Sale Of Freehold Land Contract (Subject To Commercial Lease)
Publisher one
ƵSource file
Jurisdiction
England and WalesRelevant sectors
Type of legal document
🏢 Commercial property sale agreementBusiness activity
Sell freehold landA commercial property sale agreement is a contract between the buyer and seller of a commercial property. The agreement should cover the price, down payment, loan terms, interest rate, escrow, and other conditions of the sale. It is important to have a lawyer review the agreement to make sure it is fair and protects your interests.
The template includes sections covering the identification of the parties involved, details of the commercial lease that is subject to the sale, and a clear description of the land being sold, including any associated rights or easements. It also provides a provision for the purchase price, payment terms, and any agreed-upon deposit or holdbacks.
The contract outlines the timeframe within which the completion of the sale must occur. It may include provisions for title investigation, property searches, and any necessary consents or approvals from relevant authorities. Additionally, it establishes the obligations of both parties in terms of providing necessary documentation, such as land registry documents, lease agreements, and plans.
The template also addresses the disclosure of information related to the commercial lease, ensuring that the buyer is aware of any pending legal disputes, claims, or breaches of terms. It may also stipulate that the buyer assumes responsibility for complying with the terms of the existing lease upon completion of the sale.
Furthermore, the contract may include provisions related to warranties, representations, and indemnities offered by both parties to protect against any potential claims or liabilities arising from the sale. It may also address the allocation of costs and expenses related to the transaction, such as legal fees, stamp duty, or land registry fees.
Overall, this legal template provides a comprehensive framework for the sale of freehold land subject to a commercial lease, ensuring that both the seller and buyer understand and agree to the terms and conditions involved in the transaction while complying with UK laws and regulations.
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Publisher
ƵJurisdiction
England and WalesThis legal document outlines the terms and conditions of the sale agreement between the company in liquidation (the seller) and the buyer of the property. It provides a standardized framework to facilitate the transaction while ensuring compliance with UK laws and regulations specifically applicable to land sales.
The template covers various essential clauses typically found in such contracts, including the identification and description of the property being sold, the purchase price, payment terms, and any specific obligations or warranties provided by the seller. Furthermore, it may include provisions related to the completion date, transfer of legal title, and potential rights or restrictions associated with the property.
Given that the sale is being conducted by a company in liquidation, this contract may have specific provisions to address any potential legal complexities or special requirements arising from the company's ongoing insolvency proceedings. These can include obtaining necessary approvals or consents from relevant stakeholders, such as administrators, creditors, or the court overseeing the liquidation process.
The use of this standardized template helps to streamline the land sale transaction and provides a level of legal certainty and protection for both parties involved. It ensures adherence to the UK legal framework under these unique circumstances, providing both the buyer and seller with a clear understanding of their rights, obligations, and potential risks associated with the transaction.