Fillable Printable Agreement of Purchase and Sale - Newfoundland and Labrador

Agreement of Purchase and Sale - Newfoundland and Labrador

GIBRALTAR DEVELOPMENT LIMITED.

AGREEMENT OF PURCHASE AND SALE

_____________________________________, of ___________in the Province of

Newfoundland and Labrador, (hereinafter called the "Purchaser") hereby offers to

purchase from Gibraltar Development Ltd. (hereinafter called the "Vendor") the property

known as Unit No. ______ of the Vendor’s Condominium Development at Civic No. 25

Rhodora Street, St. John’s, NL, for the sum of

________________________________Canadian Dollars ($___________) upon the

following terms and conditions, payable as follows:

1) by an initial down-payment of $30,000.00 (receipt of which is hereby

acknowledged) payable to the Vendor

2) the balance of the purchase price payable upon closing.

3) down payment is refundable if:

a) Gibraltar Development Limited fails to complete preparation of the unit for

occupancy within 12 months of the identified closing date

b) In the event of a purchasers death, down payment can be returned upon request

c) Under other conditions that are specifically agreed to and added here

CONDITIONS:

4. Building structure, materials, equipment and finishes will be in accordance with

plans and specification prepared by Sheppard Case Architects, meeting or

exceeding building code requirements. Additional information regarding standard

inclusions can be found in the attached Appendix

5. Provided the title is good and and marketable and free from all encumbrances and

in accordance with the Condominium Act;

6. Municipal Taxes and condominium fees, if assessed, will be apportioned as at the

date herein fixed as the closing date.

7. It is a condition of this sale that if the Purchaser requires a loan to finance this

transaction, the Purchaser shall obtain approval for such loan on or before

__________, 2013, and within that time the Vendor or its agent shall receive

written notice of the approval of such loan. If the Vendor or agent shall fail to

receive such notice within the time aforesaid, then this agreement shall be void

and of no effect and the Purchaser’s initial payment shall be returned. (Please

initial one: Financing required ____; No financing required____).

8. This transaction of Purchase and Sale is targeted to be completed on or before the

_____ day of ___________, 2013 (the “closing date”). The closing date is subject

to revision to accommodate delay in completion arising from causes reasonably

beyond the Vendor’s control.

9. Vacant possession to be given by the Vendor on the closing date.

10. This offer, when accepted, shall constitute a binding contract of Purchase and

Sale, and time shall in all respects be of the essence hereof.

11. Purchaser to forfeit payments made hereunder unless he completes as agreed

hereby.

12. This offer and its acceptance to be read with all changes of gender or number

required by the context.

13. This agreement shall operate for the benefit of and be binding upon the parties

hereto, and their respective heirs, executors, administrators and successors. It is

not assignable without the consent of both parties, which consent will not be

unreasonably withheld.

14. All buildings and equipment upon the real property shall be and remain at the risk

of the Vendor until closing. Pending completion of sale, the Vendor will hold all

insurance policies and the proceeds thereof in trust for the parties as their interest

may appear.

15. The Vendor warrants that the property cited in this agreement does not and will

not at least until the closing date contain Urea Formaldehyde Foam Insulation.

16. $25,000 in allowances (HST included). To be used by purchaser to purchase

cabinets, flooring, and lighting. Units 401, 402, 403, 404 have $50,000 in

allowances. (HST included).

17. Purchaser acknowledges that the Unit being purchased forms part of a

Condominium and that it is subject to monthly condominium fees.

Further to 16. Approved suppliers and contacts are as follows:

Flooring **

Cohen’s Carpet One Barbara Aucoin 739-6027

Paint Shop, 445 Torbay Rd Bob Nash 739-6955

Carpet Factory, 1 Logy Bay Rd Lamont Whalen 726-8232

Kitchen & Vanity Cabinets

Crown Cabinets, 349 Kenmount Rd Don Escott 726-6668

Custom Cabinets, 156 Major’s Path John 576-3275

Nu Way Kitchens, 1328 Topsail Rd Keith Crocker 782-1711

Lighting

McLoughlan’s Lighting World

22 Blackmarsh Rd Sandra Mitchell 576-4091

Lamp Post, 87 O’Leary Ave Wayne O’Keefe 570-5703

** Pre-engineered hardwood is generally NOT an acceptable flooring product for

use in this development. The surface tends to be highly susceptible to damage.

Gibraltar Development Limited will not accept responsibility for damage to pre-

engineered hardwood during construction.

Laminate floors are floating on a concrete substrate. Movement and deflection is

normal. A superior quality underpad is required. (Selitac underlayment from

Shaw floors is a minimum standard)

18. If a client wishes to substitute items for which alternative selections are not offered

(eg: sinks, faucets, door hardware) prior approval is necessary. If the substitution

is acceptable, these items shall be purchased and delivered to site by the client

on or before the requested date. The cost of the item replaced will be credited on

closing. It is recommended that client confirm the credit values prior to

proceeding. Such changes often result in additional labour. Any additional work

associated with such changes will proceed on a cost-plus basis

19. Solid surface counter tops can only be ordered after final kitchen measurements

are taken. If solid surface counter tops and/or vanity tops are selected, their

completion will not affect closing. Units will be closed with kitchen and vanity

sinks temporarily installed in cabinetry.

20. Gibraltar Development Limited requires to following schedule to be adhered to:

a. Cabinet selections to be finalized and signed off on by:______________

b. Paint selections to be finalized by: __________________

c. Lighting selections to be finalized and ordered by: __________________

d. Flooring selections to be finalized and ordered by: __________________

Out of stock/ long delivery items must be approved by Gibraltar Development

Limited.

21. Client will be required to complete an electrical walkthrough. Gibraltar

Development will provide one weeks notice.

CLOSING

Units will be closed when substantial completion has been achieved and an

occupancy permit issued. The occupancy permit may note minor deficiencies for

completion within the unit or requirements associated with the final approval of

the base building. If on the day of closing there are items that are not completed

(i.e. granite counter tops, etc.) the purchaser agrees to complete the purchase of

the property on the closing date without holdback of any portion of the final

purchase price, and to accept from Gibraltar Development Limited its Letter of

Undertaking. This document will identify the agreed-to incomplete or deficient

items and specify a reasonable completion date for the outstanding work.

The closing date identified in the Purchase and Sale document is tentative. The

closing date will be assessed throughout construction, and the purchaser will be

advised if a revision is required. Closing dates can be finalized once kitchen and

flooring install dates have been confirmed. If the purchaser delays closing

beyond the agreed closing date, costs associated with interest expense on the

outstanding balance may be charged, provided Gibraltar Development Limited

has completed its contractual obligation under this agreement. Gibraltar

Development Limited assumes no liability in damages if the property in question

does not close on the set agreement date.

Closing will not be delayed due to out of stock selections. For example, lamp

holders will temporarily substitute for long delivery light fixtures.

No personal contents are to enter the home until the property is officially closed.

Unless appliances are built in (i.e. dishwasher, cook top, wall oven), Gibraltar

Development does not allow appliances to be moved in and installed before

closing and assumes no responsibility for any damages associated with the

delivery or installation of these appliances.

Gibraltar Development Limited is not responsible for the theft, loss or damage of

purchaser’s property delivered to or left on property prior to closing. (e.g.

Appliances, lighting, furniture, etc.)

The following matters are of note on final inspections:

All work shall be completed in a good and workman like manner. Acceptance of

the work is subject to the purchasers final inspection conducted in a reasonable

manner. Final inspection is to be completed by the home purchaser and their

agent (if applicable) accompanied by a Gibraltar representative. Having a

Gibraltar Development representative present, ensures that issues that require

attention can be determined, a resolution agreed to, and action taken in a timely

manner.

Purchaser acknowledges herein that the standard of acceptance is as follows:

 Flooring: Flooring shall be inspected in a standing position in normal household

lighting conditions. Visible dents and scratches will be repaired by Gibraltar

Development. Purchaser should understand when selecting materials, the

quality of finished products is directly related to the quality of material purchased.

Also, dents and scratchs are far more visible in darker floors.

 Painted Walls: Uniformity of color and sheen with no visible defects when

viewed from a distance of five feet 90 degrees to the surface under normal

household lighting conditions.

 Painted Ceilings: Uniformity of color and sheen with no visible defects when

viewed from the floor at 45 degrees to the surface under normal household

lighting conditions.

HST

HST is to be included in sale price.

Purchaser acknowledges that this property is being purchased as a principle

residence & therefore is eligible for the HST Rebate. The Purchaser agrees to

assign the HST Rebate back to the Vendor on closing. If for any reason the

Purchaser is unable to sign the HST Rebate to the Vendor then the calculated

value of the HST Rebate will be added to the purchase price indentified in this

agreement and any following amendments. Alternately, purchaser may increase

the initial down payment amount by $100,000, payable upon acceptance of this

offer, to be applied in part to the purchase price in lieu of the assignment of the

HST Rebate

WARRANTY

It is understood that Gibraltar Development Limited provides a one year warranty

covering materials and labour defects. This warranty dates from the initiation of

the condominium corporation, or the date of purchase of your suite, whichever is

the latter. The structure has been designed and inspected by the architectural

and engineering firms identified on the project drawings and is subject to their

liability coverage. The building envelope, structure and common elements are

maintained and insured by the condominium corporation.

SITE ACCESS

Purchasers understand & agree that due to Gibraltar’s legal liability, they are not

permitted to enter a property under construction unless accompanied by a

Gibraltar representative. To do so, an appointment must be made with the listing

agent one day in advance. The purchaser also understands and agrees that

when entering a home under construction, they do so at their own risk. Gibraltar

assumes no responsibilities for injury should it occur.

This purchase and sale agreement including all appendices attached, form a

binding contract between Gibraltar Development Limited and the Purchaser(s).

The information contained herein, supersedes all other documentation prior to

the agreement of purchase and sale.

Additional terms and conditions (if any):

This offer shall be open for acceptance by the Vendor until ___________ on the ______

day of _____________,2013, after which time if not accepted it shall be null and void and

any payment made by the Purchaser shall be returned as soon as practicable.

I acknowledge having read and received a copy of this agreement at the time of signing.

Dated at ________________________________, in the Province of Newfoundland and

Labrador , this ______ day of ________________, 2013.

____________________________ __________________________

Witness Purchaser

____________________________ __________________________

Witness Purchaser

We hereby accept the above offer and agree to sell on the above terms.

Dated at ________________________________, in the Province of Newfoundland and

Labrador , this _____ day of _______________, 2013.

___________________________ ____________________________

Witness Gibraltar Development Limited. - Vendor

___________________________ ____________________________

Vendor's Solicitor Purchaser's Solicitor

APPENDIX

Standard inclusions and conditions

 One interior parking space (location to be confirmed)

 Individual storage locker off parking garage (location to be confirmed)

 Washroom accessories (ie, mirrors, towel bars, paper holders) are not included.

Installation of accessories is included, provided they are on site prior to closing.

 Pre-selected trim including crown moulding in presentation areas, where

applicable.

 40 gal hot water tank

 Maxx “Jazz” free standing tub in en-suite

 4’ acrylic shower with sliding glass door in en-suites of the following units:

103, 104, 105, 106, 107. 203, 204, 205, 206. 303, 304, 305, 306.

 Built in shower with hinged glass door and slide bar shower head in en-suites of

the following units:

NOTE: Tile to be purchased from flooring allowance

101, 102, 108. 201, 202, 207, 208. 301, 302, 307, 308. 401, 402, 403, 404.

 Moen “Eva” faucets and trim.

 Pre-wire for: 4 telephone, 4 cable, 4 data

 4 pot lights in kitchen (fixture to be purchased from lighting allowance)

 4 pot lights in living room (fixture to be purchased from lighting allowance)

CLIENT INFORMATION SHEET

Purchasers Name(s): ________________________________________________

Telephone number(s): ________________________________________________

Email address(s): ________________________________________________

________________________________________________

Real Estate Agent: ________________________________________________

Solicitor for Purchaser: ________________________________________________