Analysis of Conveyance and Sale Agreement for Commercial Property

This case study analyzes a commercial property sale agreement, focusing on the conveyance of real estate. The document outlines the essential components of a contract of sale, including the roles of the vendor and purchaser, property descriptions, and financial considerations. It delves into key clauses like title and tenancies, assessment responsibilities, escrow procedures, and risk allocation related to property damage. The study also covers commercial zoning, broker commissions, survey requirements, and default scenarios for both buyer and seller. Furthermore, the document addresses property conditions, occupancy, notices, and the binding effect of the agreement, providing a comprehensive overview of the legal and practical aspects of commercial property transactions. The provided document is a student assignment that includes references to relevant legal resources and real estate terms.

Running head : CONVEYANCE OF SALE OF REAL ESTATE PROPERTY
CONVEYANCE OF SALE OF REAL ESTATE PROPERTY
Name of the student
Name of the university
Author note

1CONVEYANCE OF SALE OF REAL ESTATE PROPERTY
CONVEYANCE OF SALE OF REAL ESTATE PROPERTY
This agreement of transaction of commercial property is established and effective from the
specified date
BETWEEN: the vendor a company existing and established under the legislation of the
province or state with its office located at the specified address
AND: the name of the buyer, an entity or the company existing and established under the
legislation of the province or state with its office located at the specified address.
RECITALS
WHEREAS by taking into regard the agreements and covenants of the parties to the
agreement the vendor accepted to convey and sell to the buyer and the buyer approve to purchase
and take the possession of the property from the vendor, the real estate property that is located in
the state or province.
WHEREAS along with the advances made on the property and all appurtenances attached
to it in addition to that equipment articles and other private property that is marked as Exhibit A
which is incorporated and attached by the reference. The personal and real property that is
described in this agreement is mentioned as property.
WHEREAS assign to the buyer shall involve a title, right and interest of the vendor and
all alleys, roads, streets and avenues that are connected to the property and further involve any
reward for taking away domain by the quasi-judicial organization or by public or for damaging
of the property or any portion of it.

2CONVEYANCE OF SALE OF REAL ESTATE PROPERTY
CONSIDERATION
The consideration amount of the property is payable according to the terms and
conditions of the agreement.
1. TITLE AND TENANCIES
a. The sale of the title of the real estate property shall be made by licensed deed and
with full conditions that are implemented by the vendor to the buyer or the nominees
of the buyer. The title which is transferred through this agreement shall be the
marketable and good title that is subjected to the particular liens, easements,
restrictions and other encumbrances.
b. The property is currently possessed by the renters under the rent that is payable on the
basis of the month to month or the leases as laid down in Exhibit B what is made and
attached as the portion of the sale agreement. The assignment of possession and title
to the real estate property must be subjected to renters who are occupying the
property. However, all the title, right and interest of the vendor shall be assigned to
the buyer or his representatives during the transference of title.
c. The transfer of title must be established and the conveyance concluded after the date
specified in the agreement. The title of the property shall be supported by an
insurance policy of title that s in standard form which is issued by the company
indemnifying the property title in favour of the buyer or his representatives that is
subjected to the materials laid down in the convention.
2. ASSESSMENT
If during the conveyance of the title of the property or portion of it is subjected to the
assessment that is payable in the manner of instalments that is payable at the reasonable

3CONVEYANCE OF SALE OF REAL ESTATE PROPERTY
time and all the liens that are attached to the property along with the assessments shall be
discharged and paid by the vendor.
3. ESCROW
The escrow is exposed in the mane of the escrow corporation and the instruction
required by Escrow Corporation not varying with the agreement provisions shall be filed
and signed by the respective parties to the agreement. The escrow is exposed at the time
the escrow corporation is in the place to make a record of all data that are necessary
under the covenant cause all disbursement along with that secure or issue the insurance
policy of the title of the company.
4. PERIL OF DAMAGE; TRANSFER, MAINTENANCE, OR POSSESSION
The peril of damage or loss by casualty or fire to the property before the closure of the
escrow must be at the peril of the vendor. In the occasion of damage or loss before the
closure, the covenant must not be hampered however the vendor shall transfer all rights to the
purchaser under the policy of insurance that is applicable in case of damage or loss to the
property. It any action is required to initiate in the name of the vendor shall approve the
same. The possession of the real estate property is subjected to the tenancies and leases that
are mentioned hereinabove must be assigned at the closure of escrow.
5. COMMERCIAL ZONING
The vendor-authorized that the property is the zone for marketable purposes in addition
to that all existing application are legitimate and within the zone.

4CONVEYANCE OF SALE OF REAL ESTATE PROPERTY
6. BROKER’S COMMISSION
The amount of the commission that is due and payable from the vendor to the
broker due to sale agreement. The amount specified shall be payable to the broker
at the closure of escrow.
7. SURVEY
Within the period after contract acceptance, the vendor will deliver and provide to the
purchaser or the attorney of the purchaser a certified spotted survey that showing the
property developments.
8. TITLE EXAMINATION AND CLOSURE TIME
If the evidence of the title and survey as mentioned reveals that the vendor is allocated
with fee property title the conveyance shall be concluded and the purchaser shall conduct
the covenants that made an arrangement at the official address of the attorney of the
purchaser of the specified date after contract acceptance.
9. BUYER’S DEFAULT
If the purchaser of the property fails to comply the arrangements of the contract within
the specified time the vendor retains the property ads liquidated compensation rather than
as penalty which is said as exclusive remedy of the vendor.
10. SELLER’S DEFAULT
If the seller of the property fails to comply with the arrangements of the contract all
deposit that is made by the purchaser shall be refunded to the purchaser along with that
the purchaser may institute suit against the vendor for the loss resulting from contract
infringement. The purchaser can also initiate action against the vendor under a specific

5CONVEYANCE OF SALE OF REAL ESTATE PROPERTY
performance of the contract. the remedies available to the purchaser ae cumulative rather
than exclusive of each other the in addition to that the remedies available under equity or
law to the purchaser for the breach of contract by the buyer.
11. PROPERTY CONDITION
The vendor agrees to transfer the property to the purchaser in the current condition and
held that the vendor has knowledge that there are no latent deficiencies in the real estate
property.
12. OCCUPANCY
The vendor transfers the possession to the purchaser and represents that no one
possessing the property.
13. NOTICES AND BINDING EFFECT
The notices that are necessary under an agreement that be sent to the respective parties.
The agreement shall be binding to the advantage of the respective parties, their personal
representatives, heirs, successors and assigns.

6CONVEYANCE OF SALE OF REAL ESTATE PROPERTY
IN WHEREOF WITNESS The parties to the agreement execute the covenant as
the specified date and originals duplicate agreement have been signed up
NAME OF THE SELLER NAME OF THE PURCHASER

7CONVEYANCE OF SALE OF REAL ESTATE PROPERTY
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