\THE PURCHASER MAY WITHOUT INCURRING ANY LIABILITY FOR
DOING SO RESCIND THIS AGREEMENT WITHIN 10 DAYS OF ITS
EXECUTION BY THE PARTIES TO IT UNLESS ALL OF THE DOCUMENTS
REQUIRED TO BE DELIVERED TO THE PURCHASER UNDER SECTION 13
OF THE CONDOMINIUM PROPERTY ACT (THE ACT) HAVE BEEN
DELIVERED TO THE PURCHASER NOT LESS THAN 10 DAYS PRIOR TO
THE EXECUTION OF THIS AGREEMENT BY THE PARTIES TO IT.
INVESTMENT MANAGEMENT SERVICES LTD.
Of 404, 600 Princeton Way, S.W.
Calgary, Alberta, T2P 5N4
(hereinafter “the Vendor”)
-AND______________________________
______________________________
______________________________
(hereinafter “the Purchaser”)
OFFER TO PURCHASE
1.
The Purchaser hereby offers to purchase from the Vendor a bare land
condominium unit containing a single family semi-detached dwelling thereon, described
as follows:
a) Unit No. __________ , Condominium Plan 1124791, together with an undivided
_______/10,000ths shares in the common property, and civically described as:
#_____________________, Sylvan Lake, Alberta. (hereinafter sometimes referred to as
the “Unit” or “Lot”)
2.
a)
b)
c)
The Purchase Price
$_____________
Basic Purchase Price, excluding GST
$_____________
Plus GST at 5%
$_____________
Less Homeowner’s GST REBATE, if any
$ ============
TOTAL PURCHASE PRICE INCLUDING GST, with
rebate to Vendor.
3.
Payment
The Purchaser shall pay for the Unit as follows:
a)
$_____________as the first partial deposit paid on signing of this offer;
b)
$_____________as additional deposit upon removal of conditions;
c)
$_____________balance owing subject to adjustments, due on the Closing Date
$
=============
TOTAL PURCHASE PRICE INCLUDING GST, with
GST Rebate to Vendor
4.
4.1
Deposits
The Purchaser’s deposit and any additional deposit, shall be paid to the Vendor.
4.2
The Purchaser’s deposit shall be promptly returned to the Purchaser if:
(a)
(b)
(c)
(d)
The Purchaser cancels this agreement within 10 days, as allowed by the
Condominium Property Act;
The Purchaser fails to remove a condition precedent prior to the time and
date for satisfaction of same;
The Vendor does not accept this offer within 30 days of the date upon
which it was made, or;
The Vendor fails to remove a condition precedent prior to the time and
date for satisfaction of same.
Except as outlined above, the Purchaser’s deposit and any additional
deposit paid is non-refundable.
5.
Finishing
The Vendor confirms the finishing package, as set out on the attached Schedule “H” shall
be included in the purchase price of the Unit and dwelling. Subject to the terms of Clause
12, the Vendor shall complete all finishing on or before the Closing Date.
6.
Landscaping
The Purchaser acknowledges the Unit is subject to landscaping guidelines and grading
specifications, and the Purchaser agrees to complete all landscaping in accordance with
the guidelines; and shall obtain a Landscaping Completion Certificate from the Vendor
once the landscaping is completed, which shall be no later than ^ (date) or # of days from
Closing Date). The Purchaser shall pay the additional sum of $1,000.00 to the Vendor as
a Landscape deposit, which shall be returned to the Purchaser upon the satisfactory
completion of the landscaping in accordance with the guidelines, and issuance of the
Landscaping Completion Certificate.
OR
The Vendor confirms the landscaping shall be completed by the Vendor in accordance
with the terms of Schedule “G” attached hereto, which shall be no later than ^ (date) or #
of days from Closing Date), and that the cost of same is included in the purchase price.
7.
Closing Date
The parties confirm that the Closing Date, upon which date the Purchaser shall pay the
balance owing, subject to adjustments as set forth in Clause 10 below, to the Vendor,
shall be _____________, 2012. If the Vendor agrees to extend the time for payment, any
funds not received by the Vendor or its solicitor by noon, on the Closing Day shall be
subject to payment of late interest at the rate set forth in Clause 12 to the agreed date for
payment.
2
8.
Schedules Provided
The Vendor has provided the Purchaser with copies of the following documents in
accordance with Sections 12 & 13 verify of the Condominium Property Act:
Schedule “A” -Condominium Plan
Schedule “B” -Restrictive Covenant #112321921
Schedule “C” -Restrictive Covenant #112321922
Schedule “D” -Bylaws
Schedule “E” -proposed Budget
Schedule “F” -Copy of Title to Unit
Schedule “G” -Landscape Guidelines *BOB: TO PROVIDE IF ANY*include if
Purchaser does their own
Schedule “H” -Finishing Package selected by Purchaser
The Purchaser acknowledges that they are aware of and acquainted with the Plan of
Subdivision and Restrictive Covenants and development approval process of the Vendor,
and is also aware of the zoning or planned zoning of the development area and
surrounding lands.
9.
Conveyancing Procedure
9.1
The transaction will proceed according to normal real estate conveyancing
practice. The Vendor will provide a Transfer of Land to the Purchaser’s lawyer on trust
conditions designed to ensure that upon registration of the transfer, the entire balance due
to the Vendor will be paid on the Closing Date. Unless otherwise agreed upon, each
party will pay their own legal costs. The Purchaser acknowledges that title to the Unit
shall be free of all encumbrances except for non-financial encumbrances, including, but
not limited to those as may be currently registered or those as may be registered by
neighboring land owners, public authorities or utility companies, relating to access, use,
architectural guidelines, drainage, utility rights of way, environmental protection or other
similar matters. Such transfer to be prepared at the expense of the Vendor and registered
at the expense of the Purchaser.
9.2
If the Vendor agrees, and if the Purchaser requires mortgage proceeds in order to
pay the balance owing, the Vendor’s solicitor shall provide the Transfer of Land to the
Purchaser’s lawyer on trust conditions to permit registration of the Transfer of Land and
new mortgage in the name of the Purchaser.
10.
Adjustments
10.1 The Vendor is responsible for property taxes, monthly condominium fees payable
by the Vendor (as developer) pursuant to the Bylaws, and utility charges which have
accrued up to the Closing Date. The Purchaser is responsible for any such charges
accruing from the Closing Date onwards. The final amount due to the Vendor will be
adjusted so that any prepaid or unpaid amounts are appropriately allocated to the proper
party. Supplemental property taxes, if any, shall be the sole responsibility of the
Purchaser.
3
10.2 If the Closing Date occurs before the Condominium Fees have been assessed, the
Purchaser agrees to pay the Vendor up to 80% of the proposed condominium fees, as
shown on Schedule “E” to help cover project management costs (including but not
limited to insurance etc.). The Vendor is not required to account for any interim fees
collected prior to the assessment of condominium fees. Upon the Condominium
Corporation assessing management and condominium fees the Vendor (as developer)
shall pay the assessed management and condominium fees on all unoccupied units as
stated in the Bylaws.
11.
Representations
11.1 The Purchaser acknowledges that he has inspected the Unit and accepts the same
in its existing condition at the date of this Agreement, with all finishing to be completed
by the Closing Date in accordance with the finishing package set out on Schedule “H”.
11.2 The Vendor confirms that the dwelling has been constructed with a # year ^ New
Home Warranty Program and the Vendor shall provide the Purchaser with a Possession
Certificate under such warranty on or before the Closing Date. BOB—can also offer a 1
year builder’s warranty (nail pops, etc. after the first year) in addition to a New Home
Warranty.
12.
Closing Date and Possession
Unless otherwise agreed upon, and subject to those terms set forth below at 12 (a), (b)
and (c), the Vendor shall grant possession of the Unit to the Purchaser on the Closing
Date upon payment of the entire purchase price, and any applicable interest. The Vendor
confirms that the Vendor’s solicitor shall maintain a Builder’s Lien fund, if necessary for
the appropriate time.
(a)The Vendor shall carry out the work with due diligence and complete substantially all of
the work on or before the Closing Date.
(b) Notwithstanding the date set forth in clause 7, the Vendor and Purchaser acknowledge
that substantial completion is merely a tentative date. The Purchaser acknowledges that the
Vendor shall not be liable to the Purchaser for any delay in completion howsoever caused.
(c) The Vendor shall not be liable to the Purchaser for any increase of the Purchaser’s
interest rate should the work not be completed within the required time guidelines of the
Purchaser’s bank.
13.
Overdue Amounts
Except where the Vendor has given its written consent to other arrangements, any amount
not actually released to the Vendor on the Closing Date shall bear interest at the Alberta
Treasury Branch prime rate plus 3% per annum, charged to the Purchaser, until paid.
When used herein, prime rate means the prime commercial rate of Alberta Treasury
Branches, by which loans in Canadian dollars are available to the most preferred
commercial customers. Prime Rate shall be adjusted on the first day of each calendar
month.
14.
Fencing
The Purchaser acknowledges that any fencing installed on a property line common to a
building lot adjacent to the said lands is not included in the purchase price. The
4
Purchaser further acknowledges that any financial liability in respect of any damage
caused by the Purchaser or its agents, invitees, licensees and the like to any such fence is
the responsibility of the Purchaser.
15. Purchaser’s Conditions
The Purchaser’s offer to purchase the Unit is subject to the following conditions which
must be satisfied and communicated in writing to the Vendor on or before the time and
date shown or this Offer shall be null and void and the Purchaser’s deposit shall be
returned forthwith:
(i)
Subject to satisfactory mortgage approval on or before 5 p.m. on
______________________, 20__;
(ii)
Subject to satisfactory approval of all Plans and Specifications as
required on or before 5 p.m. on _____________________, 20__.
(iii) Subject to satisfactory review and approval of all documents
provided under Clause 8 hereto, on or before 5 p.m. on ______________________,
20___.
(iv)
_____________________________________________________________________
_____________________________________________________________________
On or before 5 p.m. on _______________________20___.
16. Default by Purchaser
Once the within Offer is unconditional, if the Purchaser defaults in payment of any sum
owing pursuant to the within Agreement, or if the Purchaser fails to perform any the
provisions of this Agreement, then the Vendor in its sole discretion may declare the
within Agreement null and void by providing the Purchaser seven (7) days written notice
(the “Notice Period”) to that effect. On the expiration of the Notice Period the rights of
the Purchaser under this Agreement shall cease and determine without any legal
proceedings being taken or other act being performed by the Vendor and the Purchaser
shall have no right to reclaim any monies paid with respect to this Agreement and the
same may be retained by the Vendor as liquidated damages. Notwithstanding the
retention of deposit monies as liquidated damages, the Vendor may rely upon all legal
remedies available to it for breach of contract.
17. Miscellaneous
17.1 The Purchaser may not assign the within contract without the written consent of
the Vendor. The within contract is binding upon the Purchaser and his/her estate.
17.2 Throughout this agreement where singular, plural, feminine or masculine is
required, same shall be inferred.
17.3 Any notices required to be given under this agreement shall be deemed to be
received within two postal days:
To the Vendor: at the address on page 1 of this agreement;
To the Purchaser: at the address on page 1 of this agreement.
5
a)
If the time for the performance of any obligation or the giving of any notice
hereunder expires on a Saturday, Sunday, or legal holiday, the time for
performance or notice shall be extended to the next day which is not a
Saturday, Sunday, or legal holiday.
b)
Unless expressly stated otherwise herein, any period for the performance of
any obligation or the giving of notice provided for herein shall expire at 4:30
p.m., Red Deer time, on the last day of such period.
c) In respect of any payments to be made into our solicitor’s office, any funds
received after 1 p.m. will be deemed to have been received on the next banking day and
interest will be payable accordingly.
17.4
The Purchaser will not register a Caveat in respect of this purchase agreement.
17.5 The Purchaser acknowledges that the Vendor shall have the right to maintain and
use a reasonable number of units for display and sale purposes and the Vendor may
exhibit signs advertising the sale of such units in the project.
18. Non-Waiver
It is agreed that the waiver by the Vendor of the strict performance of any covenant,
condition or stipulation herein contained shall not of itself constitute a waiver of or
abrogate such covenant, condition or stipulation, nor be a waiver of any subsequent
breach of the same or any other covenant, condition or stipulation.
19. Merger
The Purchaser acknowledges that all right and obligations contained in this Agreement,
including any and all Schedules or amendments thereto, are severable from the said land
itself and will not merge in the transfer of the said lands to them and will survive the
closing of this Agreement to the intent that notwithstanding that they may have received
title to part or all of the said lands, their covenants and agreements to pay those amounts
or to do that work will survive and be enforceable against them.
20. Heirs, Executors & Assigns
The covenants, provisos, powers and licenses herein expressed or implied shall be
binding upon and inure to the benefit of and may be exercised or enjoyed by the parties
hereto, their heirs, executors, administrators, successors and permitted assigns
respectively.
21. Entire Agreement
This Agreement and schedules contains the entire agreement between the parties. This
agreement may only be amended by a further written agreement, signed by both parties.
22. Further Acts
Each of the parties hereto covenant and agree from time to time and at all times hereto to
do and perform such acts and things and to execute all such deeds, documents and
6
writings and to give all such further assurances with respect to the sale of the said lands
herein contemplated as shall be reasonably required.
IN WITNESS WHEREOF the Vendor and the Purchaser have signed the within
Agreement this ___ day of ___________, 20__.
Signed by the Purchaser
______________________
Witness as to Purchaser(s)
)
)
)
)
)
)
_________________________
_________________________
VENDOR’S ACCEPTANCE
By a duly authorized officer, the Vendor now accepts the Purchaser’s offer this ___ day
of ___________, 20___.
INVESTMENT MANAGEMENT
SERVICES LTD.
Per:______________________
Vendor’s Solicitor:
Susan K. Allison Professional Corporation
2nd Floor, 4919 48 Street
Red Deer, Alberta
T4N 1S8
Phone: 403-340-3136
FAX: 403-343-7016
7