The Agreement For Sale Of Leasehold Property is essential when transferring leasehold interests in U.S. real estate. This document is used when a leaseholder wishes to sell their remaining lease term to another party, subject to the freeholder's consent. It encompasses crucial elements including property details, purchase price, existing lease obligations, and necessary approvals. The agreement must comply with both federal and state-specific property laws, making it a complex but vital instrument in leasehold property transactions.
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1. Parties: Identification of seller and buyer with full legal names and addresses
2. Background: Context of the transaction and existing lease details
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the leasehold property being sold
5. Purchase Price: Amount and payment terms
6. Completion Date: Timeline for transaction completion
7. Existing Lease Terms: Details of the current lease agreement being transferred
8. Warranties and Representations: Seller's guarantees regarding the property and lease
9. Completion Requirements: Actions required to complete the sale
1. Financing Conditions: Terms related to buyer financing when buyer requires financing to complete purchase
2. Due Diligence Period: Terms for property inspection and review period when buyer requires investigation period
3. Tenant Rights: Details of existing tenants' rights when property has existing sub-tenants
1. Property Plan: Detailed plans/drawings of the property
2. Existing Lease: Copy of current lease agreement
3. Title Documents: Copies of relevant title documents
4. Property Inventory: List of fixtures and fittings included in sale
5. Landlord's Consent: Written consent from freeholder for the transfer
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