Pei Real Estate Association Agreement of Purchase and Sale

THE CORPORATION OF THE TOWNSHIP OF RUSSELL BY-LAW NO. 42-2014 A by-law for the sale of real estate and for the approval of the sale of municipal land. CONSIDERING that the Council of the Municipal Corporation, which concludes a contract of purchase and sale, can be complicated and technical. Before the contract becomes final, it may be modified as a result of negotiations between the Buyer and the Seller and counter-offers made to the Buyer by the Seller. To be sure that you understand all the terms of the agreement, it is best to have your agreement reviewed by a lawyer before your land purchase or sale is completed. For more information on contracts to buy and sell, contact the Ontario Real Estate Association or visit the Canadian Real Estate Association website at crea.ca. The agreement also covers furnishings and movable property. Fittings are usually improvements to a property that are attached or cannot be easily removed without damaging the property. Water heaters, built-in cabinets and luminaires are some examples of luminaires. It is assumed that the furniture will be included in the sale of the house, unless it is expressly excluded in the contract. However, movable property is movable property of personal property contained on the property and must be expressly listed in the agreement if it is to be part of the sale of the house. For example, if the seller agrees to include a refrigerator and stove or garden tools in the sale, these items must be explicitly labeled in the contract. If there are doubts as to whether an article is included or excluded, this should be clearly stated in the agreement.

3 10. RESIDENCE: In the event that the seller is not a resident of Canada, the seller must obtain a non-resident certificate of compliance from the Canada Revenue Agency (the certificate of compliance) in accordance with the provisions of the Income Tax Act of Canada and provide it to the buyer. 11. ADJUSTMENTS: All rents, deposits, mortgage interest, property taxes, including local improvement rates and public or private services and, if applicable, fuel costs will be adjusted on the completion date. 12. PROPERTY VALUATION: Each buyer and seller hereby acknowledges that the property may be retroactively reassessed to determine the property taxes payable on the property. Each buyer and seller agree that no claim will be made against the other or any broker, broker or seller for changes in the amount of property tax as a result of a revaluation of the property, with the exception of the amount of property taxes accumulated prior to the completion date. 13. DEADLINES: The deadline is essential in all respects, provided that the time limit for processing or settling any matter provided for herein may be extended or shortened by written agreement signed by the Seller and the Buyer or their respective lawyers. 14.

OFFER: Any offer of documents or money under this Agreement may be made to the Seller or buyer or its respective lawyers. Money is issued by certified check, bank check, bank transfer or bank check. 15. UFFI/ASBESTOS: The Seller represents and warrants to the Buyer that during the period during which the Seller owns the property, the Seller has not insulated any building on the property with insulation containing urea formaldehyde and / or asbestos and that, to the knowledge of the Seller, no building on the Property contains insulation or has never contained insulation, containing urea formaldehyde and/or asbestos. This guarantee is valid even after the completion of this transaction. If the property is part of a multi-unit immovable, this guarantee applies only to the part of the immovable that is the subject of this transaction. 16. LEGAL, ACCOUNTING AND ENVIRONMENTAL ADVICE: The parties acknowledge that any information provided by their respective brokers is not legal, tax or environmental advice. 17.

WRITTEN AGREEMENT: In the event of any conflict or discrepancy between any provision added to the standard form of this Agreement (including in a disclosure statement accompanying the disclosure of the Appendices and/or the Title Terms hereof) and the provision contained in the predefined standard part of this Agreement, the amended provision supersedes the default standard provision to the extent of such conflict or discrepancy. This Agreement constitutes the entire agreement between Buyer and Seller. There are no representations, warranties, sub-agreements or conditions that affect this Agreement, except as expressed herein. For the purposes of this Agreement, seller means Seller and Buyer means Buyer. This agreement must be read with any change of sex or number required by the context. 18. TIME AND any reference to a time and date in this Agreement means the time and date at which the property is located. .