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Purchase Agreement For Commercial Property Template for Ireland

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Key Requirements PROMPT example:

Purchase Agreement For Commercial Property

"I need a Purchase Agreement for Commercial Property under Irish law for buying a multi-tenant office building in Dublin, which needs to include specific provisions for existing tenancies and service contracts that will transfer with the property, with completion planned for March 2025."

Document background
The Purchase Agreement For Commercial Property is a crucial legal document used in Irish commercial real estate transactions. It is essential when any business or individual wishes to purchase commercial property in Ireland, whether for investment, business operations, or development purposes. The agreement must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009, and addresses key aspects such as title transfer, planning permissions, environmental compliance, and tax implications. This document is particularly important as it protects both parties' interests by clearly defining the terms of sale, property specifications, warranties, and completion requirements. It includes provisions specific to Irish commercial property transactions and often requires input from various professional advisors to ensure all legal and practical aspects are properly addressed.
Suggested Sections

1. Parties: Identifies and defines the Vendor and Purchaser with full legal names and addresses

2. Background: Recitals explaining the context of the sale and basic information about the property

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

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

5. Deposit: Terms regarding the payment and handling of the deposit

6. Title: Vendor's obligations regarding proof of title and purchaser's rights to raise requisitions

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

8. Vendor's Warranties: Warranties regarding the property's condition, title, and other material aspects

9. Planning and Development: Warranties and conditions relating to planning permissions and compliance

10. Completion: Procedures and requirements for completing the sale

11. Risk and Insurance: Provisions regarding property risk before completion and insurance requirements

12. Notices: Process for serving formal notices between parties

13. Value Added Tax: VAT treatment of the transaction

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

15. Governing Law and Jurisdiction: Confirms Irish law governs the agreement and Irish courts have jurisdiction

Optional Sections

1. Environmental Matters: Required when the property has potential environmental issues or requires specific environmental warranties

2. Existing Tenancies: Needed when the property is sold subject to existing leases or tenancy agreements

3. Service Contracts: Required when there are ongoing service contracts that will transfer with the property

4. Employee Matters: Necessary when the sale involves Transfer of Undertakings (TUPE) implications

5. Tax Indemnities: Required for complex transactions with specific tax implications

6. Break Conditions: Included when either party requires specific break rights before completion

7. Development Rights: Required when the property has ongoing or potential development opportunities

8. Contamination Provisions: Needed for properties with known or potential contamination issues

Suggested Schedules

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

2. Title Documents: List of all title documents and evidence of title

3. Planning Permissions: Details of all relevant planning permissions and applications

4. Tenant Schedule: Details of all existing tenancies and lease terms

5. Service Contracts Schedule: List and details of all transferring service contracts

6. Plant and Equipment: Inventory of included plant, machinery and equipment

7. Environmental Reports: Copies or summaries of environmental surveys and reports

8. VAT Information: Detailed VAT calculations and elections

9. Property Searches: Results of local authority and other relevant searches

10. Building Certificates: Copies of building certificates, fire safety certificates and other compliance documents

Authors

Alex Denne

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

Relevant legal definitions


















































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Relevant Industries

Real Estate

Retail

Manufacturing

Healthcare

Hospitality

Financial Services

Technology

Education

Professional Services

Logistics and Warehousing

Industrial

Agriculture

Entertainment and Leisure

Energy

Relevant Teams

Legal

Real Estate

Finance

Operations

Facilities Management

Risk and Compliance

Corporate Development

Property Management

Asset Management

Investment

Tax

Relevant Roles

Real Estate Director

Commercial Property Manager

Chief Financial Officer

Property Lawyer

Legal Counsel

Facilities Manager

Property Development Manager

Investment Director

Asset Manager

Commercial Director

Risk Manager

Company Secretary

Operations Director

Business Development Manager

Property 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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