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Mortgage Buyout Agreement
"I need a Mortgage Buyout Agreement for a divorce settlement where I'm buying out my ex-spouse's 50% share of our Dublin family home, with completion scheduled for March 15, 2025, and the buyout amount is €275,000."
1. Parties: Identifies all parties to the agreement including the existing mortgagor(s), the party buying out the mortgage, and the mortgage lender
2. Background: Recitals explaining the current mortgage arrangement, property ownership, and the intention to conduct the buyout
3. Definitions: Defines key terms used throughout the agreement including Property, Existing Mortgage, Completion Date, and Purchase Price
4. Property Details: Detailed description of the mortgaged property including title number and registered address
5. Existing Mortgage Details: Details of the current mortgage including account number, outstanding balance, and lender information
6. Buyout Terms: Specifies the buyout amount, payment terms, and method of payment
7. Completion Requirements: Lists all conditions that must be met before the buyout can complete
8. Transfer of Rights and Obligations: Details how mortgage obligations and property rights will be transferred between parties
9. Representations and Warranties: Standard warranties about property condition, title, and capacity to enter into agreement
10. Costs and Expenses: Specifies who is responsible for legal fees, stamp duty, and other transaction costs
11. Notices: Specifies how and where formal notices under the agreement should be sent
12. Governing Law: Confirms Irish law governs the agreement and Irish courts have jurisdiction
1. Third Party Consent: Required when consent from additional parties (e.g., other property owners or guarantors) is needed
2. Payment Schedule: Used when the buyout involves installment payments rather than a single lump sum
3. Property Management During Transition: Needed when there's a gap between agreement signing and completion
4. Tax Provisions: Required when specific tax arrangements or implications need to be addressed
5. Family Law Compliance: Required when the property is or was a family home requiring specific protections
6. Dispute Resolution: Optional alternative dispute resolution procedures before court proceedings
7. Break Clause: Required when parties want the ability to terminate the agreement under specific circumstances
1. Schedule 1 - Property Description: Detailed legal description of the property including boundaries and any easements
2. Schedule 2 - Existing Mortgage Details: Complete mortgage account details including payment history and terms
3. Schedule 3 - Payment Details: Bank account information and payment instructions for the buyout
4. Schedule 4 - Required Consents: List of all required consents and their status
5. Schedule 5 - Completion Requirements Checklist: Detailed list of all documents and actions required for completion
6. Appendix A - Property Title Documents: Copies of relevant title documents and land registry entries
7. Appendix B - Existing Mortgage Agreement: Copy of the current mortgage agreement being bought out
8. Appendix C - Property Valuation: Current independent valuation of the property
Authors
Banking & Financial Services
Real Estate
Legal Services
Property Management
Mortgage Lending
Family Law
Corporate Finance
Legal
Real Estate
Mortgage Operations
Risk Management
Credit Assessment
Property Services
Financial Advisory
Compliance
Document Management
Client Relations
Mortgage Advisor
Property Lawyer
Banking Relationship Manager
Real Estate Agent
Financial Advisor
Conveyancing Solicitor
Property Manager
Mortgage Underwriter
Legal Counsel
Risk Assessment Officer
Family Law Solicitor
Credit Manager
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