Prince Edward Island
Buy and sell real estate properties in PEI with these easy-to-use Prince Edward Island Real Estate Forms. Affordable and fully editable.
Non-residents of Prince Edward Island can buy real estate on the Island but there are some restrictions. In general, you can purchase property that is 5 acres or less in size, and up to 165 feet of water frontage. Anything over those limits will require government approval.
Housing prices in PEI tend to be far below the national average. In 2010, the average price of a home in PEI was just under $160,000, while the national average across Canada was about $330,000. The province collects a 1% Real Property Transfer Tax, which is tacked onto the selling price. First-time home buyers are exempt from this tax.
Prince Edward Island Real Estate Purchase and Sale Agreement
Buy and sell real estate property in Prince Edward Island with this Offer to Purchase / Agreement of Purchase and Sale of Real Property.
Responsibilities of Parties
- The vendor (seller) is responsible for paying out and discharging any existing financial encumbrances on title to the property which are not being assumed by the purchaser.
- The purchaser is responsible for paying the costs of arranging new mortgage financing (if applicable) and the costs of conveyance of the title.
Key Conditions of the Agreement
- The buildings and property remain at the risk of the vendor until the closing, after which the purchaser assumes the risk.
- The vendor makes certain warranties and representations about the property (e.g. residential use only, Canadian residency, etc.).
- Once signed, the offer becomes a binding contract between the parties.
Format and Jurisdiction
This legal document template is available as a fully editable MS Word form. It is intended for use solely in the Province of Prince Edward Island, Canada.
