Presentation of Clauses

Welcome to our page dedicated to essential legal clauses for your real estate transactions.

Here, you will find a selection of frequently used clauses that may sometimes be employed incorrectly.

 

We have highlighted the correct versions of these clauses to ensure maximum protection for all participants in a transaction. Each clause has been carefully formulated to reflect best practices in the industry and ensure compliance with current regulations.

 

We invite you to review these clauses and use them as a reference for your future contracts. Your safety and that of all parties involved are our top priority.

 

 

Sale subject to purchase 

 

This sales contract is concluded under the suspensive condition that the Seller finds and completes the acquisition of a satisfactory replacement property before [deadline date]. If the Seller is not able to find and complete the acquisition of such property on this date, he will have the right to terminate this sales contract and any promise to purchase without penalty or obligation. In the event of termination, all amounts paid by the Buyer, including the deposit, will be fully refunded within [number of days] days following the Seller's notification of termination.

 

Reduced Compensation

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If a promise to purchase is submitted through the BROKER or the broker representing the AGENCY identified in section 1 during the term of the contract and in fact leads to the sale of the IMMOVABLE, the broker undertakes to only claim from the SELLER a remuneration amount of ________ percent (_____%) of the selling price or a lump sum of _______________ dollars ($____________). Notwithstanding the foregoing, there shall be no reduction in remuneration in the event that one or several promises to purchase are submitted through other agencies or brokers, concurrently with a promise to purchase submitted through the BROKER or the broker representing the AGENCY identified in section 1.

 

Agreement for offering the immovable for sale by the client

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The owner could offer his IMMOVABLE for sale. Should the seller himself find a buyer, the remuneration indicated in clause 7.1 of the exclusive brokerage contract will be reduced to ______% of the sale price or $_______.

 

Notwithstanding the foregoing, there will be no decrease of remuneration should:

 

a) one or many promises to purchase be presented through real estate brokers, including the broker(s) identified in the exclusive brokerage contract, concurrently with a promise to purchase submitted directly by a buyer; or

 

b) should the buyer choose to be represented by his own real estate broker.

 

In this case, the owner will pay the remuneration specified in clause 7.1 of the exclusive brokerage contract.

 

The owner-seller agrees to notify immediately the agency or broker identified in the exclusive brokerage contract  before accepting or refusing any promise to purchase submitted directly by a buyer. If applicable, the broker will complete the required forms.

 

The owner-seller agrees not to advertise any condition other than those contained in the exclusive brokerage contract, including the price, in any representations or advertisements he may make.

 

Estate Sale:

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This sale is made without legal warranty of quality, nor any conventional warranty, at the buyer’s risk and peril, without any representation of any kind, and by a Seller who is not a professional Seller.

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Additional Disclosure to the Buyer:
The Buyer acknowledges and accepts that the sole role of the liquidator, (name of the liquidator): ____________, is that of a legally appointed liquidator (hereinafter referred to as the "LIQUIDATOR"), and that they represent the estate selling the real estate (hereinafter referred to as the "Seller") solely for the purpose of selling the real estate described herein (hereinafter referred to as the "property").

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The Buyer has the opportunity to conduct an inspection of the property and to hire appropriate experts to inspect the property in the interest and protection of the Buyer, and has relied solely on their own due diligence, reports, and experts for the acquisition of the property.

The Buyer has the opportunity to engage and obtain the opinion of their own independent legal counsel for the benefit and protection of the Buyer in relation to the acquisition of the property.

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The Buyer acknowledges and accepts that the LIQUIDATOR has not communicated with the Buyer, directly or indirectly, regarding the facts, dimensions, nature, structural condition, zoning designations, environmental conditions, compliance with municipal/provincial/federal laws and regulations, safety and fire prevention, land use options, available or intended purposes of the property.

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Except for the specific representations and warranties contained in this deed of sale: (i) the Buyer agrees to purchase and acquire the property without any warranties of any kind, on an "AS IS" basis, at the Buyer’s risk and peril, and waives the provisions of Articles 1723 to 1739 inclusive of the Civil Code of Quebec, and (ii) the Seller and the LIQUIDATOR make no representations or warranties regarding any aspect of the property, and the Buyer expressly acknowledges that they are not relying on any information provided by the Seller or the LIQUIDATOR, directly or indirectly, for any purpose whatsoever.

For greater certainty, the Buyer assumes all known and unknown risks, and is solely responsible for all known and unknown defects, damages, and losses concerning the property, as well as any related matters arising therefrom.

 

ADD THIS MENTION TO AN ANNEX AG to the CC and attached to the Centris/Matrix entry, so that it is signed by the Buyer and attached to their promise to purchase.

 

To view all the available clauses: https://pr.transactiondesk.com/clauses