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Contract to Sell
I need a contract to sell a residential property in Dublin, ensuring compliance with Irish property laws, including clear terms on the sale price, deposit, and closing date. The contract should also outline the responsibilities of both the buyer and seller, and include clauses for any fixtures and fittings included in the sale.
What is a Contract to Sell?
A Contract to Sell is a binding agreement where a seller promises to transfer ownership of property to a buyer at a future date, once specific conditions are met. Under Irish property law, it differs from an immediate sale because the actual transfer of ownership happens later, typically when the buyer completes their payment obligations or meets other agreed terms.
These contracts are especially common in Irish real estate transactions, where they're often called "contracts for sale." They protect both parties by clearly spelling out the sale price, payment schedule, and any special conditions that must be satisfied before ownership changes hands. If either party breaks the agreement, Irish courts can order specific performance or award damages.
When should you use a Contract to Sell?
Use a Contract to Sell when you need to secure a future property transaction while waiting for specific conditions to be met. This agreement proves especially valuable in Irish property deals where immediate transfer isn't possible—like when buying off-plan developments, arranging staged payments, or waiting for planning permission.
The contract protects both parties during this waiting period. For sellers, it locks in committed buyers and sets clear payment terms. For buyers, it guarantees their future ownership rights and outlines exactly what they'll receive. Irish banks often require these contracts before approving mortgages, making them essential for property financing arrangements.
What are the different types of Contract to Sell?
- Sales Agreement Contract: The standard format used for general commercial transactions, covering basic terms and conditions of the sale
- Car Sale Agreement: Specifically designed for vehicle transfers, including special clauses about registration, mileage, and vehicle condition
- Home Sales Agreement: Tailored for residential property sales with provisions for mortgages, surveys, and planning permissions
- Business Sale Agreement: Used for company sales, incorporating terms for assets, liabilities, and employee transfers
- Purchase Sale Agreement: A comprehensive version for complex transactions, often used in commercial property deals
Who should typically use a Contract to Sell?
- Property Sellers: Owners looking to transfer their property while protecting their interests until all conditions are met
- Property Buyers: Individuals or companies seeking to secure their right to purchase while arranging financing or meeting other requirements
- Solicitors: Legal professionals who draft and review Contracts to Sell, ensuring compliance with Irish property law
- Estate Agents: Facilitate the transaction and often coordinate the initial contract terms between parties
- Financial Institutions: Banks and lenders who require these contracts before approving mortgages or loans
- Property Developers: Use these contracts for off-plan sales and phased development projects
How do you write a Contract to Sell?
- Property Details: Gather exact property description, boundaries, and any planning permissions or restrictions
- Party Information: Collect full legal names, addresses, and contact details of all buyers and sellers
- Price Structure: Document the agreed purchase price, deposit amount, and payment schedule
- Special Conditions: List any specific requirements like mortgage approval, survey results, or repairs needed
- Completion Timeline: Set clear dates for deposit payment, conditions fulfillment, and final closing
- Document Review: Use our platform to generate a legally sound Contract to Sell that includes all mandatory elements under Irish law
- Signatures: Arrange for all parties to sign in the presence of witnesses
What should be included in a Contract to Sell?
- Party Details: Full legal names and addresses of both seller and buyer, with their capacity to contract
- Property Description: Precise details of the property, including folio number and boundaries where applicable
- Consideration: Clear statement of purchase price, payment terms, and deposit arrangements
- Conditions Precedent: Specific conditions that must be met before completion
- Transfer Timeline: Agreed dates for deposit, completion, and property possession
- Title Warranties: Seller's guarantees about property ownership and encumbrances
- Default Provisions: Consequences and remedies if either party breaches the agreement
- Execution Block: Signature spaces for all parties and witnesses, dated appropriately
What's the difference between a Contract to Sell and a Real Estate Sale Contract?
A Contract to Sell is often confused with a Real Estate Sale Contract, but they serve distinct purposes in Irish property transactions. The key differences lie in when ownership transfers and how conditions are handled.
- Timing of Transfer: A Contract to Sell creates a future obligation to transfer property once conditions are met, while a Real Estate Sale Contract facilitates immediate transfer of ownership
- Conditional Nature: Contract to Sell typically includes prerequisites that must be fulfilled before completion, whereas a Real Estate Sale Contract assumes all conditions have been satisfied
- Payment Structure: Contract to Sell often involves staged payments or future financing arrangements, while Real Estate Sale Contracts usually require full payment at completion
- Legal Protection: Contract to Sell offers more flexibility for both parties if conditions aren't met, while a Real Estate Sale Contract provides immediate, binding transfer with limited room for adjustment
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