The Promissory Purchase and Sale Agreement is a crucial document in Irish property transactions, used when parties wish to create a binding commitment for the future sale and purchase of real property. This agreement is particularly important in situations where there may be a delay between the initial agreement and the final completion of the sale, such as when conditions need to be satisfied or financing arranged. The document typically includes comprehensive details about the property, price, payment terms, conditions precedent, warranties, and completion requirements. It must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009 and related legislation. The agreement provides security for both parties by legally committing them to the transaction while establishing clear terms and conditions that must be met before completion.
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1. Parties: Identification and details of the vendor and purchaser
2. Background: Context of the transaction and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the property
5. Purchase Price: Agreed purchase price and payment structure, including deposit terms
6. Conditions Precedent: Conditions that must be met before the agreement becomes binding
7. Completion: Terms and procedures for completing the sale
8. Vendor's Warranties: Warranties given by the vendor regarding the property
9. Property Title: Provisions regarding the title and its transfer
10. Possession and Risk: Terms regarding transfer of possession and risk
11. Default: Consequences of default by either party
12. Notices: How formal notices under the agreement should be given
13. Governing Law: Confirmation of Irish law as governing law
14. Execution: Signature blocks and execution formalities
1. Planning Permissions: Required if the property requires specific planning permissions or has ongoing planning matters
2. Tenant Rights: Required if the property is subject to existing tenancies
3. Environmental Matters: Required if there are environmental concerns or assessments
4. Development Obligations: Required if the property is part of a development or has building obligations
5. VAT Provisions: Required if the transaction is subject to VAT
6. Mortgage Details: Required if the property is subject to existing mortgages
7. Service Charges: Required for properties subject to service charges or management companies
8. Rights of Way: Required if there are specific access rights or easements
1. Property Description: Detailed description of the property including boundaries and maps
2. Title Documents: List of title documents and their contents
3. Fixtures and Fittings: Inventory of items included and excluded from the sale
4. Planning Documentation: Copies of relevant planning permissions and certificates
5. Property Searches: Results of local authority and other relevant searches
6. Disclosure Schedule: Vendor's disclosures against the warranties
7. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
8. Service Contracts: Details of ongoing service contracts affecting the property
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Construction
Property Development
Banking and Finance
Legal Services
Agriculture (for farm land)
Retail (for commercial premises)
Hospitality (for hotels/restaurants)
Industrial
Healthcare (for medical facilities)
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Commercial
Acquisitions
Investment
Operations
Risk Management
Corporate Services
Relevant Roles
Real Estate Lawyer
Property Solicitor
Legal Counsel
Real Estate Agent
Property Manager
Commercial Director
Property Developer
Contracts Manager
Legal Director
Compliance Officer
Real Estate Investment Manager
Property Acquisition Manager
Chief Legal Officer
Real Estate Portfolio Manager
Transaction Manager
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