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New Build Purchase Agreement

New Build Purchase Agreement Template for England and Wales

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Key Requirements PROMPT example:

New Build Purchase Agreement

"I need a New Build Purchase Agreement for a luxury apartment development in Manchester, with specific provisions for customizable interior finishes and a proposed completion date in March 2025."

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Document background
The New Build Purchase Agreement is essential for transactions involving newly constructed properties in England and Wales. It provides a comprehensive framework for both developers and purchasers, detailing construction specifications, completion dates, warranty provisions, and payment terms. This agreement is particularly important as it incorporates specific consumer protections required under English and Welsh law, including compliance with the Consumer Code for Home Builders and building regulations. The document is designed to protect both parties' interests while ensuring clarity on all aspects of the new build purchase process.
Suggested Sections

1. Parties: Identification of the builder/developer and purchaser including full legal names and addresses

2. Background: Context of the transaction, development details, and brief property description

3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Contract Price, etc.

4. Property Description: Detailed description of the property including plot number, address, and boundaries

5. Purchase Price: Contract price, deposit requirements, and payment terms

6. Construction and Completion: Builder's obligations regarding construction, quality standards, and completion timeline

7. Warranties and Representations: Builder's warranties regarding construction quality, compliance with regulations, and NHBC coverage

8. Title and Registration: Provisions regarding clean title transfer and registration requirements

9. Default and Remedies: Consequences of breach by either party and available remedies

10. General Provisions: Standard contractual provisions including notices, assignment, and governing law

Optional Sections

1. Specification Changes: Procedures for requesting and implementing changes to property specifications during construction

2. Stage Payments: Schedule of interim payments during construction phase where applicable

3. Shared Facilities: Rights and obligations regarding common areas and facilities in larger developments

4. Environmental Provisions: Special provisions regarding environmental matters or sustainability requirements

5. Help to Buy Provisions: Additional terms where government Help to Buy scheme is being utilized

Suggested Schedules

1. Schedule 1 - Property Specification: Detailed technical specifications of the property including materials and finishes

2. Schedule 2 - Plans and Drawings: Architectural plans, layout drawings, and site plan

3. Schedule 3 - Fixtures and Fittings: Comprehensive list of included fixtures, fittings, and appliances

4. Schedule 4 - Planning and Building Regulations: Copies of planning permissions and building regulation approvals

5. Schedule 5 - Warranty Documentation: NHBC or equivalent warranty documentation and coverage details

6. Schedule 6 - Service Charge Budget: Estimated service charges and management arrangements for common areas

7. Schedule 7 - Construction Timeline: Expected construction milestones and completion schedule

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


































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Industries

Law of Property Act 1925: Fundamental legislation governing property law in England and Wales, dealing with the creation and transfer of interests in land

Housing Acts 1984 and 2004: Key legislation governing housing standards, safety requirements, and regulatory framework for residential properties

Consumer Rights Act 2015: Legislation protecting consumer rights in relation to goods and services, including property purchases

Contracts (Rights of Third Parties) Act 1999: Governs how third parties may enforce terms of a contract, relevant for warranty providers and management companies

Land Registration Act 2002: Regulates the registration of land and property ownership in England and Wales

Consumer Protection from Unfair Trading Regulations 2008: Protects buyers from misleading marketing practices and unfair commercial practices in property sales

Building Act 1984: Primary legislation governing building works and construction standards

Building Regulations 2010: Detailed technical requirements for construction works ensuring safety and quality standards

Construction (Design and Management) Regulations 2015: Health and safety regulations specific to construction projects

Planning and Compulsory Purchase Act 2004: Framework for planning permission and development control

Consumer Code for Home Builders: Industry code of conduct setting standards for marketing, selling, and after-sales service for new homes

New Homes Quality Code: Recent code introducing additional protections for new build home buyers and standards for developers

Home Building Compensation Fund Requirements: Guidelines for protecting buyers' deposits and ensuring compensation availability for structural defects

NHBC Requirements: Standards set by the National House Building Council for warranty and insurance provision

Property Misdescriptions Act 1991: Legislation preventing false or misleading property descriptions in marketing materials

Estate Agents Act 1979: Regulates estate agent conduct and property sales practices

Energy Performance Certificate Requirements: Mandatory energy efficiency assessments and certificates for new properties

Financial Services and Markets Act 2000: Regulates financial aspects of property transactions and related services

Money Laundering Regulations 2017: Requirements for identity verification and prevention of money laundering in property transactions

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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