The Contract Of Purchase And Sale For Commercial (Real Estate) is a crucial legal document used in Ireland for transferring ownership of commercial properties from a vendor to a purchaser. This comprehensive agreement is essential for any commercial real estate transaction in Ireland, whether involving office buildings, retail spaces, industrial facilities, or other commercial properties. The document must comply with Irish property law, particularly the Land and Conveyancing Law Reform Act 2009, and addresses all aspects of the transaction including property description, title verification, purchase price, payment terms, conditions precedent, warranties, and completion requirements. It also incorporates provisions for VAT treatment, stamp duty obligations, and necessary planning permissions, making it suitable for complex commercial property transactions while providing legal protection for all parties involved.
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1. Parties: Identification of the vendor and purchaser with full legal names and addresses
2. Background: Context of the transaction and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the property, including the purchase price
5. Property Description: Detailed description of the property being sold, including boundaries and included fixtures
6. Title: Vendor's confirmation of good and marketable title, and requirements for title delivery
7. Purchase Price and Payment Terms: Detailed breakdown of the purchase price, deposit, and payment schedule
8. Conditions Precedent: Conditions that must be satisfied before completion can occur
9. Due Diligence: Purchaser's rights and process for conducting property investigations
10. Representations and Warranties: Vendor's representations about the property's condition and legal status
11. Completion: Process and requirements for completing the transaction
12. VAT: VAT treatment of the transaction and related obligations
13. Costs and Stamp Duty: Allocation of transaction costs and stamp duty responsibilities
14. Risk and Insurance: Transfer of risk and insurance obligations
15. Default and Termination: Consequences of default and termination rights
16. Notices: Process for giving formal notices under the agreement
17. Governing Law and Jurisdiction: Confirmation of Irish law governance and jurisdiction
1. Planning Permissions: Details of existing planning permissions and conditions - required when the property has specific planning requirements or restrictions
2. Environmental Matters: Environmental warranties and indemnities - needed when there are environmental concerns or for industrial properties
3. Tenant Rights: Details of existing tenancies - required when the property is sold subject to existing leases
4. Service Charges: Service charge provisions - needed for properties in multi-unit developments
5. Development Rights: Rights and restrictions regarding future development - relevant for properties with development potential
6. Intellectual Property: Transfer of associated intellectual property - needed when the sale includes business names or branded elements
7. Employee Matters: TUPE implications - required when the sale includes transfer of employees
8. Tax Covenant: Special tax provisions - needed for complex commercial properties with specific tax implications
1. Property Schedule: Detailed property description, including maps, plans, and boundaries
2. Title Documents: List of title documents and certified copies
3. Fixtures and Fittings: Inventory of included and excluded fixtures and fittings
4. Existing Tenancies: Details of all existing leases and tenancy agreements
5. Planning Permissions: Copies of all relevant planning permissions and certificates
6. Property Certificates: Local authority certificates and searches
7. Service Contracts: Details of transferring service contracts and maintenance agreements
8. Environmental Reports: Environmental surveys and assessments
9. Building Surveys: Structural surveys and condition reports
10. VAT Documentation: VAT registration and election documents
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