AGREEMENT OF PURCHASE AND SALE

Transcription

1 1. THE PARTIES 1.1 Purchaser Name(s): AGREEMENT OF PURCHASE AND SALE Address: Telephone: Res: Cell: Bus: Vendor: PARADISE DEVELOPMENTS CLOCKWORK (HOMES) INC. Address: 1 Herons Hill Way Toronto, ON M2J 0G2 Beechwood 2. THE PROPERTY 3. THE PURCHASE PRICE 4. SCHEDULES 2.1 Lot Number: 2.2 Subdivision: Telephone: (416) Dwelling Type: 2.4 Legal Description: (This reference is for construction purposes only and is not a legal description.) 3.1 The Vendor agrees to sell and the Purchaser agrees to buy the property for the purchase price of dollars ($ ) of lawful money of Canada, which the Purchaser covenants to pay as follows: 1st deposit 2nd deposit 3rd deposit 4th deposit 5th deposit 6th deposit 7th deposit Deposit due date: Deposit due date: Deposit due date: Deposit due date: Deposit due date: Deposit due date: Deposit due date: The Purchaser agrees to deliver to the Vendor post-dated cheques payable to the Vendor in the amounts set out in subparagraphs (a), (b), (c) and (d) upon execution of this Agreement. 3.2 The balance of the Purchase Price to be paid by certified cheque to the Vendor or by certified cheques, as the Vendor may direct upon the Closing Date, drawn upon a chartered bank or trust company subject to the usual adjustments and any other adjustments described in this Agreement. 4.1 Schedules A, B, C, E, H, O (Statement of Critical Dates), S, W, Y, Z and are annexed hereto and form part hereof and are integral to this Agreement. The Purchaser acknowledges that he/she has read and understands this Agreement including such schedules. 5. CLOSING DATE 5.1 This Agreement of Purchase and Sale is to be completed no later than 4:00 pm on, on which date vacant possession of the property is to be given to the Purchaser subject to the Statement of Critical Dates as described in Schedule O to this Agreement. 6. OFFER IRREVOCABLE 6.1 This Offer is irrevocable by the Purchaser until one minute before the close of business on the Irrevocable Date as set out below, after which time, if not accepted, this Offer shall be null and void and the deposit(s) returned to the Purchaser, without interest and without deduction. Irrevocable Date: day of. DATED at BRAMPTON, this day of. WITNESS: Purchaser: (Date of Birth) Purchaser: (Date of Birth) Purchaser: (Date of Birth) The undersigned accepts the above Offer and agrees to complete the transaction in accordance with the terms thereof. DATED at MARKHAM, this day of. Vendor s Solicitor: Jeffrey Goldenberg FOGLER, RUBINOFF LLP 77 King Street West, Suite 3000 TD Centre North Tower Toronto, Ontario M5K 1G8 Bus: (416) Fax: (416) Salesperson: Enzo D Angelo/Sharon Eby/Stephanie Kocialek/Cara Ramani PARADISE DEVELOPMENTS CLOCKWORK (HOMES) INC. Per: I have authority to bind the corporation

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15 Freehold Form (Tentative Closing Date) Property Lot # Statement Of Critical Dates Delayed Closing Warranty Schedule O This statement of Critical Dates forms part of the Addendum to which it is attached, which in turn forms part of the agreement of purchase and sale between the Vendor and the Purchaser relating to the Property. The Vendor must complete all blanks set out below. Both the Vendor and Purchaser must sign this page. NOTE TO HOME BUYERS: Please visit Tarion s website: for important information about all Tarion s warranties including the Delayed Closing Warranty, the Pre-Delivery Inspection and other matters of interest to new home buyers. You can also obtain a copy of the Homeowner Information Package which is strongly recommended as essential reading for all home buyers. The website features a calculator which will assist you in confirming the various Critical Dates related to the closing of your purchase. VENDOR PURCHASER Full Name(s) Full Names(s) 1. Critical Dates The First Tentative Closing Date, which is the date that the Vendor anticipates the home will be completed and ready to move in, is: the day of A Second Tentative Closing Date can subsequently be set by the Vendor by giving proper written notice at least 90 days before the First Tentative Closing Date. The Second Tentative Closing Date can be up to 120 days after the First Tentative Closing Date, and so could be as late as: the day of The Vendor must set a Firm Closing Date by giving proper written notice at least 90 days before the Second Tentative Closing Date. The Firm Closing Date can be up to 120 days after the Second Tentative closing Date, and so could be as late as: If the Vendor cannot close by the Firm Closing Date, then the Purchaser is entitled to delayed closing compensation (see section 7 of the Addendum) and the Vendor must set a Delayed Closing Date. The Vendor can set a Delayed Closing Date that is up to 365 days after the earlier of the Second Tentative Closing Date and the Firm Closing Date. This Outside Closing Date could be as late as: the day of the day of 2. Notice Period for a Closing Delay Changing a Closing Date requires proper written notice. The Vendor, without the Purchaser s consent, may delay Closing twice by up to 120 days each time by setting a Second Tentative Closing Date and then a Firm Closing Date in accordance with section 1 of the Addendum but no later than the Outside Closing Date. Notice of a delay beyond the First Tentative Closing Date must be given no later than: (i.e., at least 90 days before the First Tentative Closing Date), or else the First Tentative Closing Date automatically becomes the Firm Closing Date. Notice of a second delay in Closing must be given no later than: (i.e., at least 90 days before the Second Tentative Closing Date), or else the Second Tentative Closing Date becomes the Firm Closing Date. 3. Purchaser s Termination Period If the purchase of the home is not completed by the Outside Closing Date, then the Purchase can terminate the transaction during a period of 30 days thereafter (the Purchaser s Termination Period ), which period, unless extended by mutual agreement, will end on: If the Purchaser terminates the transaction during the Purchaser s Termination Period, then the Purchaser is entitled to delayed closing compensation and to a full refund of all monies paid plus interest (see sections 7, 10 and 11 of the Addendum). the the the day of day of day of Note: Any time a Critical Date is set or changed as permitted in the Addendum, other Critical Dates may change as well. At any given time the parties must refer to: the most recent revised Statement of Critical Dates; or agreement or written notice that sets a Critical Date, and calculate revised Critical Dates using the formulas contained in the Addendum. Critical Dates can also change if there are unavoidable delays (see section 5 of the Addendum). Acknowledged this day of VENDOR: PURCHASER: FREEHOLD TENTATIVE of 12

16 Freehold Form (Tentative Closing Date) Addendum to Agreement of Purchase and Sale Delayed Closing Warranty This addendum, including the accompanying Statement of Critical Dates (the Addendum ), forms part of the agreement of purchase and sale (the Purchase Agreement ) between the Vendor and the Purchaser relating to the Property. This Addendum is to be used for a transaction where the home purchase is in substance a purchase of freehold land and residential dwelling. This Addendum contains important provisions that are part of the delayed closing warranty provided by the Vendor in accordance with the Ontario New Home Warranties Plan Act (the ONHWP Act ). If there are any differences between the provisions in the Addendum and the Purchase Agreement, then the Addendum provisions shall prevail. PRIOR TO SIGNING THE PURCHASE AGREEMENT OR ANY AMENDMENT TO IT, THE PURCHASER SHOULD SEEK ADVICE FROM A LAWYER WITH REPSECT TO THE PURCHASE AGREEMENT OR AMENDING AGREEMENT, THE ADDENDUM AND THE DELAYED CLOSING WARRANTY. Tarion recommends that Purchasers register on Tarion s MyHome on-line portal and visit Tarion s website tarion.com to better understand their rights and obligations under the statutory warranties The Vendor shall complete all blanks set out below. VENDOR Full Name(s) Herons Hill Way Tarion Registration Number Address (416) Toronto ON M2J 0G2 Phone City Province Postal Code (416) Fax PURCHASER Full Name(s) Address Phone City Province Postal Code Fax PROPERTY DESCRIPTION Municipal Address City Province Postal Code In the City of Brampton, Regional Municipality of Peel and being part of Lot 17, Concession 3, West of Hurontario Street (geographic Township of Chinguacousy). Short Legal Description Number of Homes in the Freehold Project 201 (if applicable see Schedule A) INFORMATION REGARDING THE PROPERTY The Vendor confirms that: (a) The Property is within a plan of subdivision or a proposed plan of subdivision. Yes No If yes, the plan of subdivision is registered. Yes No If the plan of subdivision is not registered, approval of the draft plan of subdivision has been given. Yes No (b) The Vendor has received confirmation from the relevant government authorities that there is sufficient: (i) water capacity and (ii) sewage capacity to service the Property. Yes No If yes, the nature of the confirmation is as follows: If the availability of water and sewage capacity is uncertain, the issues to be resolved are as follows: (c) A building permit has been issued for the Property. Yes No (d) Commencement of Construction: has occurred; or is expected to occur by the 1 st day of April, The Vendor shall give written notice to the Purchaser within 10 days after the actual date of Commencement of Construction. NOTE: Since important notices will be sent to this address, it is essential that you ensure that a reliable address is provided and that your computer settings permit receipt of notices from the other party. FREEHOLD TENTATIVE of 12

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