The Contract For Sale Of Commercial Property is essential for any commercial property transaction in England and Wales. It serves as the primary legal instrument documenting the terms of sale, protecting both parties' interests, and ensuring compliance with property law requirements. This contract type is typically used when transferring ownership of office buildings, retail spaces, industrial units, or other commercial real estate. It includes crucial details about the property, price, completion arrangements, title guarantees, and various warranties and representations. The document must comply with the Law of Property Act 1925 and other relevant legislation governing commercial property transactions in England and Wales.
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1. Parties: Details of seller and buyer, including registered addresses
2. Background: Context of the sale and brief property description
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold
5. Purchase Price: Amount and payment terms
6. Completion: Completion date and requirements
7. Title Guarantee: Extent of title guarantee given by seller
8. Vacant Possession: Conditions of possession upon completion
1. VAT Provisions: Required if property is VAT-elected. Used when property is subject to VAT
2. Existing Tenancies: Details of ongoing leases. Used when property is sold subject to existing tenancies
3. Environmental Provisions: Environmental warranties and indemnities. Used when environmental risks are identified
4. Planning Conditions: Specific planning requirements or restrictions. Used when property is subject to planning conditions
1. Schedule 1 - Property Details: Full legal description and plan of the property
2. Schedule 2 - Title Documents: List of relevant title documents
3. Schedule 3 - Existing Tenancies: Details of any existing leases or occupational agreements
4. Schedule 4 - Property Information: Replies to standard commercial property enquiries
5. Appendix 1 - Property Plan: Official plans showing the property boundaries
6. Appendix 2 - EPC Certificate: Energy Performance Certificate
7. Appendix 3 - Search Results: Results of local authority and other searches
8. Appendix 4 - Title Register: Official copy of the Land Registry title
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