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Lot Land Purchase And Sale Agreement
"I need a Lot Land Purchase and Sale Agreement for buying a 2-acre commercial development lot in Ontario, with specific environmental assessment conditions and development permit requirements to be completed by March 2025."
1. Parties: Identifies and provides full legal names and addresses of the vendor and purchaser
2. Background: Establishes the context of the agreement, including the vendor's ownership and intention to sell, and purchaser's intention to buy
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Property Description: Detailed legal description of the lot, including lot number, plan number, and municipal address if applicable
5. Purchase Price: States the agreed purchase price and payment terms, including deposit requirements
6. Deposit: Specifies deposit amount, payment timing, and how it will be held in trust
7. Due Diligence: Outlines the buyer's investigation rights and period for property inspection
8. Conditions Precedent: Lists conditions that must be satisfied before the agreement becomes firm
9. Representations and Warranties: Statements of fact by both parties about the property and their capacity to enter into the agreement
10. Closing Procedures: Details the closing process, including documentation requirements and timing
11. Title: Addresses title transfer requirements and any title insurance obligations
12. Property Condition: Describes the condition in which the property will be transferred
13. Risk: Allocates risk of damage or loss before closing
14. Default and Remedies: Specifies consequences of breach by either party
15. Notices: Establishes how formal communications between parties should be made
16. General Provisions: Standard legal provisions including governing law, assignment, and entire agreement
1. Environmental Matters: Required when there are known or potential environmental issues or when environmental studies are needed
2. Development Conditions: Used when the lot requires specific development approvals or has development restrictions
3. Subdivision Requirements: Needed when the lot is part of a larger parcel requiring subdivision
4. Service Installations: Required when discussing installation of utilities or services to the lot
5. First Nations Considerations: Included when the property involves or is adjacent to First Nations lands
6. Foreign Buyer Provisions: Required when the purchaser is not a Canadian resident
7. HST/GST Requirements: Detailed tax provisions when applicable to the transaction
8. Broker Commission: Required when real estate brokers are involved in the transaction
1. Schedule A - Property 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 Adjustments: Details of any adjustments to be made to the purchase price at closing
4. Schedule D - Development Requirements: Specific requirements or restrictions for development of the lot
5. Schedule E - Environmental Reports: Summary or copies of environmental assessments or reports
6. Schedule F - Site Plan: Visual representation of the lot including boundaries and significant features
7. Appendix 1 - Property Photographs: Current photographs of the lot and significant features
8. Appendix 2 - Required Permits: Copies or list of required permits and approvals
Authors
Real Estate
Construction
Property Development
Legal Services
Banking and Finance
Environmental Services
Urban Planning
Architecture
Agricultural
Commercial Development
Legal
Real Estate
Property Development
Compliance
Environmental
Finance
Construction
Investment
Operations
Risk Management
Real Estate Lawyer
Property Developer
Real Estate Agent
Land Surveyor
Environmental Consultant
Urban Planner
Real Estate Broker
Title Insurance Officer
Property Manager
Development Manager
Real Estate Investment Manager
Construction Manager
Legal Counsel
Compliance Officer
Real Estate Investment Analyst
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