Document background
The Memorandum of Contract (Real Estate) is a crucial document in Irish property transactions, serving as the formal record of agreement between parties involved in a property sale. This document is typically prepared following initial negotiations and before the full conveyancing process begins. It captures essential details including property description, purchase price, completion dates, and specific conditions of sale. Under Irish law, particularly the Land and Conveyancing Law Reform Act 2009 and the Registration of Title Act 1964, this document plays a vital role in establishing the legally binding nature of the property transaction. It serves as the foundation for subsequent conveyancing steps and is often required by financial institutions, legal practitioners, and the Property Registration Authority for their respective processes.
