(House and Land) Approved by the Nova Scotia Real Estate Commission for use by Industry Members under the Real Estate Trading Act.

Transcription

1 AGREEMENT OF PURCHASE & SALE FOR TURN KEY NEW CONSTRUCTION (House and Land) Approved by the Nova Scotia Real Estate Commission for use by Industry Members under the Real Estate Trading Act The Buyer of offers to buy from the Seller through Agent(s) and _ (Seller Brokerage) (Co-operating Brokerage) Said property known as Lot Number Subdivision Name Street Name City/Town (PID#) located in the County of Province of Nova Scotia, at a Purchase price of dollars. ($Cdn. ) Prior to making calculations, verify purchase price includes HST with Rebate to Builder. Purchase Price $ (A) (Includes HST reduced by applicable Federal Rebate) NOTE: (i) If the Purchase Price exceeds $5,500 there is no Federal Rebate. (ii) Does not include the Nova Scotia Rebate. Pre-HST Amount Choose Either Option i or ii (B) If Purchase Price under $396,200 $ i (Divide the Purchase Price by 1.132) If Purchase Price over $396,200 $ ii (Add $28,350 & divide by 1.213) HST NEW HOUSING REBATE CALCULATOR If Box B is $350,000 or less enter the amount from Box E in Box G. GST Federal Rebate HST For (B) i $ (C) (5% of amount in Box (B) i or ii) $ (D) (Box C x 36% to maximum $6,300) For (B) ii $ 450,000-(B)ii x 6,300 ( ) 100,000 $ (E) (15% of amount in Box (B) i or ii) If Box B is $450,000 or more, enter 0 in Box G since no rebate is allowable. If Box B is more than $350,000 but less than $450,000, enter the result of the following calculations in Box G : ($450,000 minus Box B divided by $100,000 x Box E. If negative, enter 0 ) Nova Scotia Rebate $ (F) (Multiply Box E by 10% to maximum $1,500) TOTAL GST/HST REBATE $ (G) (Box D + Box F if applicable) (

2 AGREEMENT OF PURCHASE AND SALE FOR TURN KEY NEW CONSTRUCTION Page 2 of 6 Property Address: : : REBATES 1. Federal Portion Of Hst Rebate (a) The HST is included in the Purchase Price. The Buyer warrants to the Seller that the Buyer qualifies for and meets the requirements to receive the Federal portion of the HST Rebate by being a Canadian resident who will be occupying the property as their principal place of residence. The Buyer hereby assigns to the Seller the Federal HST Rebate applicable to this transaction and acknowledges that in consideration of this assignment the rebate has already been credited to the Buyer in the calculation of the Purchase Price. OR The Buyer does not qualify for the Federal Portion of the HST Rebate. 2. Nova Scotia First Time Home Buyers Rebate (a) The Buyer warrants to the Seller that the Buyer qualifies for and meets the requirements to receive the Nova Scotia First Time Home Buyers Rebate as the Buyer or their spouse or their common-law partner have not owned and occupied a home in Canada within the 5 years preceding the date of ownership of this property. If the Buyer is eligible for the Nova Scotia First Time Buyers Rebate, the value of the rebate will be deducted from the Purchase Price at closing. OR The Buyer does not qualify for the Nova Scotia First Time Home Buyers Rebate. (c) (d) Should the Purchase Price change during the course of construction, any Rebates will be adjusted accordingly to reflect that change. The Buyer covenants and agrees that if, subsequent to closing, it is discovered that the Buyer does not qualify for a rebate, the Buyer shall be responsible to reimburse the Seller for that amount. This obligation will survive the closing. DEPOSIT 3. The Buyer submits Dollars ($ ) cash/cheque on or before the day of 20, payable to Seller Brokerage in trust, as a deposit to be held pending completion or other termination of this Agreement and to be credited towards the purchase price on completion. Balance of purchase price to be paid on closing or as otherwise stated in this Agreement. If the deposit is not delivered as specified, the Seller shall be at liberty to declare this Agreement null and void. It is understood and agreed that if the Buyer does not complete this Agreement in accordance with the terms thereof, the Buyer will forfeit the above deposit in addition to any other claim which the Seller may have against the Buyer for his/her failure to so complete. If the deposit is being returned to the Buyer, in accordance with the terms of this Agreement, it shall be done without interest or penalty (unless otherwise specified) and the release of the deposit from the brokerage trust account is subject to the terms of the Real Estate Trading Act. FINANCING 4. This Agreement is subject to the Buyer being able to obtain approval for a financing in a principal amount of approximately $ (or % of Purchase Price) at an interest rate not to exceed %. The financing shall be deemed to be arranged unless the Seller or Seller s Agent is notified to the contrary in writing on or before the day of 20. If notice to the contrary is received, either party shall be at liberty to terminate this Agreement and the deposit shall be returned to the Buyer. INSURANCE 5. This agreement is subject to the Buyer being able to obtain home owner s insurance for the property to the satisfaction of the Buyer. Confirmation shall be deemed obtained unless the Seller or the Seller s Agent is notified to the contrary in writing on or before the day of 20. If notice to the contrary is received, either party shall be at liberty to terminate this contract and the deposit shall be returned to the Buyer. INSPECTION 6. This agreement is subject to the Buyer, at the Buyer s expense, having the property inspected by an inspector(s) of the Buyer s choice, and the inspection(s) meeting the Buyer s satisfaction. The inspection(s) shall be deemed to be satisfactory unless the Seller or the Seller s Agent is notified to the contrary in writing on or before the day of 20. If said notice to the contrary is being provided it shall be accompanied by the pertinent sections of a written inspection report, following which either party shall be at liberty to terminate this Agreement and the deposit shall be returned to the Buyer. (e) The Buyer agrees that on or before closing they will execute all necessary documentation to enable the Seller to apply for the rebates. FORM /2010

3 AGREEMENT OF PURCHASE AND SALE FOR TURN KEY NEW CONSTRUCTION Page 3 of 6 Property Address: : : CLOSING DATE 7. This Agreement shall be completed on or before the day of 20, thereinafter called the closing date. Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided as follows: 8. (a) Should the Seller be prevented from completing the work required by this Agreement on or before the closing date, due to some act or neglect of the Buyer, or of any employee or agent of the Buyer, or of any other contractor employed by the Buyer, then the closing date shall be extended for such reasonable time as the parties may mutually agree upon, but at least as long as the time period lost by the delay. No such extension shall be made for the aforesaid delays unless the Buyer is advised by the Seller, in writing, within seven (7) days of the occurrence of the delay, provided however that in case of continuing cause of delay, only one advisement shall be necessary. Further, should the closing date be delayed due to some act or neglect of the Seller, or any employee or agent of the Seller, or any other contractor employed by the Seller, the Seller shall pay to the Buyer an amount of $ per diem as compensation for their costs of accommodation, meals, additional moving costs, and/or storage of furnishings and personal effects, for each additional day until completion of this Agreement. This shall be in addition to any other claim which the Buyer may have against the Seller at law, for failure to complete. LAND REGISTRATION CONVERSION 9. Check either (a) or (a) Property Not Converted to Land Registration System at Date of Agreement Within ten (10) days of acceptance of this Offer the Seller shall provide, to the Buyer, the applicable PID for the property, the Seller s deed and any survey or location certificate that is in the Seller s possession. The Seller, at the expense of the Seller, agrees to convert the property title to the Land Registration System at least seven (7) days prior to the closing. The Seller shall notify the Buyer, as soon as practical, that the property has been converted to the Land Registration System. After notification the Buyer is allowed five (5) business days to investigate the title to the property which the Buyer shall do at the Buyer s expense. If within that time frame any valid objection to title is made, in writing, to the Seller and which the Seller is unable or unwilling to remove and which the Buyer will not waive, this Agreement shall be null and void and the deposit herein shall be returned to the Buyer, and without liability by the Seller for any expenses incurred or damages sustained by the Buyer. At the time of notifying the Buyer that the property has been converted to the Land Registration System, the Seller shall provide to the Buyer: (i) the applicable PID(s) for the property after the date of conversion; (ii) a copy of any applicable restrictive covenants; (iii) that portion of any approved plan applicable to the property. CONVEYANCE Property Converted to the Land Registration System at Date of Agreement Within ten (10) days of acceptance of this Offer the Seller shall provide, to the Buyer, the applicable PID(s) for the property after receipt whereof the Buyer is allowed seven (7) business days to investigate title to the property which the Buyer shall do at the Buyer s expense. If within that time frame any valid objection to title is made in writing, to the Seller, which the Seller is unable or unwilling to remove and which the Buyer will not waive, this Agreement shall be null and void and the deposit herein shall be returned to the Buyer, and without liability by the Seller for any expenses incurred or damages sustained by the Buyer. 10. The conveyance (of the property which is the subject of this Agreement) shall be by Deed, drawn at the expense of the Seller, to be delivered on payment of the purchase price on the closing date. The said property is to be conveyed free from encumbrances, except as to any easements, registered restrictions or covenants that affect the property and do not materially affect the enjoyment of the property. TITLE 11. All lands, buildings, fixtures and all other property being purchased hereby, shall be and remain at the risk of the Seller. Pending completion of the sale, the Seller will hold all insurance policies and the proceeds thereof in trust for the parties as their interests may appear and in event of damage to the said property, the Buyer may either have the proceeds of the insurance and complete the purchase, or may terminate this Agreement and the deposit shall be returned to the Buyer. ADJUSTMENTS 12. Interest, rentals, leases, taxes, fuels on the premises and assessments are to be adjusted to the closing date. The cost of municipal improvements, including, but without limiting the generality of the phrase municipal improvements, betterment charges and capital charges for utility or municipal services completed as of the date of this Agreement, whether billed or not, are to be paid by the Seller on or before the closing date unless otherwise stated. WARRANTIES 13. (a) All warranties and representations contained in this Agreement shall survive the closing date unless otherwise stated in this Agreement. The Seller warrants there is to be no leased equipment other than that specified under clause 14 (iv) below.

4 AGREEMENT OF PURCHASE AND SALE FOR TURN KEY NEW CONSTRUCTION Page 4 of 6 Property Address: : : SCHEDULES 14. This Agreement is further subject to the terms and conditions set forth in Schedules that form part of this Agreement. The Schedules, as attached, shall be deemed satisfactory by both the Buyer and the Seller unless notice to the contrary is received in writing on or before the day of 20 in which case either party shall be at liberty to terminate this Agreement and the deposit will be returned to the Buyer. (i) (ii) (iii) (iv) (v) (vi) (vii) A list of Restrictive or Protective Covenants attached as Schedule. House plans attached as Schedule. Detailed building specifications list attached as Schedule. Details of leased equipment attached as Schedule. attached as Schedule attached as Schedule attached as Schedule SITE AND GRADING PLAN 15. The final site and grading plan, if applicable, as approved by the authorities with jurisdiction, shall be deemed satisfactory to all parties unless the Buyer provides the Seller with a notice, in writing, to the contrary, within 48 hours of the Buyer or the Buyer s Agent receiving said plan, in which case either party shall be at liberty to terminate this Agreement and the deposit shall be returned to the Buyer. LOCATION CERTIFICATE 16. The Seller agrees to (initial choice): (i) provide a copy of the existing Location Certificate showing the final location of the footing. The Seller provides no warranty as to the completeness or accuracy of the certificate that is provided for information purposes only. OR (ii) supply a Location Certificate in the Buyer s name which shall show the final location of the footing. WORK CHANGES 17. At any time during the progress of work, upon giving reasonable notice to the Seller, the Buyer may, in writing, request changes to the work described in this Agreement. If the changes are capable of being made, the Seller will confirm to the Buyer, in writing, the additional cost of the changes which are to be paid for by the Buyer or the reduction in cost which will reduce the purchase price to the Buyer and said changes shall be reflected on the HST Rebate form as provided by the Seller on closing. A signed amendment shall be attached to this Agreement as a Schedule. The Buyer is to pay the Seller for the extras upon the closing date. HOLDBACK AND OCCUPANCY PERMIT 18. (a) The Seller and the Buyer agree to withhold from the proceeds of sale, the appropriate amount under the Builder s Lien Act, which sum shall be held by the Seller s lawyer, in trust. The funds shall be released in accordance with the Builder s Lien Act upon confirmation that no liens, attributable to the Seller, have been registered against the property. The Seller shall provide the Buyer with an Occupancy Permit on or before the closing date. If this Agreement closes without an unconditional Occupancy Permit, the Buyer shall be entitled to hold back funds in an amount to be agreed to by the parties, until such time as the unconditional Occupancy Permit is issued. The funds held back and builder s liens shall not be released to the Seller until such time as an unconditional Occupancy Permit is provided or unless the Buyer otherwise agrees in writing. NEW HOME WARRANTY AND DEFICIENCIES 19. (a) This property shall be covered by a Limited New Home Warranty. Before occupancy of the house by the Buyer, the parties hereto shall complete the final inspection and the certificate of possession form provided by the Seller, shall be executed. Deficiencies shall be listed on the said certificate form and the parties hereto shall agree, in writing, to an amount to be held back from the Seller for each deficiency item, and to the date by which each deficiency item shall be completed, weather permitting. The funds comprising the deficiency holdback shall be held by the Seller s solicitor in trust. The itemized dollar amount designated for each deficiency item shall be released to the Seller upon the Buyer s instruction immediately upon completion of each deficiency item. Should a deficiency item not be completed by the date designated for completion, weather permitting, the dollar amount designated for that deficiency item shall, at the Buyer s option, be released to the Buyer, or held pending completion of the deficiency item by a newly agreed upon date of completion. The Seller hereby undertakes to complete the work as soon as reasonably possible and the Buyer agrees to co-operate with the Seller in the completion of the work. The Buyer acknowledges that the deficiency items are separate and apart from the warranty items covered by the Limited New Home Warranty. Deficiency matters are to be dealt with as aforesaid. Warranty items include the repair of latent defects and are to be dealt with pursuant to the Limited New Home Warranty. The Buyer shall not obstruct or withhold the release of monies held back for deficiency items pending the completion of warranty items.

5 AGREEMENT OF PURCHASE AND SALE FOR TURN KEY NEW CONSTRUCTION Page 5 of 6 Property Address: : : FREE FROM RUBBISH 20. The Seller shall deliver the Property to the Buyer free from accumulation of rubbish (e.g. left over building materials in construction zone) caused by his employees or workmen and prior to the closing date, shall remove all the rubbish and tools, scaffolding and surplus materials and leave the Property in a clean state. SITE INSPECTION 21. The Buyer or authorized representatives shall have the right to inspect the work of the Seller at the property at any reasonable time but shall not unduly impede the progress of the work and such inspection visits shall be subject to any stipulations of the builder s insurer. SELLER S RESPONSIBILITES 22. (a) The Seller shall build the house on the Lot and carry out all work in a good and workmanlike manner in accordance with (i) the terms and conditions contained herein; (ii) the plans, specifications, revisions and amendments attached hereto; (iii) the National Building Code of Canada; (iv) all relevant subdivision requirements, restrictive /protective covenants and building restrictions; (v) all relevant ` requirements contained in the Agreement of Purchase and Sale for the purchase of the lot from the developer; (vi) all local,municipal, provincial, and other applicable building bylaws and regulations. Unless otherwise provided in this Agreement, the Seller shall be responsible, at his own expense, for obtaining all permits, certificates, surveys, materials, labour, water, tools, equipment, light, power and approvals necessary for the completion of this Agreement. (d) The Seller and the Buyer agree to be bound by offers and counter offers and related documentation that may be transmitted electronically and that reproductions of the signatures therein will be treated as originals. LAWYERS APPROVAL 26. This Agreement is subject to the approval of both the Buyer s and Seller s lawyers acting reasonably with respect to legal issues within the Agreement. This approval shall be deemed to have been given unless the other party or their Agent is notified to the contrary, in writing, on or before the day of 20. If notice to the contrary is received, either party shall be liberty to terminate this Agreement and the deposit shall be returned to the Buyer. AGENCY RELATIONSHIP 27. The Seller and Buyer acknowledge having received, read and understood the brochure entitled Working with a Real Estate Brokerage and acknowledge and confirm as follows: (a) The Seller does does not have an agency relationship with Brokerage and BUYER S RESPONSIBILITY 23. It is understood and agreed that if the Buyer does not complete this Agreement in accordance with the terms thereof, the Buyer will forfeit the above deposit in addition to any other claim which the Seller may have against the Buyer for failure to so complete. Release of the deposit from the Brokerage Trust Account is subject to the terms of the Real Estate Trading Act. PERMISSION TO PROVIDE INFORMATION FOR REPORTING, APPRAISAL AND STATISTICAL PURPOSES 24. The Seller agrees that the sale and other related information regarding this transaction may be retained and disclosed by the Nova Scotia Association of REALTORS or Associated Boards if the property was listed on the MLS system, for reporting, appraisal and statistical purposes. GENERAL 25. (a) Any tender of documents to be delivered or money payable hereunder may be made upon the Seller or the Buyer or any party acting on their behalf. Money paid, subsequent to the deposit, shall be by Solicitor s trust cheque, certified cheque (or their equivalent) drawn on a chartered Canadian Bank, Trust Company or Credit Union. Time shall in all respects be of the essence in the Agreement. In the event of a written agreement of extension, time shall continue to be of the essence. This Agreement shall enure to the benefit of, and be binding upon, the parties hereto, their respective heirs, executors, administrators, successors and assigns. (c) The Buyer does does not have an agency relationship with Brokerage and The Buyer and the Seller acknowledge that upon signing this Agreement they will have consented to a Transaction Brokerage relationship with Brokerage and and have signed or agree to sign a separate Transaction Brokerage Agreement. (c) This Agreement is to be read with all changes of gender or number required of the context. This Agreement shall constitute the entire Agreement between the parties.

6 AGREEMENT OF PURCHASE AND SALE FOR TURN KEY NEW CONSTRUCTION Page 6 of 6 TIME FOR ACCEPTANCE 28. This offer shall be open for acceptance until a.m./ p.m. on the day of 20. Dated at in the Province of, the day of. 20. Signed, Sealed and delivered in the presence of In whereof I have hereunto set my hand and seal Buyer Buyer ACCEPTANCE 29. I hereby accept the above offer and agree to sell on the terms as set forth. Dated at in the Province of, the day of 20. Signed, Sealed and delivered in the presence of: In whereof I have hereunto set my hand and seal: Seller Seller REJECTION 30. I hereby confirm this offer was presented and not accepted a.m./p.m. Time Date Seller Or COUNTER OFFER 31. I hereby confirm having read and understood this Agreement and have prepared a Counter Offer dated the day of 20. Seller Seller REMUNERATION 32. I agree to pay the Seller Brokerage and/or the Co-operating Brokerage the commission or fee as per terms specified in the Seller Brokerage Agreement or Fee Agreement and Seller Customer Status Acknowledgement, plus all applicable taxes in respect of the commission or fee, for having procured this offer. Deposit may be applied to said commission or fee where applicable. I further instruct the Seller Brokerage to remit any balance of deposit monies to my solicitor and I irrevocably instruct my solicitor to pay directly to the Seller Brokerage or their assigns, any balance of the commission or fee owing from the proceeds of the sale. Dated at in the Province of, the day of 20. Signed, Sealed and delivered in the presence of: In whereof I have hereunto set my hand and seal: Seller Seller Seller s Solicitor Phone Fax Buyer s Solicitor Phone Fax Seller Phone Fax Phone Fax