Residential Real Estate Purchase Contract (Page 3 of 5) in pdf

WARRANTIES AND REPRESENTATIONS

6.1

The Seller represents and warrants to the Buyer that:

(a)

the Seller has the legal right to sell the Property,

(b)

the Attached Goods and Unattached Goods are in normal working order;

(c)

the Seller is not a non-resident of Canada for the purposes of the Income Tax Act (Canada);

(d)

the current use of the Land complies with the existing municipal land use bylaw;

(e)

the Buildings and other improvements on the Land are not placed partly or wholly on any easement or utility right-of-way and are

entirely on the Land and do not encroach on neighbouring lands, except where an encroachment agreement is in place; and

(f)

the location of Buildings and other improvements on the Land complies with all relevant municipal bylaws, regulations or relaxations

granted by the appropriate municipality prior to the Completion Day, or the Buildings and other improvements on the Land are "non-

conforming buildings" as that term is defined in the Municipal Government Act (Alberta).

6.2

All of the warranties contained in this Contract and any attached Schedules are made as of and will be true at the Completion Day, unless

otherwise agreed in writing.

6.3

Any action relating to a warranty or representation in this Contract must be started within one (1) year from the Completion Day. 6.4 The Seller

and the Buyer each acknowledge that, except as otherwise described in this Contract, there are no other warranties, representations or

collateral agreements made by or with the other party, the Seller's brokerage and the Buyer's brokerage about the Property, any neighbouring

lands, and this transaction, including any warranty, representation or collateral agreement relating to the size/measurements of the Land and

Buildings or the existence or non-existence of any environmental condition or problem.

ADDITIONAL TERMS

7.1

All time periods, deadlines and dates in this Contract shall be strictly followed and enforced. All times will be Alberta time unless otherwise

stated.

7.2

This Contract is for the benefit of and shall be binding upon the heirs, executors, administrators and assigns of the individual parties and the

successors and assigns of corporate parties.

7.3

All changes of number and gender shall be made where required.

7.4

Portions of this Contract may be enforced even if the Contract has ended.

7.5

The following Schedules form part of this Contract:

____ Financing Schedule

____Property Schedule

7.6

Additional terms of sale (if any): ________________________________________________________________________

__________________________________________________________________________________________________

CONDITIONS

8.1

The Buyer's Conditions are:

(a)

The Buyer will apply and be approved for New Financing as follows:

•

loan amount $__________________ (plus mortgage insurance fee, if required), interest rate not to exceed

_______________(________%) percent a year calculated semi-annually not in advance

•

a term of not less than________________ years

•

payment of $_______________________

•

payments to include taxes _____Yes _____ No

The Buyer will pay for all costs associated with the New Financing including the costs to prepare and register any New Financing

Security.

Before 9 p.m. on _____________________________________(the "Condition Day").

(b)

This Contract is subject to the Buyer's approval of a Property Inspection as per attached Property Inspection Schedule. _____Yes

_____ No

Before 9 p.m. on _____________________________________ (the "Condition Day").

(c)

This Contract is subject to the Buyer's Condition regarding Condominium Documents, as per attached Property Schedule.

______Yes

_______ No

Before 9 p.m. on _____________________________________ (the "Condition Day").

(d)

This Contract is subject to the sale of the Buyer's home, as per attached "Sale of Buyer's Home" Schedule.

_____ Yes

________ No

Before 9 p.m. on _____________________________________ (the "Condition Day").

Residential Real Estate Purchase Contract Page 3

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