The Partial Payment Agreement For Lot is a specialized legal document used in Irish property transactions where the purchase of a lot is structured through installment payments rather than a single lump sum. This agreement type is particularly relevant in scenarios involving property development, land acquisition, or when buyers prefer or require a phased payment approach. The document addresses key aspects including payment schedules, property rights during the payment period, conditions for title transfer, and default provisions. It must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009 and the Registration of Title Act 1964. Typically used in both commercial and residential property sectors, this agreement provides a secure framework for both sellers and purchasers while ensuring all legal requirements for property transfer in Ireland are met.
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1. Parties: Identification and details of the seller and purchaser
2. Background: Context of the agreement, including property identification and intention to enter partial payment arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the lot/property including boundaries and any relevant planning permissions
5. Purchase Price and Payment Terms: Total purchase price, deposit amount, installment schedule, and payment mechanisms
6. Payment Schedule: Detailed breakdown of payment installments, due dates, and amounts
7. Title and Ownership: Provisions regarding transfer of title, including when full ownership passes to the purchaser
8. Default and Remedies: Consequences of payment default and available remedies for both parties
9. Completion: Conditions and process for completion of the purchase
10. Representations and Warranties: Standard representations and warranties from both parties
11. Notices: How formal notices between parties should be given
12. Governing Law: Confirmation of Irish law as governing law and jurisdiction
1. Property Usage Rights: Used when the purchaser has rights to use the property during the payment period
2. Insurance Requirements: Include when specifying insurance obligations during the payment period
3. Early Payment Provisions: Used when allowing for early payment options or including early payment discounts
4. Third Party Rights: Include when there are existing third-party rights affecting the property
5. Planning Conditions: Used when the property is subject to specific planning conditions or restrictions
6. Environmental Provisions: Include when there are environmental considerations or obligations
7. Development Rights: Used when including provisions about future development of the lot
8. Mortgage Provisions: Include when the purchase involves mortgage financing
1. Schedule 1 - Property Details: Detailed property description, including maps and plans
2. Schedule 2 - Payment Schedule: Detailed payment schedule with dates, amounts, and payment methods
3. Schedule 3 - Title Documents: List of relevant title documents and encumbrances
4. Schedule 4 - Planning Permissions: Copies or details of relevant planning permissions
5. Appendix A - Property Plans: Maps, surveys, and plans of the property
6. Appendix B - Special Conditions: Any special conditions or requirements specific to this transaction
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