CONTRACT OF PURCHASE AND SALE
INFORMATION ABOUT THIS CONTRACT

THIS INFORMATION IS INCLUDED FOR THE ASSISTANCE OF THE PARTIES ONLY. IT DOES NOT FORM PART OF THE CONTRACT AND SHOULD NOT AFFECT THE PROPER INTERPRETATION OF ANY OF ITS TERMS.

  1. CONTRACT: This document, when signed by both parties, is a legally binding contract. READ IT CAREFULLY. The parties should ensure that everything that is agreed to is in writing.

  2. DEPOSIT(S): Section 28 of the Real Estate Services Act requires that money held by a brokerage in respect of a real estate transaction for which there is an agreement between the parties for the acquisition and disposition of the real estate be held by the brokerage as a stakeholder. The money is held for the real estate transaction and not on behalf of one of the parties. If a party does not remove a subject clause, the brokerage requires the written agreement of both parties in order to release the deposit. If both parties do not sign the agreement to release the deposit, then the parties will have to apply to court for a determination of the deposit issue.

  3. COMPLETION: (Section 4) Unless the parties are prepared to actually meet at the Land Title Office and exchange title documents for the Purchase Price, it is, in every case, advisable for the completion of the sale to take place in the following sequence:

    • (a) The Buyer pays the Purchase Price or down payment in trust to the Buyer's Lawyer or Notary (who should advise the Buyer of the exact amount required) several days before the Completion Date and the Buyer signs the documents.
    • (b) The Buyer's Lawyer or Notary prepares the documents and forwards them for signature to the Seller's Lawyer or Notary who returns the documents to the Buyer's Lawyer or Notary.
    • (c) The Buyer's Lawyer or Notary then attands to the deposit of the signed title documents (and any mortgages) in the appropriate Land Title Office.
    • (d) The Buyer's Lawyer or Notary releases the sale proceeds of the Buyer's Lawyer's or Notary's office.

    Since the Seller is entitled to the Seller's proceeds on the Completion Date, and since the sequence described above takes a day or more, it is strongly recommended that the Buyer deposits the money and the signed documents AT LEAST TWO DAYS before the Completion Date, or at the request of the Conveyancer, and that the Seller delivers the signed transfer documents no later than the morning of the day before the Completion Date.

    While it is possible to have a Saturday Completion Date using the Land Title Office's Electronic Filing System, parties are strongly encouraged NOT to schedule a Saturday Completion Date as it will restrict their access to fewer lawyers or notaries who operate on Saturdays; lenders will generally not fund new mortgages on Saturdays; lenders with existing mortgages may not accept payouts on Saturdays; and other offices necessary as part of the closing process may not be open.

  4. POSSESSION: (Section 5) the Buyer should make arrangements through the real estate licensees for obtaining possession. The Seller will not generally let the Buyer move in before the Seller has actually received the sale proceeds. Where residential tenants are involved, Buyers and Sellers should consult the Residential Tenancy Act.

  5. TITLE: (Section 9) It is up to the Buyer to satisfy the Buyer on matters of zoning or building or use restrictions, toxic or environmental hazards, encroachments on or by the Property and any encumbrances which are staying on title before becoming legally bound. It is up to the Seller to specify in the Contract if there are any encumbrances, other than those listed in Section 9, which are staying on title before becoming legally bound. If you as the Buyer are taking out a mortgage, make sure that title, zoning and building restrictions are all acceptable to your mortgage company. In certain circumstances, the mortgage company could refuse to advance funds. If you as the seller are allowing the Buyer to assume your mortgage, you may still be responsible for payment of the mortgage, unless arrangements are made with your mortgage company.

  6. CUSTOMARY COSTS: (Section 15) In particular circumstances there may be additional costs, but the following costs are applicable in most circumstances:

    Costs to be Borne by the Seller

    Lawyer or Notary Fees and Expenses:
    - attending to execution documents.
    Costs of clearing title, including:- investigating title,
    - discharge fees charged by
    encumbrance holders,
    - prepayment penalties.
    Real Estate Commission (plus GST).
    Goods and Services Tax (if applicable).

    Costs to be Borne by the Buyer

    Lawyer or Notary Fees and Expenses:
    - searching title,
    - drafting documents.
    Land Title Registration fees.
    Survey Certificate (if required).
    Costs of Mortgage, including:
    - mortgage company's Lawyer/Notary.

    - appraisal (if applicable)
    - Land Title Registration fees.
    Fire Insurance Premium.
    Sales Tax (if applicable).
    Property Transfer Tax.
    Goods and Services Tax (if applicable).

    In addition to the above costs there maybe financial adjustments between the Seller and the Buyer pursuant to Section 6 and additional taxes payable by one or more of the parties in respect of the Property or the transaction contemplated hereby (eg. empty home tax and speculation tax).

  7. CLOSING MATTERS: The closing documents referred to in Sections 11, 11A and 11B of this Contract will, in most cases, (e prepared (y the Buyer’s Lawyer or Notary and provided to the Seller’s Lawyer or Notary for review and approval) Once settled, the lawyers/notaries will arrange for execution (y the parties and delivery on or prior to the Completion Date) The matters addressed in the closing documents referred to in Sections 11A and 11B will assist the lawyers/notaries as they finalize and attend to various closing matters arising in connection with the purchase and sale contemplated by this Contract.

  8. RISK: (Section 16) The Buyer should arrange for insurance to be effective as of 12:01 am the Completion Date.

  9. FORM OF CONTRACT: This Contract of Purchase and Sale is designed primarily for the purchase and sale of freehold residences. If your transaction involves: a house or other building under construction, a lease, a business, an assignment, other special circumstances (including the acquisition of land situated on a First Nations reserve)

    Additional provisions, not contained in this form, may be needed, and professional advice should be obtained. A Property Disclosure Statement completed by the Seller may be available.

  10. REALTOR® Code, Article 11: A REALTOR® shall not buy or sell, or attempt to buy or sell an interest in property either directly or indirectly for himself or herself, any member of his or her Immediate Family, or any entity in which the REALTOR® has a financial interest, without making the REALTOR®'s position known to the buyer or seller in writing. Real Estate Council Rules 5-9: If a licensee acquires, directly or indirectly, or disposes of real estate, or if the licensee assists an associate in acquiring, directly or indirectly, or disposing of real estate, the licensee must make a disclosure in writing to the opposite party before entering into any agreement for the acquisition or disposition of the real estate.

  11. RESIDENCY: When completing their residency and citizenship status, the Buyer and the Seller should confirm their residency and citizenship status and the tax implications thereof with their Lawyer/Accountant.

  12. AGENCY DISCLOSURE: (Section 21) all Designated Agents/Licensees with whom the Seller or the Buyer has an agency relationship should be listed. If additional space is required, list the additional Designated Agents/Licensees on an addendum to the Contract of Purchase and Sale.

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CONTRACT OF PURCHASE AND SALE
BROKERAGE:
Date:
ADDRESS:
PC:
PHONE:
PREPARED BY:
MLS® NO:
SELLER:
SELLER:
ADDRESS:
PC:
PHONE:
BUYER:
BUYER:
ADDRESS:
PC:
PHONE:
OCCUPATION:
PROPERTY:

The Buyer agrees to purchase the Property from the Seller on the following terms and subject to the following conditions:

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3. TERMS AND CONDITIONS: The purchase and sale of the Property includes the following terms and is subject to the following conditions:

1. Subject to a new first mortgage being made available to the buyer on or before 11:59 p.m. [ ] in the amount [ ] of at an interest rate not to exceeds [ ] % per annum calculated semi-annually, not in advance with a [ ] year amortization period, [ ] year term and repayable in blended payments of approximately [ ] per month including principal and interest plus 1/12 of annual taxes, if required by the mortgage. This condition is for the sole benefit of the buyer.

2. Subject to the buyer, on or before 11:59 p.m. [ ], at the buyer's expense, obtaining and approving an inspection report against any defects whose cumulative cost of repair exceeds $[ ] and which reasonably may adversely affect the property's use or value. The seller will allow access to the property for this purpose on reasonable notice. This condition is for the sole benefit of the buyer.

3. Subject to the buyer, on or before 11:59 p.m. [ ], receiving from the seller and approving a Strata Property Condition Statement fully completed with each response initialed by the seller with respect to the information that may adversely affect the use or value of the strata lot including any bylaws, items of repair or maintenance, special levy, judgement or other liability whether actual or potential. If approved such statement will be incorporated into and form part of the contract. This condition is for the sole benefit of the buyer.

4. Subject to the buyer, on or before 11:59 p.m. [ ], obtaining approval for fire/property insurance satisfactory to the buyer. This condition is for the sole benefit of the buyer.

5. Subject to the buyer, on or before 11:59 p.m. [ ], receiving from the seller at the seller's cost and the buyer approving the following requested documents. The requested documents are to be delivered by the seller within 3 days of acceptance including Saturday, Sunday and statutory holidays:

I. Any strata documents with respect to any information that may reasonably adversely affect the use or value of the strata lot, including:

  1. Any bylaws, items of repair or maintenance, special levy, judgements or other liability, whether actual or potential.
  2. A current form "B" certificate that is no older than 6 weeks.
  3. A copy of registered strata plans, any amendments to strata plans and any resolutions dealing with changes to common property.
  4. A copy of the Request for Strata Corporation Records and Documents.
  5. A copy of the current title search.
  6. A current by-laws and financial statements for strata corporation and any section to which the strata corporation belongs.
  7. The minutes of any meetings for the last 24 months, held between the period of [ ] and [ ].

Any other information, documents, records or reports the buyer needs before being committed to buy including by not limited to Engineering Reports, Legal Options and Building Renovation schedules.

Immediately upon acceptance of offer or counter off, seller's representation at seller's cost will deliver to buyer's representative all the above required documents within 3 days of acceptance including Saturday, Sunday and statutory holidays.

Buyer's representative will provide seller's representative a signed Receipt of Strata Documents form. If all requested documents are not provided within 3 days including Saturday, Sunday and statutory holidays, all subject

Each condition, if so indicated is for the sole benefit of the party indicated. Unless each condition is waived or declared fulfilled by written notice given by the benefiting party to the other party on or before the date specified for each condition, this Contract will be terminated thereupon and the Deposit returnable in accordance with the Real Estate Services Act.

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3. TERMS AND CONDITIONS: The purchase and sale of the Property includes the following terms and is subject to the following conditions:

removal dates, without further notice to the seller, will be automatically extended by 7-days, excluding Saturday, Sunday and statutory holidays from the date signed on the Receipt of Strata Document. This condition is for the sole condition of the buyer.

6. Subject to the buyer, on or before 11:59 p.m. on [ ], verifying after receiving documents confirming that parking stall [ ] and storage locker [ ] associated with the strata lot is (are) designated under the following arrangement:

Each of these needs a checkbox in front of it
[] part of strata lot
[] limited common property
[] the common property of strata corporation
under lease between [ ] [landlord] and [ ] [tenant] and as licensee. This is for the sole benefit of the buyer.

The attached copy of the title search results will be incorporated into and form part of this contract. The buyer acknowledges and accepts despite any provisions in this contact upon completion the buyer will receive a title containing any non-financial charges as set out in the copy of the title search that is and forms part of the contract.

The seller will notify buyer prior to the completion date any amendments to the bylaws approved by the strata corporation and which have not been previously brought to the (in writing) attention of the buyer. Seller will pay on or before completion date any special assessments levied prior to the completion date. If before the completion date, a notice of meeting for a period for a proposed special assessment is delivered to the seller in accordance with the Strata Property Act, the buyer's lawyer/notary may hold back, in a trust account, the proposed assessment amount without further notice to the seller and will pay the said amount to the Strata Corporation, or if proposed special assessment is defeated, pay the said amount to seller.

** If a special levy is approved before the completion date, the seller shall credit the buyer with the entire portion of the special levy that the buyer is obligated to pay under the Strata Property Act and the seller hereby direct the buyer's lawyer or notary public to hold back such credit from the sale proceeds and to remit to the strata corporation.

Buyer is satisfied with all measurements as viewed and furthermore acknowledges that as advertised all sizes and ages are approximate only. The buyer is not relying upon the listing information provided by representatives.

Buyer will be provided with time and will be afforded the opportunity to obtain independent accounting and legal advice regarding the content of this contract before the buyer removes all buyer's subjects.

The buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the seller and said assignment is not to relieve the buyer from his obligations to complete the terms and conditions of this contract should the assignee default.

Each condition, if so indicated is for the sole benefit of the party indicated. Unless each condition is waived or declared fulfilled by written notice given by the benefiting party to the other party on or before the date specified for each condition, this Contract will be terminated thereupon and the Deposit returnable in accordance with the Real Estate Services Act.

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3. TERMS AND CONDITIONS: The purchase and sale of the Property includes the following terms and is subject to the following conditions:

The seller warrants that on possession:

  • All garbage from the strata unit will be removed.
  • All appliances will be in working condition.
  • A full set of strata keys and 2 sets of remote garage door opener units will be provided to the buyer.
  • The strata unit will be delivered to the buyer cleaned and vacant at 1:00 p.m. on possession day.

As good faith, seller agrees to a hold back of $500 as a TRUST MONEY to be held in the buyer's lawyer/notary's trust account. This money is to be released to the seller 24-hours after possession only after the buyer confirms in writing that the buyer is satisfied that the seller has done what the seller has agreed to do on possession date.

Attached copy of the title search results will be incorporated and form part of the contract. The buyer acknowledges and accepts despite any other provisions of this contract, that upon completion the buyer will receive title containing any non-financial charges as set out in the copy of title search that is and forms part of this contract.

Not with standing clause 20A, the seller consents and agrees that the buyer, without further authorization from the seller, may add on title buyer's spouse and/or buyer's children and/or buyer's parents and/or buyer's corporation to the contract, if required by the buyer's financial institution. The buyer will immediately provide notice to the seller in writing, once all of the names are added to the contract.

Each condition, if so indicated is for the sole benefit of the party indicated. Unless each condition is waived or declared fulfilled by written notice given by the benefiting party to the other party on or before the date specified for each condition, this Contract will be terminated thereupon and the Deposit returnable in accordance with the Real Estate Services Act.

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3. TERMS AND CONDITIONS: The purchase and sale of the Property includes the following terms and is subject to the following conditions:

Each condition, if so indicated is for the sole benefit of the party indicated. Unless each condition is waived or declared fulfilled by written notice given by the benefiting party to the other party on or before the date specified for each condition, this Contract will be terminated thereupon and the Deposit returnable in accordance with the Real Estate Services Act.

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(Completion Date) at the appropriate Land Title Office.

(Possession Date) OR, subject to the following existing tenancies, if any:

6. ADJUSTMENTS: The Buyer will assume and pay all taxes, rates, local improvement assessments, fuel utilities and other charges from, and including, the date set for

(Adjustment Date).

7. INCLUDED ITEMS: The Purchase Price includes any buildings, improvements, fixture, appurtenances and attachments thereto, and all blinds, awnings, screen doors and windows, curtain rods, tracks and valances, fixed mirrors, fixed carpeting, electric, plumbing, heating and air conditioning fixtures and all appurtenances and attachments thereto as viewed by the Buyer at the date of inspection, INCLUDING:

9. TITLE: Free and clear of all encumbrances except subsisting conditions, provisos, restrictions exceptions and reservations, including royalties, contained in the original grant or contained in any other grant or disposition from the Crown, registered or pending restrictive covenants and rights-of-way in favour of utilities and public authorities, existing tenancies set out in Section 5, if any, and except as otherwise set out herein.

10. TENDER: Tender or payment of monies by the Buyer to the Seller will be by certified cheque, bank draft, cash or Lawyer's/Notary's or real estate brokerage's trust cheque.

11. DOCUMENTS: All documents required to give effect to this Contract will be delivered in registrable form where necessary and will be lodged for registration in the appropriate Land Title Office by 4 pm on the Completion Date.

11A. SELLER'S PARTICULARS AND RESIDENCY: The Seller shall deliver to the Buyer on or before the Completion Date a statutory declaration of the Seller containing: (1) particulars regarding the Seller that are required to be included in the Buyer's Property Transfer Tax Return to be filed in connection with the completion of the transaction contemplated by this Contract (and the Seller hereby consents to the Buyer inserting such particulars on such return); and (2) if the Seller is not a non¬resident of Canada as described in the non-residency provisions of the Income Tax Act, confirmation that the Seller is not then, and on the Completion Date will not be, a non-resident of Canada. If on the Completion Date the Seller is a non-resident of Canada as described in the residency provisions of the Income Tax Act, the Buyer shall be entitled to hold back from the Purchase Price the amount provided for under section 116 of the Income Tax Act.

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11B. GST CERTIFICATE: If the transaction contemplated by this Contract is exempt from the payment of Goods and Services Tax ("GST"), the Seller shall execute and deliver to the Buyer on or before the Completion Date, an appropriate GST exemption certificate to relieve the parties of their obligations to pay, collect and remit GST in respect of the transaction. If the transaction contemplated by this Contract is not exempt from the payment of GST, the Seller and the Buyer shall execute and deliver to the other party on or before the Completion Date an appropriate GST certificate in respect of the transaction.

12. TIME: Time will be of the essence hereof, and unless the balance of the cash payment is paid and such formal agreements to pay the balance as may be necessary is entered into on or before the Completion Date, the Seller may, at the Seller's option, terminate this Contract, and, in such event, the amount paid by the Buyer will be non-refundable and absolutely forfeited to the Seller, subject to the provisions of Section 28 of the Real Estate Services Act, on account of damages, without prejudice to the Seller's other remedies.

13. BUYER FINANCING: If the Buyer is relying upon a new mortgage to finance the Purchase Price, the Buyer, while still required to pay the Purchase Price on the Completion Date, may wait to pay the Purchase Price to the Seller 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 Buyer has: (a) made available for tender to the Seller that portion of the Purchase Price not secured by the new mortgage, and (b) fulfilled all the new mortgagee's conditions for funding except lodging the mortgage for registration, and (c) made available to the Seller, a Lawyer's or Notary's undertaking to pay the Purchase Price upon the lodging of the transfer and new mortgage documents and the advance by the mortgagee of the mortgage proceeds pursuant to the Canadian Bar Association (BC Branch) (Real Property Section) standard undertakings (the "CBA Standard Undertakings").

14. CLEARING TITLE: If the Seller has existing financial charges to be cleared from title, the Seller, while still required to clear such charges, may wait to pay and discharge existing financial charges until immediately after receipt of the Purchase Price, but in this event, the Seller agrees that payment of the Purchase Price shall be made by the Buyer's Lawyer or Notary to the Seller's Lawyer or Notary, on the CBA Standard Undertakings to pay out and discharge the financial charges, and remit the balance, if any, to the Seller.

15. COSTS: The Buyer will bear all costs of the conveyance and, if applicable, any costs related to arranging a mortgage and the Seller will bear all costs of clearing title.

16. RISK: All buildings on the Property and all other items included in the purchase and sale will be, and remain, at the risk of the Seller until 12:01 am on the Completion Date. After that time, the Property and all included items will be at the risk of the Buyer.

17. PLURAL: In this Contract, any reference to a party includes that party's heirs, executors, administrators, successors and assigns; singular includes plural and masculine includes feminine.

18. REPRESENTATIONS AND WARRANTIES: There are no representations, warranties, guarantees, promises or agreements other than those set out in this Contract and the representations contained in the Property Disclosure Statement if incorporated into and forming part of this Contract, all of which will survive the completion of the sale.

19. PERSONAL INFORMATION: The Buyer and the Seller hereby consent to the collection, use and disclosure by the Brokerages and by the managing broker(s), associate broker(s) and representative(s) of those Brokerages (collectively the "Licensee(s)") described in Section 21, the real estate boards of which those Brokerages and Licensees are members and, if the Property is listed on a Multiple Listing Service®, the real estate board that operates the Multiple Listing Service®, of personal information about the Buyer and the Seller:

  1. for all purposes consistent with the transaction contemplated herein:
  2. if the Property is listed on a Multiple Listing Service®, for the purpose of the compilation, retention and publication by the real estate board that operates the Multiple Listing Service® and other real estate boards of any statistics including historical Multiple Listing Service® data for use by persons authorized to use the Multiple Listing Service® of that real estate board and other real estate boards;

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  • C. for enforcing codes of professional conduct and ethics for members of real estate boards; and
  • D. for the purposes (and to the recipients) described in the brochure published by the British Columbia Real Estate Association entitled Privacy Notice and Consent.

The personal information provided by the Buyer and Seller may be stored on databases outside Canada, in which case it would be subject to the laws of the jurisdiction in which it is located.

20. ASSIGNMENT OF REMUNERATION: The Buyer and the Seller agree that the Seller's authorization and instruction set out in section 25(c) below is a confirmation of the equitable assignment by the Seller in the Listing Contract and is notice of the equitable assignment to anyone acting on behalf of the Buyer or Seller.

20A. RESTRICTION ON ASSIGNMENT OF CONTRACT: The Buyer and the Seller agree that this Contract: (a) must not be assigned without the written consent of the Seller; and (b) the Seller is entitled to any profit resulting from an assignment of the Contract by the Buyer or any subsequent assignee.

21. AGENCY DISCLOSURE: The Seller and the Buyer acknowledge and confirm as follows (initial appropriate box(es) and complete details as applicable):

A. The Seller acknowledges having received, read and understood Real Estate Council of British Columbia (RECBC) form entitled "Disclosure of Representation in Trading Services" and hereby confirms that the Seller has an agency relationship with

B. The Buyer acknowledges having received, read and understood RECBC form entitled "Disclosure of Representation in Trading Services" and hereby confirms that the Buyer has an agency relationship with

C. The Seller and the Buyer each acknowledge having received, read and understood RECBC form entitled "Disclosure of Risks Associated with Dual Agency"and hereby confirm that they each consent to a dual agency relationship with

D. If only (A) has been completed, the Buyer acknowledges having received, read and understood RECBC form "Disclosure of Risks to Unrepresented Parties" from the Seller's agent listed in (A) and hereby confirms that the Buyer has no agency relationship.

E. If only (B) has been completed, the Seller acknowledges having received, read and understood RECBC form "Disclosure of Risks to Unrepresented Parties" from the Buyer's agent listed in (B) and hereby confirms that the Seller has no agency relationship.

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22. ACCEPTANCE IRREVOCABLE (Buyer and Seller): The Seller and the Buyer specifically confirm that this Contract of Purchase and Sale is executed under seal. It is agreed and understood that the Seller's acceptance is irrevocable, including without limitation, during the period prior to the date specified for the Buyer to either:

  1. fulfill or waive the terms and conditions herein contained; and/or
  2. exercise any option(s) herein contained.

23. THIS IS A LEGAL DOCUMENT. READ THIS ENTIRE DOCUMENT AND INFORMATION PAGE BEFORE YOU SIGN.

(unless withdrawn in writing with notification to the other party of such revocation prior to notification of

its acceptance), and upon acceptance of the offer, or counter-offer, by accepting in writing and notifying the other party of such acceptance, there will be a binding Contract of Purchase and Sale on the terms and conditions set forth.

x WITNESS
BUYER
seal PRINT NAME
x WITNESS
BUYER
seal PRINT NAME

If the Buyer is an individual, the Buyer declares that they are a Canadian citizen or a permanent resident as defined in the Immigration and Refugee Protection Act:

Yes

No

25. ACCEPTANCE: The Seller (a) hereby accepts the above offer and agrees to complete the sale upon the terms and conditions set out above, (b) agrees to pay a commission as per the Listing Contract, and (c) authorizes and instructs the Buyer and anyone acting on behalf of the Buyer or Seller to pay the commission out of the proceeds of sale and forward copies of the Seller's Statement of Adjustments to the Cooperating/Listing Brokerage, as requested forthwith after completion.

The Seller declares their residency:

RESIDENT OF CANADA

NON-RESIDENT OF CANADA

as defined under the Income Tax Act.

x WITNESS
SELLER
seal PRINT NAME
x WITNESS
SELLER
seal PRINT NAME

*PREC represents Personal Real Estate Corporation

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

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