyer. The Buyer reserves the right to bring an Inspector or Professional Contractor with him during this said inspection.
List all the problems that need to fixed or repaired:
____________________
44. Seller to Compensate for Deficiencies
In Compensation of deficiencies found during the home inspection, the Seller shall credit the Buyers Account on closing, by way of Solicitors Undertaking, with the amount of ____________________ $_____________ Canadian Dollars.
Notes: Its helpful to be specific with a Line at end of the clause - Such as "replacement of shingles" or "replacement of windows". If amount is larger than 1% of the purchase price review with your mortgage broker
45. New / Partial Builds - No Local Improvements or Special Charges
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.
Notes:
In case of a major renovated home or new Construction
46. HST included in
The Buyer and the Seller acknowledge and agree that the HST payable in connection with the purchase and sale transaction contemplated by this Agreement of Purchase and Sale is included in the purchase price subject to the provisions hereinafter set out.
Notwithstanding that the purchase price payable by the Buyer includes HST, the Buyer hereby assigns and transfers to the Seller all of the Buyer's rights, title and interest in any rebates, refunds or credits available, including Federal Sales Tax rebates and HST rebates to which the Buyer is entitled in connection with the payment of HST payable on the transfer to the Buyer of ownership or possession of the property. The Buyer further appoints and authorizes the Seller or the Seller's agents to be the Buyer's authorized representative and attorney for the purposes of applying for and collecting such tax rebates. The Buyer agrees to execute, at no cost to the Seller, any and all documents required to give effect to this provision.
The Buyer represents and warrants to the Seller that the Buyer shall personally occupy the property or cause one or more of the Buyer's relations to occupy the property as the Buyer's or the Buyer's relation's primary place of residence upon completion and agrees to deliver to the Seller on closing a Statutory Declaration in the Seller's form in which the Buyer declares that the property being purchased by the Buyer is for use as the Buyer's or the Buyer's relation's primary place of residence and will be so occupied forthwith upon completion.
In the event that the Buyer breaches the warranty or any of the provisions referred to above which results in the Buyer being ineligible or the Seller being unable to obtain the rebates referred to herein then the Buyer shall pay to the Seller forthwith an amount equal to the amount which the Buyer would have been eligible to obtain were it not for such breach or failure to carry out the Buyer's obligations.
47. HST Not Applicable - New Construction
Seller hereby acknowledges and warrants that the property is not subject to HST and has been the Sellers principal residence and has resided in the home for a minimum period of one year.
Notes: Use this clause for clarification if the house looks new or completely renovated to ensure your buyer is not subject to pay HST.
48. Easement - Acknowledgement
The Buyer agrees to accept title to the property subject to an easement in favour of ____________________
Notes: Easement could be in favour of Bell, Hydro etc.
49. Power of Sale
It is further understood that on the date of acceptance of this Offer there is default under the terms of the Charge/Mortgage which entitles the Seller to exercise the Power of Sale. The only evidence of the default which the Buyer may require shall be a statutory declaration by the Seller setting forth the facts entitling the Seller to sell under the Power of Sale, including the particulars of the notice of exercising the Power of Sale, the names of the persons upon whom service of the notice has been effected, and declaring that default under the Charge/Mortgage entitling the Seller to exercise the Power of Sale has continued up to and including the date of acceptance of this Offer and to the time of closing. The Buyer understands and agrees that the Chargor/Mortgagor has the right to redeem the property up to the time of waiver or expiration of all rights of termination or fulfillment of all conditions and this Agreement is subject to that right. In the event of redemption by the Chargor/Mortgagor, this Agreement shall be null and void and any deposit monies paid will be refunded in full without deduction.
Where a court of competent jurisdiction prevents the completion of the within sale by an interim, inter-locutory or permanent injunction or otherwise, then the Seller (Chargee/Mortgagee) is not obliged to complete the said transaction and the Agreement shall be terminated and the deposit shall be returned to the Buyer in full without deduction. In no event shall the Seller be responsible for any costs, expenses, loss or damages incurred or suffered by the Buyer and the Seller shall not have any further liability to the Buyer whatsoever.
Notwithstanding other provisions of this Agreement, the Seller shall not be required either on or before closing to discharge its own Charge/Mortgage or any existing Charges/Mortgages, liens or other encumbrances subsequent in priority to the Seller's Charge/Mortgage, which may be registered against the Property.
OR - Power of Sale SHORT CLAUSE: 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.
50. Closing Date Change
This Agreement shall be completed by no later than 6:00 p.m. on ____________________
Notes: Don't forget to change the Solicitors Title Search, which is the Requsition Date if applicable:
REQUISITION CHANGE: The requisition date is hereby changed from __________ to __________.
51. Permission to Advertise
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.
Or
ADVERTISING: In accordance with the Federal Privacy Act (PIPEDA), upon the fulfillment, removal of all conditions and the completion of this transaction of the attached agreement, all parties to this transaction consent to the publication and the distribution of the sale/lease price of this property. 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.
52. Interest Bearing - Mandatory for Our Listings
The parties to this Agreement hereby acknowledge and agree that the Deposit Holder shall place the deposit in the Deposit Holder's interest bearing real estate trust account, which earns interest at Prime Minus 2.50% and the Deposit Holder shall pay any interest it earns or receives on the deposit to the Buyer provided the amount of the interest that the Deposit Holder earns or receives on the deposit is equal to or greater than $195.00 and the parties to this Agreement hereby acknowledge and agree that the Deposit Holder shall be entitled to retain any interest earned or retained on the deposit, which is less than this amount. In the event the amount is greater than aforementioned, the Buyer agrees to provide his SIN # immediately upon firming up of this agreement so as the Bank / Brokerage may issue a T5 Slip at the end of the year as per government requirements. In the event any interest cheques are not cashed within 6 months following issue, the Buyer hereby forfeits any funds of interest earned to the brokerage.
53. Measurements to be verified
MEASUREMENTS: The Seller and Buyer agrees and acknowledges all measurements, square footage, and information provided by Sutton Group Realty Systems Brokerage Inc. on the MLS listing and all marketing materials with respect to this property have been obtained from sources deemed reliable and Sutton Group Realty Systems Brokerage Inc. its Sales Representatives, or Broker does not warrant their accuracy. The Seller and Listing Brokerage recommend that the Buyer verify any relevant information in the MLS Listing upon which he/she is relying.
54. Will Probate Closing Extension:
The Buyer and Seller agree that the Seller, upon giving a minimum of 20 days written notice to the Buyer (excluding, Saturday, Sunday or Statutory Holidays), may unilaterally extend the date set for completion, one or more times, not to exceed 120 days in total, for the purpose of obtaining a Certificate of Appointment of Estate Trustee.
55. Buyer Change of Closing
Notwithstanding the completion date set out in this Offer, the Buyer may advance the completion date of the transaction by not more than 30 days, by giving written notice of the amended completion date to the Seller or the Seller's Solicitor at least 30 days in advance of the earlier of the completion date set out herein and the amended completion date.
56. Seller Change of Closing
Notwithstanding the completion date set out in this Offer, the Seller may advance the completion date of the transaction by not more than 30 days, by giving written notice of the amended completion date to the Buyer or the Buyer's Solicitor at least 30 days in advance of the earlier of the completion date set out herein and the amended completion date
57. Buyer Wants Option to Change Names on Offer
The Seller agrees to allow the Buyer to Add or Remove one or more names as Buyers to this transaction through an Amendment to Agreement of Purchase and Sale and/or direction via the solicitors regarding title at any time on or before closing. The Seller further agrees to execute all necessary documents that may be required to facilitate the change. The Purchaser hereby acknowledges and agrees that the New Purchaser shall be bound by all terms, conditions and obligations in the original Agreement of Purchase and Sale and the Purchaser named herein shall also remain fully obligated and shall NOT be released from any liability, obligations, responsibilities from the Agreement of Purchase and Sale.
58. Furnace, Air Conditioning, Heating and Cooling Systems
The Seller agrees and understands that all Heating and Cooling Systems and related equipment in the property are included in the purchase price and will be free of all liens and encumbrances and leases on completion. Said Systems shall be in good working order on closing.
59. Vacant Tax Clause
The Seller represents and warrants and will provide proof five (5) days prior to closing, by way of their respective solicitors, that they have filed the required declaration regarding vacancy prior to February 2, 2023 with the City of Toronto, confirming the property was occupied at least 6 months in 2022 and will indemnify and save harmless the buyer with any penalities or taxes payable in the event the declaration was not filed. In this regard, the Buyer may hold back 1% of the last assessed value of the property through the buyer solicitor at closing until the declaration is provided.
60. Foreign Buyer Clause
Subject to any exceptions set out or prescribed in the Prohibition on the Purchase of Residential Property by Non-Canadians Action S.C. 2022, c.10, s.235, (statute), the Buyer represents and warrants that the Buyer is not and on completion will not be a non-Canadian under the non-Canadian provisions of the Prohibition of the Purchase of Residential Property by Non-Canadians Act S.C. 2022, c.10, s.235, which representation and warranty shall survive and not merge upon the completion of this transaction and the Buyer shall deliver to the Seller a statutory declaration that Buyer is not then a non-Canadian of Canada; provided further that if the Buyer qualifies for any exception as set out or prescribed by the statute, the Buyer shall deliver to the Seller a statutory declaration that the Buyer is a non-Canadian but is not in contravention of the statute because of a valid exception as set out or prescribed in the statute.
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