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Real Estate Purchase Agreement Contract

Real Estate Purchase Agreement Contract Template for England and Wales

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Key Requirements PROMPT example:

Real Estate Purchase Agreement Contract

"I need a Real Estate Purchase Agreement Contract for the purchase of a commercial office building in Manchester, with specific provisions for existing tenants and environmental warranties, planned for completion in March 2025."

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Document background
The Real Estate Purchase Agreement Contract is essential for any property transaction in England and Wales. It serves as the primary document governing the rights and obligations of buyers and sellers in real estate transactions. This agreement is required by law and must comply with specific legislative requirements, including the Law of Property Act 1925 and the Law of Property (Miscellaneous Provisions) Act 1989. It contains crucial information about the property, parties involved, purchase price, completion timeline, and any special conditions or warranties.
Suggested Sections

1. Parties: Identification and details of buyer and seller

2. Background: Context of the transaction and property overview

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the property being sold including address, title number, and extent of the property

5. Purchase Price: Amount, payment terms, deposit requirements and completion funds

6. Contract Rate: Interest rate applicable for late payment or delayed completion

7. Title Guarantee: Seller's warranties regarding property title and encumbrances

8. Completion: Completion date, time, and mechanism for completion

9. Risk and Insurance: Transfer of risk and insurance obligations

10. Vacant Possession: Obligation to provide vacant possession on completion

11. Title Documents: Provisions regarding delivery of title documents

12. Notices: Process for serving notices between parties

13. Governing Law: Specification of English and Welsh law as governing law

Optional Sections

1. Existing Tenancies: Details of existing tenancies and their treatment post-completion

2. Planning Permissions: Details of existing planning permissions and conditions

3. Environmental Provisions: Environmental warranties, indemnities and specific obligations

4. Service Contracts: Treatment of existing service contracts and maintenance agreements

5. VAT Elections: VAT treatment and elections if applicable to the property

6. Asset Transfer Provisions: Provisions for transfer of associated assets, equipment or machinery

Suggested Schedules

1. Schedule 1 - Property Plan: Official plan showing property boundaries and extent

2. Schedule 2 - Fixtures and Fittings: Detailed list of included and excluded fixtures, fittings and chattels

3. Schedule 3 - Title Documents: List of title documents and official copies

4. Schedule 4 - Planning Documents: Copies of relevant planning permissions, certificates and notices

5. Schedule 5 - Environmental Reports: Environmental surveys, reports and certificates

6. Schedule 6 - Existing Tenancies: Details of any existing leases or tenancy agreements

Authors

Alex Denne

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

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alex.den.21@genieai.co
Industries

Law of Property Act 1925: Fundamental legislation governing real property transactions, including requirements for contracts involving land and legal estates and interests in land

Land Registration Act 2002: Covers requirements for registration of property, priority of interests, and electronic conveyancing provisions

Law of Property (Miscellaneous Provisions) Act 1989: Details requirements for contracts to be in writing and formal validity requirements, particularly Section 2

Consumer Rights Act 2015: Applies when one party is a consumer, covering fairness of contract terms and transparency requirements

Landlord and Tenant Act 1987: Governs rights of first refusal for tenants in property transactions

Housing Act 1988: Legislation dealing with existing tenancies and their implications in property transactions

Money Laundering Regulations 2017: Specifies due diligence requirements and identity verification procedures in property transactions

Finance Acts: Covers Stamp Duty Land Tax considerations and other financial implications of property transactions

Environmental Protection Act 1990: Addresses environmental liability issues and responsibilities in property transactions

Town and Country Planning Act 1990: Covers planning permissions, use restrictions, and building regulations affecting property transactions

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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