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Binding Agreement (Real Estate)

Binding Agreement (Real Estate) Template for Ireland

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Key Requirements PROMPT example:

Binding Agreement (Real Estate)

"I need a Binding Agreement (Real Estate) for the purchase of a mixed-use commercial property in Dublin city center, with existing tenants and service contracts that need to be transferred, targeted for completion by March 2025."

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Document background
This Binding Agreement (Real Estate) is the primary legal instrument used in Irish property transactions to formalize the sale and purchase of real estate. It serves as the definitive contract between the vendor and purchaser, incorporating all essential terms, conditions, and legal requirements under Irish law. The agreement is typically used after initial negotiations and preliminary contracts (such as contracts for sale) have been agreed upon, representing the final binding document that governs the transaction. It includes comprehensive details about the property, price, completion terms, warranties, and other crucial aspects of the sale. The document must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009 and related legislation, and is essential for ensuring legal title transfer and protecting the interests of all parties involved.
Suggested Sections

1. Parties: Identification and details of the vendor and purchaser, including full legal names, addresses, and company details if applicable

2. Background: Context of the transaction, including brief property description and purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property, including folio number, boundaries, and included fixtures and fittings

5. Purchase Price: Agreed purchase price, payment terms, deposit requirements, and payment schedule

6. Title: Vendor's confirmation of good marketable title and obligations regarding title delivery

7. Conditions Precedent: Conditions that must be satisfied before completion can occur

8. Completion: Completion date, procedures, and requirements for closing the transaction

9. Vendor's Warranties: Warranties regarding property condition, planning compliance, and other representations

10. Purchaser's Warranties: Purchaser's confirmations and warranties regarding funding and capacity to complete

11. Risk and Insurance: Transfer of risk and insurance obligations until completion

12. Notices: Process for serving notices between parties

13. Governing Law: Confirmation of Irish law as governing law and jurisdiction

14. Entire Agreement: Confirmation that the agreement represents the entire understanding between parties

Optional Sections

1. Tenant Provisions: Required if property is sold subject to existing tenancies, detailing tenant rights and obligations

2. Planning Permission: Needed if sale is conditional on obtaining specific planning permissions

3. VAT: Required if the transaction is subject to VAT, detailing tax treatment and obligations

4. Management Company: Necessary for apartments or multi-unit developments, detailing management company structure and obligations

5. Development Rights: Include if there are future development possibilities or restrictions that need to be addressed

6. Environmental Matters: Required if there are specific environmental concerns or obligations

7. Mortgage Details: Include if property is being sold subject to existing mortgage or financing arrangements

Suggested Schedules

1. Schedule 1 - Property Description: Detailed property description, including maps, plans, and boundaries

2. Schedule 2 - Fixtures and Fittings: Comprehensive list of included and excluded fixtures and fittings

3. Schedule 3 - Title Documents: List of all relevant title documents and encumbrances

4. Schedule 4 - Planning Permissions: Details of existing planning permissions and compliance certificates

5. Schedule 5 - Property Searches: Results of local authority and other relevant searches

6. Appendix A - Property Plans: Maps, floor plans, and site layouts

7. Appendix B - Building Energy Rating Certificate: Current BER certificate and advisory report

8. Appendix C - Service Contracts: Details of ongoing service contracts that will transfer with the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






































Clauses






























Relevant Industries

Real Estate

Legal Services

Banking and Finance

Property Development

Construction

Property Management

Professional Services

Public Sector

Urban Planning

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Facilities

Risk Management

Operations

Finance

Investment

Development

Relevant Roles

Real Estate Lawyer

Property Solicitor

Conveyancing Manager

Real Estate Agent

Property Manager

Legal Counsel

Compliance Officer

Property Developer

Real Estate Investment Manager

Title Officer

Real Estate Transaction Coordinator

Property Surveyor

Mortgage Advisor

Real Estate Portfolio Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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