The Land Purchase Advance Agreement is utilized when parties wish to structure advance payments for land acquisition before final completion. This document, governed by English and Welsh law, is particularly relevant in situations where staged payments are preferred or where development conditions need to be met before final transfer. It includes essential provisions for protecting both parties' interests, setting out payment schedules, specifying conditions precedent, and establishing clear timelines for completion. The agreement must comply with the Law of Property Act 1925 and related property legislation.
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1. Parties: Identification and details of the buyer and seller
2. Background: Context of the transaction and property details
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the land being purchased
5. Purchase Price: Amount and payment terms including deposit
6. Advance Payment Terms: Details of advance payment structure and conditions
7. Completion Requirements: Conditions for completion of the purchase
8. Governing Law and Jurisdiction: Confirms the agreement is governed by English and Welsh law
1. Due Diligence Provisions: Required when specific investigations are needed for complex property transactions
2. Development Conditions: Specific conditions related to property development, used when property requires development
3. Environmental Provisions: Environmental obligations and warranties for properties with environmental concerns
4. Planning Permissions: Details of existing or required planning permissions and conditions
1. Schedule 1 - Property Plan: Detailed plan showing the property boundaries and location
2. Schedule 2 - Title Documents: Copies of relevant title documents and registers
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment structure and advance payment terms
4. Schedule 4 - Special Conditions: Any specific conditions particular to this transaction
5. Schedule 5 - Form of Transfer: Draft transfer document to be used on completion
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