Contract Of Purchase And Sale (British Columbia)
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3CONTRACT OF PURCHASE AND SALE
(British Columbia)
THIS OFFER to enter into a binding contract of purchase and sale is made this
day
(insert date)
of
, 20
by
(insert date)
(insert names of buyers)
(hereinafter called the “Purchaser”) having an address of
(insert civic address)
(municipality)
(province)
(postal code)
(telephone number)
The Purchaser, having inspected the real property described as
(insert civic address)
(municipality)
having a legal description of
(insert legal description)
(the “Property”) on the
day of
, 20
hereby
offers to purchase the Property from the owners thereof (hereinafter called the “Vendor”) for the price and
on the terms and subject to the conditions herein set forth, namely:
1. PURCHASE PRICE: The purchase price shall be
Dollars ($
) payable as follows:
a.
Paid as a deposit by
[ ]
[ ]
(cash)
(cheque)
the sum of:
$_________________________
b. Cash on completion
$_________________________
c.
Balance, if any, as indicated below in the amount of
$_________________________
TOTAL
$_________________________
Balance, if any, as per paragraph c. above shall be paid as follows:
2. TITLE: The title shall be free and clear of all encumbrances except existing restrictions,
exceptions and conditions reserved in favor of the Crown, registered restrictive covenants and rights of
way in favor of utilities and public authorities, statutory building schemes, building, zoning and other
municipal or government restrictions, the existing tenancies specified below, if any, and any other
exceptions set out herein. If the Vendor has existing financial encumbrances to clear from the title, the
Vendor may wait to pay and discharge such until immediately after receipt of the sales proceeds (provided
such is sufficient). In such event, however, the Purchaser shall pay the sales proceeds to a lawyer or notary
in trust, on undertakings to pay and discharge the financial encumbrances, and the balance, if any, shall be
paid to the Vendor.
3. COMPLETION: The sale shall be completed on or before the
day of
, 20
(the Completion Date) at the appropriate Land Title Office. Tender or
payment of monies by the Purchaser to the Vendor shall be by certified cheque, bank draft or lawyer’s or
notary’s trust cheque. All documents required to give effect to this contract shall be delivered on or before
the Completion Date and shall be, where necessary, in a form acceptable for registration in the appropriate
Land Title Office. Time is of the essence and unless the balance of the cash payment is paid and such
formal agreement to pay the balance as may be necessary is entered into on or before the Completion Date,
the Vendor may, at the Vendor’s option, terminate this contract and in such event the amount paid by the
Purchaser will be absolutely forfeited to the Vendor on account of damages, without prejudice to the
Vendor’s other remedies. If the Purchaser is relying upon a new mortgage to finance the purchase of the
Property, the Purchaser, while still required to pay the Purchase Price on the Completion Date, may wait to
pay the net proceeds to such mortgage to the Purchaser’s solicitor until after the transfer and new mortgage
documents have been lodged for registration in the appropriate Land Title Office, but only if, before such
lodging, the Purchaser has: a) made available for tender to the Vendor that portion of the Purchase Price
due on completion less the net proceeds of the new mortgage, and b) fulfilled all of the new mortgagee’s
conditions for funding except lodging of the mortgage for registration, and c) made available to the Vendor
a lawyer’s or notary’s undertaking to pay the balance due on completion upon the lodging of the transfer
and new mortgage documents and the advance by the mortgagee of the mortgage proceeds.
SELF-COUNSEL PRESS-CPS-BC (1-1)01
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