Alberta As-Is Real Estate Purchase Contract

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Alberta As-Is Real Estate Purchase Contract Powered By Docstoc
					                        REAL ESTATE PURCHASE CONTRACT

Conveyancing Information:

VENDOR:                                                 VENDOR’S SOLICITORS:
Name(s):                                                Name:

Address:                                                Address:


Phone:                                                  Phone:

Fax:                                                    Fax:

Email:                                                  Email:


PURCHASER:                                              PURCHASER’S SOLICITORS:
Name(s):                                                Name:

Address:                                                Address:


Phone:                                                  Phone:

Fax:                                                    Fax:

Email:                                                  Email:



1.       Description of Property

The above named Purchaser, having inspected the Property, HEREBY OFFERS TO PURCHASE from the
Vendor the following property AS IT STANDS subject to the reservations and exceptions appearing in the
existing Certificate of Title:

Municipal Address:
       [insert the municipal (street) address]



         __________________________________, [city/town], Province of Alberta

Legal Description:

         [set out the legal description EXACTLY as it appears on the Certificate of Title]
                                                  -2-




together with any permanent fixtures therein and the Specific Chattels set out herein (collectively, the
“Property”).
                                                     -3-



2.      Purchase Price

2.1     The purchase price (the “Purchase Price”) for the Property is the sum of:
__________________________________________________________________________________
($_________________) DOLLARS, which amount includes applicable Goods and Services Tax (“GST”).
The Purchaser shall pay to the Vendor the Purchase Price, subject to any applicable adjustments, and
payable to “_______________________________ [insert name of vendor’s solicitors], In Trust” by way of
cash, bank draft, certified cheque or solicitor’s trust cheque, as follows:

                  $#####.##              Deposit by cheque in trust to __________________ [insert name of
                                         firm that will hold the trust deposit] at the date of the making of
                                         this Offr as an indication of good faith
                  $#####.##              New mortgage financing to be arranged by Purchaser at
                                         Purchaser’s expense
                  $#####.##              Assumption of Existing Mortgage
                                         (approximately principal balance - subject to adjustment)
                  $#####.##              Vendor Financing
                  $#####.##              (more or less) paid only by solicitor’s trust cheque or bank draft
                                         delivered to the Vendor’s solicitor on or before the Possession
                                         Date

                  $#####.##              TOTAL PURCHASE PRICE


2.2      All moneys owing to the Vendor shall be paid to the Vendor’s solicitor on or before the
Possession Date. If the Vendor agrees to accept moneys after the Possession Date, the Purchaser shall pay
interest at the rate of ______________ (____%) percent per annum above the Bank of Canada Prime
Lending Rate on any amounts owing to the Vendor at Possession Date, from the Possession Date until the
date that such amounts are paid in full.

2.3     All normal adjustments for the property including but not limited to taxes, rents, damage
deposits and interest shall be adjusted as at noon on __________ [insert date] (the “Adjustment Date”).

2.4      The purchase price shall include all permanent fixtures and the Specific Chattels presently located
on the Property. The fixtures and the Specific Chattels shall be free and clear of any encumbrances and
shall be in working order on the Possession Date. The Specific Chattels are: [list the specific chattels being
transferred with the property, if any. If none, state “None”.]



3.      Conditions

3.1      This Offer is made subject to the following conditions, all of which may, unless otherwise
indicated, be unilaterally waived by the Purchaser by written notice to the Vendor on or before the expiry
date for the satisfaction of the condition:
                                                    -4-




3.2    Vendor shall supply a current Real Property Report evidencing compliance with all municipal
government laws and regulations.

4.      Closing

4.1      Subject to the terms hereof being complied with, possession of the Property shall be available for
the Purchaser at noon on the _____ day of _______________________, 20___ (“Possession Date”). The
Property on the Possession Date shall be vacant and free of all tenancies except as set out below: [list any
tenancies that will survive the conveyance of the property]

4.2      On the Possession Date, the Property and the Specific Chattels shall be free and clear of any
financial encumbrances except any financial encumbrances specifically permitted in this Contract. The
Property may be subject to non-financial encumbrances (if any) now on title such as easements, utility
right of ways, covenants and conditions that are normally found registered against property of this nature
and which do not affect the marketability of the Property.

4.3      The Vendor shall pay and discharge any financial encumbrance which is not by this Contract
specifically assumed by the Purchaser.

4.4    The Vendor shall also pay and discharge any local improvement assessments or charges on the
Property for services that were provided solely for the benefit of the Property. The Purchaser agrees to
assume all other local improvements or charges on the Property otherwise specified in this Contract.

4.5      The Transfer of Land in registerable form shall be 
				
DOCUMENT INFO
Description: Sell a property in Alberta on an as-is basis with this Alberta As-It-Stands Real Estate Purchase Contract - Purpose of Agreement. This type of contract is often used to buy land with no buildings (vacant lots, parking lots, etc.), or to buy a lot on which the building will be demolished. - For Sale by Owner. This is an FSBO (for sale by owner) contract. Since the property is being sold by the vendor (seller) without being listed through a realtor, there are no commissions payable on the sale. - Acknowledgement of Inspection. The purchaser acknowledges having inspected the property and is offering to buy the property as it stands (as is). - No Representations. The purchaser agrees that the vendor has not made any representations or warranties regarding the property or any lands in close proximity which might directly or indirectly affect the property, other than what is set out in the contract. This Alberta As-It-Stands Real Estate Purchase Contract is in MS Word format, and is fully editable to fit your circumstances.
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