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Commercial Real Estate Purchase Agreement

Commercial Real Estate Purchase Agreement Template for Ireland

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Key Requirements PROMPT example:

Commercial Real Estate Purchase Agreement

"I need a Commercial Real Estate Purchase Agreement for acquiring a multi-tenant office building in Dublin, Ireland, with completion planned for March 2025, which must include specific provisions for existing tenancy agreements and service contracts."

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Document background
The Commercial Real Estate Purchase Agreement is a crucial legal document used in Ireland for the acquisition and sale of commercial properties. It is essential for any business or individual engaging in commercial property transactions in Ireland, whether purchasing or selling office buildings, retail spaces, industrial facilities, or other commercial real estate assets. The agreement must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009, and addresses key aspects such as property transfer, title verification, planning permissions, environmental compliance, and existing tenancies. This document is particularly important as it provides legal protection for both parties, ensures proper due diligence, and facilitates a smooth transfer of commercial property ownership while maintaining compliance with Irish legal requirements and market practices.
Suggested Sections

1. Parties: Identifies and defines the Vendor/Seller and Purchaser/Buyer with full legal names and addresses

2. Background: Recitals explaining the context of the transaction and basic property information

3. Definitions: Defines key terms used throughout the agreement

4. Sale and Purchase: Core agreement to sell and purchase the property, including the purchase price

5. Deposit: Terms regarding the deposit amount, payment timing, and handling

6. Title: Vendor's confirmation of good marketable title and title documentation requirements

7. Conditions Precedent: Conditions that must be satisfied before completion

8. Due Diligence: Purchaser's rights and process for investigating the property

9. Planning and Development: Compliance with planning laws and development regulations

10. Environmental Matters: Environmental compliance and warranties

11. Completion: Process and requirements for closing the transaction

12. Warranties: Vendor's representations and warranties about the property

13. Risk and Insurance: Responsibility for property risk and insurance requirements

14. Default: Consequences of default by either party

15. Notices: How formal notices must be given between parties

16. Governing Law: Confirmation of Irish law governance and jurisdiction

17. Execution: Signature blocks and execution formalities

Optional Sections

1. Existing Tenancies: Required when the property has existing tenants, detailing their rights and obligations

2. VAT: Required when the transaction is subject to VAT, detailing tax treatment

3. Financing Conditions: Include when purchase is contingent on buyer obtaining financing

4. Service Charges: Required for properties in managed developments with service charge obligations

5. Assignment Rights: Include when purchaser may need right to assign contract before completion

6. Break Options: Include when parties agree to specific break rights before completion

7. Development Rights: Required when property has pending or potential development opportunities

8. Plant and Equipment: Include when sale includes significant plant or equipment

9. Employees: Required when TUPE regulations apply to employees linked to the property

Suggested Schedules

1. Property Description: Detailed description of the property including maps and plans

2. Title Documents: List of title documents and related correspondence

3. Tenant Schedule: Details of existing tenancies including key terms

4. Service Contracts: List of ongoing service contracts affecting the property

5. Planning Permissions: Copies or details of relevant planning permissions

6. Property Certificates: Building certificates, BER certificates, safety certificates

7. Searches and Replies: Results of legal searches and replies to requisitions

8. Plant and Equipment Inventory: Detailed list of included plant and equipment

9. Environmental Reports: Environmental surveys and compliance documents

10. Form PD1: Prescribed Property Disclosure Form under Irish law

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Assurance
Building
Business Day
Completion
Completion Date
Conditions Precedent
Contract Rate
Deposit
Encumbrance
Environmental Laws
Environmental Permits
Execution Date
Existing Tenancies
Fixtures and Fittings
Hazardous Substances
Interest Rate
Land Registry
Lease
License
Local Authority
Material Adverse Effect
Permitted Encumbrances
Planning Acts
Planning Permission
Property
Purchase Price
Purchaser
Purchaser's Solicitor
Registration
Related Rights
Requisitions on Title
Service Charges
Service Contracts
Title Documents
TUPE Regulations
VAT
Vendor
Vendor's Solicitor
Warranties
Clauses
Sale and Purchase
Purchase Price
Deposit
Title
Representations and Warranties
Property Condition
Due Diligence
Planning and Development
Environmental Compliance
Existing Tenancies
Assignment
Service Contracts
Insurance
Risk and Property
Completion
Default and Termination
Indemnification
Tax Matters
VAT
Confidentiality
Force Majeure
Notices
Costs and Expenses
Stamp Duty
Registration
Further Assurance
Entire Agreement
Severability
Waiver
Amendments
Third Party Rights
Counterparts
Governing Law
Jurisdiction
Relevant Industries

Real Estate

Commercial Property

Retail

Industrial

Office Space

Hospitality

Healthcare

Manufacturing

Logistics

Banking and Finance

Professional Services

Technology

Education

Relevant Teams

Legal

Real Estate

Finance

Compliance

Risk Management

Property Management

Corporate Development

Facilities Management

Investment

Operations

Due Diligence

Relevant Roles

Real Estate Director

Property Manager

Commercial Director

Chief Financial Officer

Legal Counsel

Corporate Lawyer

Real Estate Partner

Property Developer

Investment Manager

Facilities Manager

Development Director

Asset Manager

Acquisitions Manager

Risk Manager

Compliance Officer

Property Surveyor

Industries
Land and Conveyancing Law Reform Act 2009: Primary legislation governing property transactions in Ireland, covering property rights, contracts for sale, mortgages, and easements
Registration of Title Act 1964: Deals with the registration of property ownership and the Land Registry system in Ireland
Planning and Development Act 2000: Regulates planning permission and development, ensuring property compliance with zoning and usage requirements
Stamp Duties Consolidation Act 1999: Governs the stamp duty payable on commercial property transactions
Local Government (Planning and Development) Acts: Covers local planning regulations and building requirements that may affect commercial properties
Building Control Acts 1990-2014: Regulates building standards and compliance requirements for commercial properties
Environmental Protection Agency Act 1992: Relevant for environmental compliance and liability issues in commercial property transactions
Landlord and Tenant (Amendment) Act 1980: Important for understanding existing tenancy rights and obligations that may affect the property
Capital Acquisitions Tax Consolidation Act 2003: Relevant for tax implications in commercial property transactions
Criminal Justice (Money Laundering and Terrorist Financing) Act 2010: Requirements for due diligence and verification in high-value 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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