The Probate Purchase Agreement is essential when parties wish to transact estate assets before probate is granted in England and Wales. This document is particularly valuable in situations where quick asset disposal is desired or where estate liquidity is needed promptly. The agreement must carefully balance the buyer's desire for certainty with the executor's obligations under estate administration laws. It includes specific provisions for completion timing, risk allocation, and the possibility of probate complications. The document is structured to ensure compliance with the Administration of Estates Act 1925 and related legislation while protecting both parties' interests throughout the transaction process.
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1. Parties: Identification of seller (estate representative) and buyer
2. Background: Details of the deceased, probate status, and reason for sale
3. Definitions: Key terms used throughout the agreement
4. Sale Details: Description of estate assets being purchased and price
5. Completion Requirements: Conditions for completion and timing
6. Representations and Warranties: Seller's authority to sell and status of assets
7. Payment Terms: Payment structure and mechanisms
1. Due Diligence: Used when buyer requires specific investigation rights for complex estates or high-value transactions
2. Tax Provisions: Specific tax arrangements between parties when tax implications need special attention
3. Third Party Rights: Rights of beneficiaries or other interested parties when estate has multiple beneficiaries
1. Schedule of Assets: Detailed list of estate assets being purchased
2. Grant of Probate: Copy of probate grant proving executor's authority
3. Death Certificate: Copy of deceased's death certificate
4. Valuation Reports: Independent valuations of estate assets
5. Tax Clearance: HMRC clearance certificates where applicable
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