Sale Of Freehold Land Contract (Company In Administration)
Publisher one
ƵSource file
Jurisdiction
England and WalesRelevant sectors
Type of legal document
🏡 Standard commercial property conditionsBusiness activity
Sell freehold landA standard commercial property conditions report covers the condition of the property at the time of the inspection. It is a snapshot of the property, but does not cover any legal issues that may arise in the future. The report is not a substitute for a legal opinion.
In this template, specific provisions are included to cater to the unique circumstances and requirements that arise when a company is placed under administration. It sets out the obligations and responsibilities of both the seller (the company in administration) and the buyer, ensuring a clear understanding of the terms governing the sale transaction.
This template covers critical elements such as the description and identification of the freehold land in question, purchase price, payment terms, conditions precedent, representations and warranties of the seller, and any obligations the buyer must fulfill. It also addresses any potential liabilities or encumbrances on the freehold land that the buyer needs to be aware of.
Furthermore, this document provides necessary provisions to address the administrative aspect of the sale, including compliance with the provisions of the Insolvency Act 1986 and any other relevant laws or regulations. It ensures that all necessary legal requirements are met during the administrative process while safeguarding the interests of both parties involved.
Overall, this template serves as a comprehensive framework for drafting a Sale of Freehold Land Contract when a company is under administration in the UK. It facilitates a smooth and transparent sale process while taking into account the peculiarities associated with the administration status of the selling company.
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