- Tax Adjustment
- Overdue Payments
- Closing Date and Transfer
- "As is, Where is"
- Conditions Precedent
- Permission to Enter the Property
We are authorized to form Sale Agreements under terms that are consistent and within the range of authority granted to us by City Council. The following outlines the standard terms and conditions of sale that may be included in a Sale Agreement and is for information purposes only.
A minimum of 10% of the purchase price is required. Deposits are held by the City.
25% of the purchase price and an unconditional Sale Agreement is required before possession will granted. Possession will not be granted until all conditions precedent have been met or waived by the appropriate parties.
The tax adjustment date will be the possession date.
Simple interest at 12% per annum with quarterly payments is charged for up to two years, providing the Sale Agreement is unconditional, and a deposit of 25% of the sale price has been paid.
The balance of the total sale price is due on the closing date.
All overdue payments shall be charged simple interest at the rate of 18% per annum.
The closing date will be no later than two years from the Sale Agreement date. When all terms and conditions of the Sale Agreement have been fulfilled, and upon payment in full of the balance of the total sale price, together with all accrued interest, the City shall provide to the buyer a Transfer of Land.
The property is sold on an "as is, where is" basis and the City of Edmonton makes no representation and gives no warranty whatsoever as to the size, configuration, adequacy of services, soil and building conditions, zoning, absence or presence of environmental contamination or developability of the property for any intended use by the buyer.
The sale of the property may be subject to satisfaction or waiver of the following conditions:
- soils and environmental tests
- subdivision or consolidation
- development permit
- road closure
- easement registration
- tenant's rights
The City may permit the buyer access to the property for the purposes of inspection/surveys, environmental studies, engineering studies, soil studies, and/or erection of permitted signs.
G. S. T. is the responsibility of the buyer.
Extensions to sale closing dates or conditional dates may be granted if the reasons are totally within the control of the City (e. g. . subdivision approval delays). Extensions requested by the purchaser may be granted if the request is reasonable and in the best interests of the City.
Purchasers may be required to post performance fees or execute buy-back option agreements to ensure compliance with development controls.
Options will be considered on a case by case basis, with an option fee of 5% of the purchase price for a six month term, 1% of the purchase price per month thereafter. 50% of the option fee will be credited to the purchase price.