The Vacant Land Purchase Agreement is essential for transactions involving undeveloped property in England and Wales. It serves as the primary contract governing the sale of vacant land, whether for development, investment, or other purposes. This agreement is crucial for documenting the precise terms of the transaction, including property boundaries, access rights, planning permissions, and environmental considerations. It ensures compliance with relevant property legislation while protecting both parties' interests. The document is particularly important when dealing with larger plots, development opportunities, or land with specific restrictions or requirements.
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1. Parties: Details of seller and buyer, including full legal names and addresses
2. Background: Context of the transaction and brief description of the vacant land
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the land including boundaries and title number
5. Purchase Price: Amount and payment terms
6. Completion: Timing and process for completion of the sale
7. Title Guarantee: Seller's warranties regarding title
8. Vacant Possession: Confirmation of vacant possession on completion
1. Planning Permissions: Details of existing planning permissions and their implications for the sale
2. Environmental Warranties: Specific warranties regarding contamination and environmental issues affecting the land
3. Overage Provisions: Terms regarding additional payments if land value increases due to future development
4. VAT Election: Provisions regarding VAT treatment of the sale and any elections made
1. Schedule 1 - Plan: Land Registry compliant plan showing the property boundaries and location
2. Schedule 2 - Title Documents: Copies of relevant title documents and registered encumbrances
3. Schedule 3 - Rights and Easements: Details of rights affecting the property including easements and covenants
4. Schedule 4 - Planning Documents: Copies of relevant planning permissions and related documentation
5. Schedule 5 - Environmental Reports: Environmental surveys, reports and assessments relating to the land
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