The Tenant covenants to comply with all applicable governmental bylaws and codes governing the use of the demised premises. The Buyer acknowledges that the property may contain a habitat or critical habitat as defined in the Species at Risk Act, SC 2002, C29, and/or a habitat as defined in the Endangered Species Act, 2007 S.O. This Offer is conditional upon the inspection of the subject property by _______________ a. nd the obtaining of a report satisfactory to the Buyer at the Buyer’s own expense. 20_____, that this condition has been fulfilled, this Offer shall become null and void and the deposit shall be returned to the Buyer in full without deduction. One or more of these inconveniences have protection in Ontario under the Farming and Food Production Protection Act. Having a … LAW-­‐2 Condition – Lawyer’s Approval – Seller. The Landlord and the Tenant agree that, should the actual square footage differ from the area stated herein, the annual rental rate shall be adjusted to reflect the actual square footage of the demised premises. Since each farm purchase will be different, I will not try to list all of the possible clauses here. – Mere Posting Listings This Offer is conditional upon the approval of the terms hereof by the Tenant’s Board of Directors. NOTE: A variety of items may be rentals, e.g. ACC-­‐1 Condition – Obtaining Right-­‐of-­‐way. LEASE/COMM-­‐22 Early Occupancy – Net Rent Free. INSP — 3 Condition – Inspection of Property – Limited Inspection. 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 as aforesaid within the time period stated herein. STEP 1. This offer is conditional upon the Buyer’s lawyer reviewing the Status Certificate and Attachments and finding the Status Certificate and Attachments satisfactory in the Buyer’s Lawyer’s sole and absolute discretion. Four confusing and dangerous COVID-19 clauses have been offered for real estate professionals to consider using in purchase agreements.. The Buyer shall have the right to inspect the property prior to completion for the purpose of inspection for (e.g. Upon acceptance of this Offer, the Seller agrees to provide the Buyer with copies of all leases on the property. Seller agrees to provide Buyer with the Registration number and all relevant documents prior to closing. This Offer is conditional upon the inspection of the subject property at the Buyer’s own expense, and the obtaining of a report satisfactory to the Buyer in the Buyer’s sole and absolute discretion respecting retrofitting pursuant to and in compliance with the Fire Protection and Prevention Act, 1997, and its regulations as amended from time to time. This Offer is conditional upon the Buyer determining, at the Buyer’s own expense, that the property does not contain a habitat or critical habitat as defined in the Species at Risk Act, SC 2002, C29, nor a habitat as defined in the Endangered Species Act, 2007 S.O. The Buyer acknowledges that there is no express or implied warranty by the Seller on the chattels included in this Agreement of Purchase and Sale. ENV-­‐8 Environmental Issues – Release of Documents from Appropriate Ministries. 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 ____________________. Tenant agrees to provide general maintenance for the swimming pool located on the premises, including cleaning, use of chemicals, opening and winterizing of pool. The Tenant shall pay its proportionate share of any increase in property taxes and local improvement levies over the base year of 20_____. 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 _____ p.m. on the _____ day of __________, 20_____, that this condition has been fulfilled, this Offer shall become null and void and the deposit shall be returned to the Buyer in full without deduction. Refusal was due to information received from a consumer reporting agency or other person; and. 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 _____ p.m. on the _____ day of __________, 20_____ , 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. 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 _____ p.m. on the _____ day of __________, 20_____, that this condition is fulfilled, this Offer shall become null and void and the deposit shall be returned to the Buyer in full without deduction. on the _______ day of ___________, 20_____, 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. In the event that the Landlord receives an Offer which it finds acceptable, it shall so notify the Tenant in writing, and the Tenant shall have 7 hours to match the Offer, by notice in writing delivered to the Landlord, failing which the Tenant shall have lost its first right of refusal. – Flat Fee Listing Ontario Notwithstanding the completion date set out in this Offer, the Buyer may ____________ the completion date of the transaction by not more than _____ days, by giving written notice of the amended completion date to the Seller or the Seller’s Solicitor at least _____ days in advance of the earlier of the completion date set out herein and the amended completion date. Note: Members should also be aware that Renewable Energy installations can affect the insurability of a property and clauses may be required to verify the insurability of a property and the costs of insurance. ACC-­‐8 Water Access – Fluctuating Water Levels. All inclusions have a base year of 20_____, and are subject to yearly adjustments according to actual increases. The Seller will provide copies of such rental agreements within _____ days of acceptance of this offer. In real estate, right of first refusal is a provision in a lease or other agreement. CONDO-­‐4 Alterations/Changes to Unit During Interim Occupancy. The Tenant warrants that no noxious or environmentally unfriendly chemicals or products shall be allowed to enter the drains throughout the lease term, and upon vacating the premises, no such chemicals or products shall be left on the premises. The Tenant agrees to indemnify and hold harmless the Landlord from and against any claims, demands, losses, costs, damages, actions, suits or proceedings which may be brought or commenced by anyone or any group including any environmental agency or group as a result of the Tenant’s use of the premises or any breach by the Tenant of any rules, bylaws, and regulations. Environmental Protection Act and any amendments thereto. MicroFIT contract with the Ontario Power Authority and understands the Buyer must take the necessary steps to obtain the assignment of the contract to the Buyer, and understands that failure to obtain the required assignment will result in termination of the MicroFIT contract. – FSBO Listing in Ontario Upon completion of the transaction, the Buyer agrees to abide by the Bylaws and Rules relating to alterations and changes within the unit. The Seller acknowledges that the Buyer is acquiring the property for development, and the purchase price is calculated on the basis of ____________________ ($ __________) per acre. ____________________. The Seller represents and warrants to the best of his knowledge and belief that the [boathouse, dock, pier, etc. My Account. In the event that the Tenant fails to deliver to the Landlord, within the time limit described above, a written and signed Offer to purchase the property on the same terms and conditions as the initial Offer, the Landlord shall be at liberty to sell the property to the Buyer who submitted the initial Offer. These provisions, where applicable, shall not lapse or merge on completion of this transaction. As part of his brokerage, he began what he described as a mentoring, training and marketing program. The Tenant hereby consents to having the Landlord conduct or cause to be conducted a personal and/or credit investigation in respect to the Tenant. OREA requires written consent through the execution of a separate licence agreement should Member Boards or Members wish to make the OREA Standard Forms available in any software/technology platform that applies functionality to them beyond Members downloading them in electronic file format or printing them. In many years of practising real estate law, I can honestly state that this OREA clause is the worst real estate clause I have ever seen. So, I will look at various clauses contained in the agreement and explain what they mean and how they impact the transaction. COMP-­‐1 Change of Completion Date by Buyer. The Seller agrees to provide to the Buyer upon request, all documents, records, and reports relating to environmental matters in possession of the Seller. If the Tenant is not so satisfied at the Tenant’s sole and arbitrary discretion, the Tenant may terminate this Agreement by notice in writing delivered to the Landlord personally or in accordance with any other provisions for the delivery of notice in this Agreement to Lease or any Schedule thereto within the time period stated above and the deposit shall be returned to the Tenant in full without deduction. In the event that the Tenant fails to deliver to the Landlord, within the time limit described above, a written and signed Offer to purchase the property on the same terms and conditions as the initial Offer, the Landlord shall be at liberty to sell the property to the Buyer who submitted the initial Offer. Should the Tenant exercise the said first right of refusal, the Landlord agrees to pay the Agents so named in this Agreement, (or their successor companies) a fee of ______________________________. 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 as aforesaid within the time period stated herein. ASSIGN-­‐2 Right to Assign – Seller’s Consent. An Ontario court recently refused to award damages after a real estate agent resigned from a brokerage before the end of his agreement, finding the clause to be a penalty clause and therefore unenforceable.. What Happened? 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 as aforesaid within the time period stated herein. 20_____, 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. As part of his brokerage, he began what he described as a mentoring, training and marketing … It is understood and agreed between the Parties that the Tenant may assign the Lease to an individual, company, partnership or joint venture in which it has a financial interest without consent of the Landlord, provided that the Tenant shall not be relieved of any liability under this Agreement. 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 _____ p.m. on the day of __________, 20_____, that this condition is fulfilled, this Offer shall become null and void and the deposit shall be returned to the Buyer in full without deduction. The Seller represents and warrants to the Buyer that to the best of the Seller’s knowledge and belief there are no wind turbine(s) installed or proposed to be installed within ____________________ of the boundaries of the subject property. Remember that huge legal document you signed when you made an offer to buy a pre-construction condo? Provided that the Tenant is not in default under the terms of the lease, the Tenant shall have the option to renew said Lease for a further term of __________ (_____) years, on the same terms and conditions, save and except for a further renewal, and the rental rate, which shall be the then current rent for similar location, and on similar lease terms at the time of renewal, provided that the Tenant advises the Landlord in writing __________ (_____) months prior to the end of the term that the Tenant wishes to exercise the Tenant’s option to renew. The Seller agrees to provide the Buyer with a copy of the requisite documentation w. ithin _____ days of the acceptance of this offer. Tenant agrees to be responsible for any repair or replacement cost due to the presence of any pets on the premises. NOTE: The sale of large parcels of land and vacant land can be subject to capital gains and/or HST. DEP/PAY-­‐4 Deposit Increase – Multiple Payments. 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 _____ p.m. on the _____ day of __________, 20_____, 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. The Tenant’s proportionate share of such common area shall be defined as the Tenant’s area defined herein, divided by the total rentable area, expressed as a percentage. The Buyer acknowledges that any default in payment of occupancy fees shall be deemed to be a  default under the terms and conditions of the Agreement of Purchase and Sale, and subject to the remedies provided herein for the Seller. The Seller warrants that the said fee payable to the association in respect of the property is approximately $ ______________________________________________ per __________________ and includes but is not limited to__________________________ ___________________________________________________________________________. The obligations created by the Tenant so named herein shall be jointly and severally assumed by the guarantor, whose name is identified at the end of this Agreement, and the guarantor agrees to be bound by the terms herein. 2007, C6. Upon surrender of the premises, the Landlord shall pay to the Tenant by way of compensation for improvements an amount standing in the same proportion to the cost to the Tenant of leasehold improvements made by the Tenant pursuant to the provisions of the Lease or with the consent of the Landlord as the unexpired portion of the term stands to the period of time from the Tenant’s payment of such cost to the end of the unexpired portion of the term. Get instant access to a lot of relevant information about Ontario real estate, including property descriptions, virtual tours, maps and photos. This condition is included for the benefit of 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. 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 … NOTE: Both conditions, INSP-­‐9 and INSP-­‐10, are required to be fulfilled for a Retrofit Certificate of Compliance. A statutory declaration that the Buyer is a registrant within the meaning of Part IX of the Excise Tax Act of Canada (the “Act”) and that the Buyer’s registration is in full force and effect; Reasonable evidence of the Buyer’s registration under the Act; and. 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 _____ p.m. on the _____ day of __________, 20_____ , 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. Norm Fisher - MySaskatoonHome.com "Most of my clients originate from this website and I am grateful to Point2 for making this possible." FRANCH-­‐1 Condition for Buyer to approve documentation. The Parties agree that this representation and warranty shall form an integral part of this Agreement and survive the completion of this transaction, but apply only to circumstances existing at completion of this transaction. All disputes or differences arising in regard to the contract shall be settled by arbitration in accordance with the Arbitration Act of Ontario, 1991, or any subsequent legislation in effect at the date of commencement of such arbitration. Visit REALTOR.ca for the most comprehensive list of real estate listings in Canada from homes, condos, lofts, and much more! 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 as aforesaid within the time period stated herein. If the Tenant’s covenant is not acceptable to the Landlord, the Landlord may terminate this Agreement by notice in writing delivered to the Tenant personally or in accordance with any other provisions for the delivery of notice in this Agreement to Lease or any Schedule thereto within the time period stated above and the Tenant’s deposit shall be returned in full without deduction. read The Buyer acknowledges that the unit being acquired is currently under construction. The Buyer agrees to pay a further sum of ____________________ ($ __________), to ____________________, by negotiable cheque, at the time of notification of fulfilment or removal of the condition pertaining to ____________________, as an additional deposit to be held in trust pending completion or other termination of this Agreement. Unless the Buyer gives notice in writing to the Seller personally or in accordance with any other provisions for delivery of notice in this Agreement of Purchase and Sale or any Schedule thereto not later than 5 pm. NOTE: In situations involving unregistered easements, legal advice should be sought. DOCKS-­‐1 Condition – Docks/BoatHouses (Including Reference to Conservation and/or Canal Authorities). The Tenant shall obtain an occupancy permit from the relevant municipality prior to taking occupancy. Real Estate Clauses Ontario. Or, the seller can … The Landlord shall give the Tenant written notice of such bona fide Offer and a copy of such Offer to the Tenant. If the Seller does not remedy such results to the satisfaction of the Buyer, the Buyer may terminate this Agreement by 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 _____ p.m. on the _____ day of __________, 20_____, and the deposit shall be returned to the Buyer in full without deduction. COMP-­‐3 Change of Completion Date – Mutual Agreement. This amount is to be credited towards the purchase price on completion of this transaction. 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 as aforesaid within the time period stated herein. Prior to the Tenant taking possession of the demised premises, the parties shall execute the Lease in the form attached hereto, as Schedule “_____” of the Agreement to Lease. 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 as aforesaid within the time period stated herein. LEASE/COMM-­‐37 Option to Renew – Appraisal. NOTE: The increase inserted must not take the rent above the legal maximum. 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 as aforesaid within the time period stated herein. LEASE/COMM-­‐1 Condition – Approval from Board of Directors – Landlord. Your real estate agent may advise you to put in an offer that is NOT conditional on financing (or anything, for that matter). Your real estate agent can guide you on price, which will determine your profit (or loss). The Seller represents and warrants that, with respect to the unit, the Condominium Act, Declaration, Bylaws and Rules of the Condominium Corporation have been complied with, and that no improvements, additions, alterations or repairs that require the consent of the Condominium Corporation have been carried out in the said unit, the exclusive use areas or the common elements, unless the required consent has been obtained from the Condominium Corporation. This condition gives the buyer the right to have the home professionally inspected by a certified home inspector to evaluate the house that is being sold. The Lease shall contain a clause requiring the Tenant to obtain insurance, at the expense of the Tenant, as required by the Landlord and which may include insurance on the property and operations of the Tenant, including insurance for fire and such additional perils as are normally insured against, liability insurance, boiler and machinery insurance, plate glass insurance and any other insurance as may be reasonably required by the Landlord. The Buyer and Seller further acknowledge that such opinions fall outside the qualifications and ability of the Brokerage and accordingly, the Buyer and Seller hereby agree that they shall hold harmless and indemnify the Brokerage from any claims, actions or causes of action that may be the result of such Legislation or future enactments. Notwithstanding the completion date set out in this Offer, the Seller may ____________ the completion date of the transaction by not more than _____ days, by giving written notice of the amended completion date to the Buyer or the Buyer’s Solicitor at least _____ days in advance of the earlier of the completion date set out herein and the amended completion date. – Private Sale  in Ontario. The rent paid by the Tenant to the Landlord shall be __________ per annum, paid 1/12 monthly in advance. These common area costs are currently estimated to be $ __________ per square foot per year, and will be adjusted annually according to actual costs. The unusual circumstances of the pandemic caused the Ontario Real Estate Association (OREA) recently to put out suggested “state of emergency” clauses that agents could use in contracts. NOTE: Care must be taken not to create a conflict with this clause and clauses providing for settlement of disputes or differences by alternate means. 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 as aforesaid within the time period stated herein. All signs and location(s) are to be approved beforehand in writing by the Landlord (such consent not to be unreasonably withheld) and must conform with all applicable governmental bylaws and codes. The Seller agrees to sign any requisite documents required for the above condition and do all things reasonably necessary in support of the satisfaction of the condition. The Landlord agrees to provide the Tenant with all of the plans and drawings required for said permit, at the Landlord’s expense. HERIT-­‐1 Ontario Heritage Act Designation. 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. Most real estate lawyers and real estate agents in Ontario will agree that the best course of action when purchasing a property is to ask the sellers about the existence of any stigmatizing issues. CONDO-­‐7 Occupancy by Buyer Prior to Completion of Construction. We put the business in your hands. It is agreed and understood that no openings may be made in the floors, walls and roof of the demised premises without the prior written consent of the Landlord. The Ontario Real Estate Association ("OREA") is the producer and owner of a set of standardized forms used in Ontario real estate transactions and a set of standard clauses, including Guidelines for Residential and Commercial Clauses, for use with these forms and set of Forms Explained Form files (collectively, the "OREA Standard Forms"). A type of commercial real estate lease under which you typically pay the base rent, plus property taxes, building insurance and utilities, as well as other operating and maintenance costs. Ontario Regulation 19/99 under the Land Registration Reform Act contains information on the requirements. List your property for FREE then upgrade to a Flat Fee listing on REALTOR.ca. The Seller agrees to remove, at the expense of the Seller, any machinery or equipment, including mountings protruding from walls and floors, and to repair any damage caused by said, The Buyer and Seller agree that the Seller, upon giving a minimum of _____ 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 _____ days in total, for the purpose of o. btaining a Certificate of Appointment of Estate Trustee. LEASE/COMM-­‐14 Assignment – Approval by Landlord. This Offer is conditional upon the inspection of the subject property by _______________ and the obtaining of a report satisfactory to the Buyer at the Buyer’s own expense. 20, 2020 A respected real estate lawyer has sounded the alarm against using untested COVID-19 clauses in property transactions. The Seller represents and warrants to the best of the Seller’s knowledge and belief that during the period of his ownership of the property, that all environmental laws and regulations have been complied with, no hazardous conditions or substances exist on the land, no limitations or restrictions affecting the continued use of the property exist, other than those specifically provided for herein, no pending litigation respecting Environmental matters, no outstanding Ministry of Environment Orders, investigations, charges or prosecutions regarding Environmental matters exist, there has been no prior use as a waste disposal site, and all applicable licences are in force. In the event the Landlord and Tenant cannot agree on the fixed minimum rent at least two months prior to expiry of the current lease, the fixed minimum rent for the renewal period shall be determined by arbitration in accordance with the Arbitration Act or any successor or replacement act. DEP/PAY-­‐5 Deposit Increase – On Removal of Condition(s). 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 as aforesaid within the time period stated herein. This condition is included for the benefit of 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. NOTE: Survey or other acceptable confirmation of exact acreage is required. to a maximum of _____ time(s), at a mutually agreed upon time(s). Either the Landlord or the Tenant (the “Notifying Party”) may by notice (the “First Notice”) to the other (the “Other Party”) designate an appraiser. The Buyer covenants and agrees that the Buyer will in no way directly or indirectly assign, rent, lease, convey, list or in any way advertise for sale, sell, or otherwise transfer the Buyer’s rights u. nder this Agreement prior to completion to any other person or entity without the express written consent of the Seller. In the event that the closing date is advanced or the transaction is terminated, the party receiving the interest agrees to accept the short-term rate for deposits withdrawn before maturity. For more information about buying or selling a home, contact the Ontario Real Estate Association, or visit orea.com. LEASE/RES-­‐17 Showing of Rental Property. 20_____. The Tenant shall keep the lawns in good condition 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. It is understood and agreed that the contract resulting from the acceptance of this Offer shall be as expressly set out herein and in the schedules attached hereto and, except as expressly set out herein and in the attached schedules hereto, there are no collateral or other representations, warranties, conditions or agreements between the Landlord and Tenant, and none shall be implied. The Seller agrees to provide to the Buyer upon request, all documents, records, and reports relating to environmental matters that are in the possession of the Seller. If the Tenant gives notice in writing delivered to the Landlord personally or in accordance with any other provisions for the delivery of notice in this Agreement to Lease or any Schedule thereto not later than _____ p.m. on the _____ day of__________, 20_____, that an occupancy permit is not obtainable prior to the date set for occupancy, this Agreement, and the Lease, if signed, shall be terminated and the Tenant’s deposit shall be returned in full without deduction. Used under license. The search results pages also have a wealth of information on Ontario, if you scroll all the way down. 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 _____ p.m. on the _____ day of __________. 11. The law firm of Aaron & Aaron is located in downtown Toronto, Ontario. The __________________________ (buyer/seller) agrees to request at the ____________________ (Buyer/Seller) expense, the Status Certificate and _______________________ (Buyer’s/Seller’s) attachments within _____ days of acceptance of this Offer. Percentage rent lease. This can depend upon present and future use, who is selling, and who is buying. It is understood and agreed that any lease arising from this Offer shall be based on a rental rate which shall include the Tenant’s proportionate share of realty taxes, outside maintenance, building insurance, heat, hydro, water rates, and management fees, if any. Looking to buy or sell real estate in Ontario? Leases (or Offers to Lease if no Leases are available), and improvements. Real estate roundup: Ontario housing market overview Point2 gives you far more than a simple list of houses for sale. Tenant = Lessee and Landlord = Lessor. 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 __________, 20_____, 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. 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 as aforesaid within the time period stated herein. on the _____ day of __________, 20_____, 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. In this case the brokerage would have to inform the seller. 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 __________, and the Deposit Holder shall pay any interest it earns or receives on the deposit to ____________________, provided the amount of the interest that the Deposit Holder earns or receives on the deposit is equal to or greater than ____________________. The Landlord shall give the Tenant written notice of such bona fide Offer and a copy of such Offer to the Tenant. update Article was updated Apr. Real estate and construction transactions are currently being impacted by emergency measures enacted in response to the 2019 novel coronavirus disease (COVID-19). Your Agreement of Purchase & Sale stipulated your rights to assign the contract. The Seller agrees to co-­operate in providing access to the property for the purpose of this inspection. This offer is conditional upon the Buyer’s lawyer reviewing the Status Certificate and Attachments and finding the Status Certificate and Attachments satisfactory in the Buyer’s Lawyer’s sole and absolute discretion. The occupancy fee shall be calculated based on the proportionate share of the common expenses, the estimated realty taxes, and mortgage interest as detailed herein (or designated as Schedule “_____” attached to and forming part of this Agreement). The Seller represents and warrants that the chattels and fixtures as included in this Agreement of Purchase and Sale will be in good working order and free from all liens and encumbrances on completion. When closing real estate transactions, sometimes an agreement on the price isn't the biggest obstacle for the buyer and seller to overcome. You can thank us later Get Clauses. This due diligence clause is also known as a "free-look" clause. Either term may be used. GREEN-­‐3 Decommissioning Renewable Energy Facility. LEASE/COMM-­‐38 Option to Renew – Arbitration. 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. Most real estate lawyers and real estate agents in Ontario will agree that the best course of action when purchasing a property is to ask the sellers about the existence of any stigmatizing issues. The Buyer agrees to abide by the Declaration, Bylaws, Rules and Regulations of the Condominium Corporation and, if the property is to be rented, the Buyer agrees to inform all tenants of the Rules and Regulations and receive written acknowledgement of the tenants regarding their willingness to abide by same within the rental document. ACC-­‐3 Condition – Road Access to Public Highways This Offer is conditional upon the Buyer determining, at the Buyer’s own expense, that all vehicular entrances to and exits from the property onto public highways have been approved under the Public Transportation and Highways Improvement Act or any predecessor thereof. A recent case in the Ontario Superior Court illustrates the problem: Edgar Taillefer and 996402 Ontario Ltd. v. 2059592 Ontario Corporation and Raj Siva, 2010 ONSC 1362. This offer is conditional upon the Buyer obtaining at the Buyer’s expense a Wood Energy Technology Transfer (WETT) inspection, and obtaining a report satisfactory to the Buyer in the, Buyer’s sole and absolute discretion. 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 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 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 _____ p.m.on the _____ day of __________. INSP-­‐10 Condition — Retrofit Inspection of Property Electricity — General Inspection. CLICK HERE. If your property is in Ontario, YES! Make sure you’ve reviewed your financing with a knowledgeable mortgage professional to see if there are any red flags popping up. Builder Approval and Fees. CONDO-­‐6 Default by New Buyers During Interim Occupancy. 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 as aforesaid within the time period stated herein. This Offer is conditional upon the approval of the terms hereof by the Landlord’s Solicitor. The Buyer covenants and agrees to restore the property forthwith after inspection to its pre­‐existing physical condition prior to the time of the first such inspection. The Seller agrees to co­‐operate in providing access to the property for the purpose of this inspection. LEASE/RES-­‐5 Appliances and Landlord /Tenant Responsibilities. LEASE/COMM-­‐9 Alterations and Improvements. The Seller acknowledges that it is the intention of the Buyer to develop and/or renovate and resell the property. LAND/LSE-­‐3 Landlease – Option to Purchase. 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 _____ p.m. on the _____ day of __________, 20_____, that this condition, is fulfilled, this offer shall become null and void and the deposit shall be returned to the Buyer in full without deduction. It is essential to conduct conservation search for the vacant land and know information from the conservation of the region in which the land is situated. LEASE/COMM-­‐16 Chemicals – Compliance with Regulations, The Tenant’s use of the premises is to comply with all requirements of the municipal zoning bylaws, the requirements of the Ministry of the Environment and the rules and regulations of the. The Buyer and Seller hereby acknowledge that the foregoing condition is inserted specifically to allow the Buyer to obtain legal advice as to the potential impact of Federal, Provincial and Municipal laws and enactments and Regulations made thereto that may affect the subject property, presently or in the immediate future. The Seller represents and warrants that the fuel oil tank in, on or about the property is in compliance 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. CAD. Unless the Landlord gives notice in writing delivered to the Tenant personally or in accordance with any other provisions for the delivery of notice in this Agreement to Lease or any Schedule thereto not later than _____ p.m. on the _____ day of __________, 20_____, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Tenant in full without deduction. Unless the Buyer gives notice in writing to the Seller personally or in accordance with any other provisions for delivery of notice in this Agreement of Purchase and Sale or any Schedule thereto not later than 5 p.m. on the _______ day of ___________, 20_____, 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 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 Ontario Real Estate Association ("OREA") is the producer and owner of a set of standardized forms used in Ontario real estate transactions and a set of standard clauses, including Guidelines for Residential and Commercial Clauses, for use with these forms and set of Forms Explained Form files (collectively, the "OREA Standard Forms"). This is to ensure that you can obtain financing safely on the property and that the lender is satisfied with it. This Offer is conditional upon the approval of the terms hereof by the Buyer’s Solicitor. INSP-­‐2 Condition – Inspection of Property by a Home Inspector – General Inspection – Condo. The agrees to request at the __________________ (Buyer/Seller) expense, the Status Certificate and ___________________ (Buyer’s/Seller’s) attachments within _____ days after acceptance of this Offer. The Buyer acknowledges that the [road/path/lane], to the said property may be an unregistered easement. 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 _____ p.m. on the _____ day of __________, 20_____, 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 offer is conditional upon the Buyer reviewing the terms of any rental agreements, rental contracts, lease contracts or lease to own agreements (“Rental  Agreements”) with respect to the rental items not included in the purchase price but to be assumed by the Buyer and finding. 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 as aforesaid within the time period stated herein. This Offer is conditional upon the inspection of the subject property at the Buyer’s own expense, and the obtaining of a report satisfactory to the Buyer in the Buyer’s sole and absolute discretion respecting retrofitting pursuant to and in compliance with the Electricity Act, 1998, and its regulations as amended from time to time. The Lease shall contain a clause providing that the Tenant shall have full access at all times from ______________________________ for the purpose of shipping and receiving. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. 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 _____ p.m. on the _____ day of __________, 20_____, that the preceding condition has been fulfilled, this Offer shall become null and void and the deposit shall be returned to the Buyer in full without deduction. STEP 2. The Seller agrees to co-­operate in providing access to the unit for the purpose of this inspection. LAW-­‐3 Legal, Accounting or Environmental Advice. CONDO-­‐1 Condition – Review of Condominium Documents – By Specific Date. This warranty shall survive and not merge on the completion of this transaction. The Buyer agrees to pay a further sum of ____________________ ($__________), subject to adjustments, to the Seller on completion of this transaction, with funds drawn on a lawyer’s trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System. One important contractual concept that may be implicated by COVID-19 is force majeure. INSUR-­‐2 Condition – Arranging Insurance – Cost Not to Exceed. If there is a sole appraiser, the rate determined by the sole appraiser shall be the rate for the renewal term. The Buyer acknowledges that the property is only accessible by water. The Parties agree that this representation and warranty shall survive and not merge on completion of this transaction, but apply only to the state of the property existing at completion of this transaction. The Seller(s) acknowledge(s) and consent(s) to a third party taking photographs/videos of the property as required for the purpose of an inspection with respect to the above. The Seller agrees to co‐operate in providing access to the property, if necessary, for any inspection of the property required for the fulfillment of this condition. Tenant agrees to maintain said appliances in a state of ordinary cleanliness at the Tenant’s cost. This offer is conditional upon the Buyer reviewing all requisite documentation relating to the Seller’s MicroFIT contract with the Ontario Power Authority and determining the terms of the contract are satisfactory to the Buyer in the Buyer’s sole and absolute discretion. This Offer is conditional upon the Buyer, at the Buyer’s own expense, having the relevant building(s) inspected by a bona fide home inspection firm to determine that the building(s) are in sound structural and mechanical condition and that the electrical system is safe and adequate, and that, in the written opinion of the home inspection firm, all deficiencies can be remedied at a cost not greater than ____________________ ($ __________). Landlord shall provide alterations and improvements as detailed on Schedule “_____” attached hereto, at the Landlord’s own expense, in a good and workmanlike manner prior to the commencement of the lease. LEASE/COMM-­‐27 First Right of Refusal to Purchase. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The Buyer agrees to treat the results of such inspections in a strictly confidential manner and not to disclose the results to a third party except where required by law. The Buyer shall be entitled to occupy the property from the _____ day of __________, 20_____, until the date of completion at a monthly fee hereinafter referred to as an occupancy fee. Real Estate Legal Forms & Clauses: We prepared this section to provide you with useful legal forms and offer clauses that you can print and use for your real estate transaction. OREA makes no representation or warranties of any kind, express or implied, with respect to the accuracy, reliability, merchantability or non-infringement of the OREA Standard Forms and/or their suitability with respect to any particular transaction or use. Attached hereto as Schedule “_____” is a copy of the Landlord’s standard Lease form, which the Landlord will alter to reflect the business terms defined herein, and the Tenant agrees to sign same subject to minor adjustments as negotiated between the Landlord’s and the Tenant’s Solicitors, both acting reasonably. OREA Clauses are developed for the use of its Members in drafting Agreements, the Residential and Commercial Clause Booklet is published and available for your download. What are Common Real Estate Subject Clauses in Contracts? Sometimes sellers receive an offer from someone with the condition that they they must sell their existing home by a certain date. ActiveRain, Inc. takes no responsibility for the content in these profiles, that are written by the members of this community. The Buyer and Seller hereby acknowledge that enactments and proposed enactments by the Federal, Provincial and Municipal Governments may have an impact on the use of land. The other point to remember when dealing with contract clauses for real estate is the more you put in, the less attractive the deal becomes to the other party. NOTE: It is not lawful for a Landlord to “demand” post-­dated cheques for rent as a requirement when leasing residential premises. 2000, c17 as amended from time to time with respect to this Agreement and any other documents respecting this transaction.”, ENV-­‐1 Condition – All Environmental Laws Complied With. This Offer is conditional upon the Buyer determining, at the Buyer’s own expense, that the provision of service by hydro and telephone to the said property shall not exceed a cost o. f ____________________ ($ __________). This Offer is conditional upon the Buyer determining, at the Buyer’s own expense, the cost of constructing roads, installing necessary services, and generally ascertaining if the terrain will permit development at a reasonable price. NOTE: The Listing Brokerage is required to have Social Insurance Number(s) before paying interest on deposits. So, I will look at various clauses contained in the agreement and explain what they mean and how they impact the transaction. 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 _____ p.m. on t. he _____ day of__________, 20_____, 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.
2020 real estate clauses ontario