Subjects are essentially conditions that must be met in order for the deal to become firm, or official. These subjects might include: subject to financing, inspection, property disclosure statement, title search, or strata documents – to name a few. They are completed during the subject removal period, which is the time that you actively work to remove these subjects in good faith.
For more details on the types of subjects and clauses used in a contract : READ HERE
ASSIGNMENT CLAUSE – The Buyer reserves the right to assign this contract in whole or in part to any third party without further notice to the Seller; said assignment not to relieve the Buyer from his or her obligation to complete the terms and conditions of this contract should the assignee default.
STRATA DOCUMENTATION –
HOME INSPECTION –
PROPERTY TRANSFER TAX –
The Buyer is aware that the Property Transfer Tax Act as amended imposes an additional Property Transfer Tax of 15% of the fair market value of any residential property being purchased by a Foreign Entity.
The Buyer will thus be required to pay Property Purchase Tax equal to the total of:
a) 1% of the Purchase Price on the first $200,000.00;
b) 2% of the Purchase Price that exceeds $200,000, but does not exceed $2,000,000.00;
c) 3% of the Property Price that exceeds $2,000,000.00;and
If the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000 (effective February 21, 2018).
The Buyer has obtained or will obtain independent legal advice with respect to the payment of the Property Transfer Tax.
DEFAULT ON DEPOSIT CLAUSE – If the Buyer fails to pay the deposit money as required by this contract, the Seller may, at the Seller’s option, terminate this contract.