Document background
The Deed of Purchase and Sale is the foundational document in Canadian real estate transactions, used whenever real property is bought or sold. This legally binding agreement comprehensively documents the terms and conditions of property transfers, ensuring compliance with federal and provincial regulations. The document typically includes detailed information about the property, purchase price, deposit requirements, closing dates, conditions of sale, and various warranties and representations made by both parties. A properly executed Deed of Purchase and Sale provides legal protection for both the vendor and purchaser, creates a clear record of the transaction terms, and satisfies the requirements of the Statute of Frauds. The document must comply with provincial real estate laws and may need additional provisions depending on the property type (residential, commercial, or agricultural) and specific circumstances of the transaction.
