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ARTICLE · 24 JANUARY 2014

Keeping It Enforceable: The Essential Terms Of A Purchase Contract

McCarthy Tétrault
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It is not uncommon for parties to enter into contracts for the purchase and sale of real estate that contain defects which may affect their enforceability.

CanadaReal Estate and Construction
Cameron Whyte
Cameron Whyte
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It is not uncommon for parties to enter into contracts for the purchase and sale of real estate that contain defects which may affect their enforceability.

To be enforceable, a purchase contract must set out the essential terms of the agreement; in particular, it must clearly describe the "three Ps" (parties, property and price) and other key terms such as the completion date and the particulars of any vendor financing or leaseback. Although these legal requirements are well known, even the most experienced real estate professional will occasionally fail to adequately describe one or more essential terms in a purchase contract.

There are several basic steps that can be taken when preparing a purchase contract to help ensure it is enforceable.

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