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Promissory Sale And Purchase Agreement

Promissory Sale And Purchase Agreement Template for Ireland

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Key Requirements PROMPT example:

Promissory Sale And Purchase Agreement

"I need a Promissory Sale and Purchase Agreement for a commercial warehouse property in Dublin, with completion set for March 2025, including specific provisions for environmental compliance and existing planning permissions."

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Document background
The Promissory Sale and Purchase Agreement is a crucial legal document used in Irish property transactions when parties wish to establish a binding commitment for a future sale and purchase. It is particularly useful when immediate completion is not possible or desired, such as when conditions need to be satisfied before the sale can proceed. The agreement must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009 and the Statute of Frauds (Ireland) 1695. It typically includes detailed provisions about the property, price, payment structure, conditions precedent, warranties, and completion requirements. This document type is commonly used in both commercial and residential property transactions in Ireland, providing security for both parties while allowing time for necessary arrangements to be made before completion.
Suggested Sections

1. Parties: Identifies and provides full details of the seller and purchaser, including addresses and registration numbers if companies

2. Background: Sets out the context of the agreement, including brief description of the property and parties' intention to enter into the transaction

3. Definitions: Defines key terms used throughout the agreement for clarity and consistency

4. Sale and Purchase: Core agreement to sell and purchase the property, including the basic terms

5. Purchase Price: Specifies the agreed purchase price and payment structure, including deposit requirements

6. Payment Terms: Details the payment schedule, method of payment, and consequences of default

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

8. Seller's Warranties: Warranties given by the seller regarding the property's title, condition, and other relevant matters

9. Completion: Specifies the completion date, process, and requirements

10. Title and Transfer: Details regarding property title and the transfer process

11. Risk and Insurance: Addresses property risk allocation and insurance requirements

12. Default and Termination: Consequences of breach and circumstances allowing termination

13. Notices: How formal notices between parties should be given

14. General Provisions: Standard contractual provisions including governing law, entire agreement, and variation

Optional Sections

1. Environmental Matters: Include when the property may have environmental concerns or requires specific environmental warranties

2. Planning Permissions: Include when the property requires specific planning permissions or has ongoing planning issues

3. Tenant Rights: Include when the property is subject to existing tenancies

4. VAT Provisions: Include when the transaction has VAT implications

5. Development Rights: Include when there are specific development rights or restrictions to be addressed

6. Third Party Rights: Include when there are rights of way, easements, or other third-party interests

7. Mortgage Details: Include when the purchase is subject to mortgage financing

8. Post-Completion Obligations: Include when parties have specific obligations after completion

Suggested Schedules

1. Property Description: Detailed description of the property including boundaries, measurements, and maps

2. Title Documents: List of all relevant title documents and their contents

3. Fixtures and Fittings: Inventory of items included and excluded from the sale

4. Property Certificates: Copies of relevant certificates, permits, and compliance documents

5. Existing Encumbrances: Details of any existing charges, mortgages, or other encumbrances

6. Form of Transfer: The agreed form of transfer deed to be executed at completion

7. Payment Schedule: Detailed breakdown of payment installments and timing

8. Seller's Warranties: Full list of warranties given by the seller

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
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Relevant Industries

Real Estate

Commercial Property

Residential Property

Construction

Agriculture

Retail

Industrial

Hospitality

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Relevant Teams

Legal

Real Estate

Property Management

Commercial

Finance

Compliance

Risk Management

Business Development

Investment

Operations

Relevant Roles

Property Lawyer

Real Estate Agent

Property Manager

Commercial Director

Legal Counsel

Conveyancing Solicitor

Property Developer

Investment Manager

Facilities Manager

Business Development Manager

Contract Manager

Compliance Officer

Risk Manager

Finance Director

Property Investment Analyst

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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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