Buy With Reservation Agreement Template for Ireland

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Key Requirements PROMPT example:

Buy With Reservation Agreement

"I need a Buy With Reservation Agreement for a new residential development in Dublin, where buyers will pay a 2% reservation fee and have until March 2025 to complete due diligence, with specific clauses for stage payments during construction."

Document background
The Buy With Reservation Agreement serves as an important preliminary step in Irish property transactions, particularly useful in situations where buyers need time to arrange financing or conduct due diligence before committing to a full purchase. This document type is commonly used in both residential and commercial property sales in Ireland, providing a structured framework for the reservation period while protecting both parties' interests. It typically includes key details such as property information, reservation fee terms, duration of the reservation period, and conditions for proceeding to sale. The agreement must comply with Irish property law requirements, including the Land and Conveyancing Law Reform Act 2009 and relevant consumer protection legislation. It's particularly valuable in new development sales or when dealing with overseas buyers who may need additional time to arrange their affairs.
Suggested Sections

1. Parties: Identification of the seller and potential buyer, including full legal names and addresses

2. Background: Context of the agreement, including brief property description and intention to enter into a reservation agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including address, folio number, and boundaries

5. Reservation Terms: Details of the reservation period, including duration and exclusivity rights

6. Reservation Fee: Amount of reservation fee, payment terms, and conditions for refund or forfeiture

7. Purchase Price: Agreed purchase price and payment structure

8. Conditions of Sale: Standard conditions of sale including title requirements and completion timeline

9. Due Diligence: Buyer's rights and timeline for conducting surveys and legal investigations

10. Completion Requirements: Steps required to proceed to full sale contract

11. Termination Rights: Circumstances under which either party may terminate the agreement

12. Notices: Process for formal communications between parties

13. Governing Law: Confirmation of Irish law as governing law and jurisdiction

14. Execution: Signature blocks and execution requirements

Optional Sections

1. New Build Provisions: Additional terms specific to new construction properties, including completion dates and building specifications

2. Stage Payments: Payment schedule for properties under construction or requiring phased payments

3. Furniture and Fittings: List of included/excluded items if property is being sold with furniture

4. Planning Permissions: Details of existing or required planning permissions, particularly relevant for properties under development

5. Management Company: Terms relating to management companies for apartments or managed developments

6. Mortgage Clause: Special provisions if the purchase is subject to mortgage approval

7. VAT Provisions: Special VAT considerations, particularly for new builds or commercial properties

Suggested Schedules

1. Schedule 1 - Property Description: Detailed property description including maps, plans, and boundaries

2. Schedule 2 - Reserved Matters: Specific items or rights reserved by the seller during the reservation period

3. Schedule 3 - Payment Schedule: Detailed breakdown of all payments including reservation fee, deposit, and balance

4. Schedule 4 - Title Documents: List of title documents and encumbrances affecting the property

5. Appendix A - Property Plans: Maps, floor plans, and site layouts

6. Appendix B - Planning Documents: Copies of relevant planning permissions and certificates

7. Appendix C - Fixtures and Fittings List: Inventory of items included/excluded in the sale

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

Relevant legal definitions
Relevant Industries

Residential Real Estate

Commercial Real Estate

Property Development

Construction

Legal Services

Financial Services

Property Management

Real Estate Investment

Relevant Teams

Legal

Real Estate

Sales

Property Development

Contracts Administration

Commercial Property

Residential Property

Conveyancing

Property Management

Investment

Relevant Roles

Property Lawyer

Real Estate Agent

Property Developer

Conveyancing Solicitor

Legal Counsel

Property Manager

Sales Director

Commercial Property Manager

Residential Sales Manager

Legal Director

Property Investment Manager

Development Director

Contracts 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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