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Mortgage Sales Agreement

Mortgage Sales Agreement Template for Ireland

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Key Requirements PROMPT example:

Mortgage Sales Agreement

"I need a Mortgage Sales Agreement for a first-time buyer residential property purchase in Dublin, with a fixed interest rate for the first 5 years and Help to Buy scheme provisions, compliant with Irish consumer protection regulations for completion by March 2025."

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Document background
The Mortgage Sales Agreement serves as the primary legal instrument for property financing transactions in Ireland, establishing the contractual relationship between financial institutions and borrowers. This document is essential when a lender provides mortgage financing for property purchase, refinancing, or equity release. It must comply with Irish legislation including the Land and Conveyancing Law Reform Act 2009, Consumer Credit Act 1995, and relevant Central Bank regulations. The agreement covers crucial elements such as loan terms, security creation, borrower obligations, regulatory disclosures, and enforcement provisions. It's designed to protect both lender and borrower interests while ensuring compliance with Irish consumer protection requirements and financial regulations. The document is particularly important given Ireland's strong focus on consumer protection in financial services and the specific requirements for property transactions under Irish law.
Suggested Sections

1. Parties: Identification of the lender, borrower(s), and any guarantors with their full legal names and addresses

2. Background: Context of the agreement, including the borrower's application for a mortgage loan and the lender's agreement to provide it

3. Definitions: Defined terms used throughout the agreement, including technical, financial, and legal terminology

4. Loan Details: Specification of the loan amount, purpose, term, and interest rate structure

5. Property Details: Full legal description of the mortgaged property and its title details

6. Security Creation: Legal provisions creating the mortgage security over the property

7. Borrower's Covenants: Key promises and obligations of the borrower, including payment terms, property maintenance, and insurance requirements

8. Lender's Rights and Remedies: Rights of the lender in various scenarios, including default

9. Representations and Warranties: Statements of fact and assurances given by the borrower

10. Insurance Requirements: Mandatory insurance coverage for the property and requirements for policy maintenance

11. Events of Default: Circumstances constituting default and their consequences

12. Regulatory Compliance: Provisions ensuring compliance with Irish mortgage and consumer protection regulations

13. Notices: Procedures for formal communications between parties

14. Governing Law and Jurisdiction: Confirmation of Irish law governance and jurisdiction of Irish courts

Optional Sections

1. Guarantor Provisions: Required when there is a guarantor for the mortgage loan

2. Buy-to-Let Provisions: Included when the property is intended for rental purposes

3. Fixed Rate Terms: Detailed terms applicable when the mortgage includes a fixed rate period

4. First Time Buyer Provisions: Special terms applicable to first-time buyers

5. Help to Buy Scheme Provisions: Required when the mortgage involves the Irish Help to Buy scheme

6. Offset Account Provisions: Included when the mortgage includes an offset account feature

7. Construction Provisions: Required when the mortgage involves property under construction

8. Social Housing Provisions: Included when the property involves social housing schemes

Suggested Schedules

1. Schedule 1 - Property Description: Detailed legal description of the property including folio numbers and maps

2. Schedule 2 - Special Conditions: Any special conditions applicable to the specific mortgage agreement

3. Schedule 3 - Payment Schedule: Detailed breakdown of payment amounts, dates, and amortization schedule

4. Schedule 4 - Interest Rate Terms: Detailed provisions regarding interest calculation and rate changes

5. Schedule 5 - Insurance Requirements: Detailed specifications for required insurance coverage

6. Appendix A - Standard Form Notices: Templates for standard notices required under the agreement

7. Appendix B - Required Regulatory Disclosures: Mandatory disclosures required under Irish consumer protection law

8. Appendix C - Direct Debit Mandate: Form for setting up automatic payment arrangements

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
Account
Additional Borrowing
Advance
Agreement
Annual Percentage Rate (APR)
Applicable Law
Approved Housing Body
Arrears
Bank Working Day
Borrower
Business Day
Central Bank
Charge
Commencement Date
Completion
Completion Date
Consumer Credit Act
Consumer Protection Code
Covenant
Credit Agreement
Deed of Transfer
Default Interest Rate
Early Repayment
Early Repayment Charge
Effective Date
Encumbrance
Enforcement Notice
Environmental Law
Event of Default
Fixed Rate Period
Folio
Good Title
Guarantee
Guarantor
Help to Buy Scheme
Insurance Policy
Interest Payment Date
Interest Period
Interest Rate
Land Registry
Legal Charge
Lender
Loan
Loan Amount
Loan Term
Material Adverse Effect
Maturity Date
Mortgage
Mortgage Deed
Mortgage Payment
Mortgaged Property
Notice
Outstanding Balance
Payment Date
Planning Permission
Principal
Property
Property Registration Authority
Redemption
Redemption Amount
Reference Rate
Regulated Market Value
Regulatory Authority
Release Fee
Repayment
Repayment Date
Repayment Schedule
Security
Security Interest
Special Conditions
Standard Security Requirements
Term
Title
Transfer
Valuation
Variable Rate
Clauses
Interpretation
Loan Facility
Security Creation
Property Title
Conditions Precedent
Drawdown
Interest Calculation
Repayment Terms
Additional Borrowing
Early Repayment
Insurance Requirements
Property Maintenance
Borrower Covenants
Lender Covenants
Representations and Warranties
Events of Default
Enforcement
Assignment and Transfer
Set-off Rights
Consumer Protection
Regulatory Compliance
Data Protection
Anti-Money Laundering
Notice Requirements
Amendment and Variation
Severability
Entire Agreement
Force Majeure
Governing Law
Jurisdiction
Relevant Industries

Banking

Financial Services

Real Estate

Property Development

Insurance

Legal Services

Mortgage Broking

Social Housing

Construction Finance

Relevant Teams

Legal

Compliance

Risk Management

Mortgage Operations

Credit Assessment

Customer Relations

Document Management

Property Finance

Regulatory Affairs

Consumer Protection

Underwriting

Relevant Roles

Mortgage Advisor

Legal Counsel

Compliance Officer

Credit Risk Manager

Property Lawyer

Mortgage Underwriter

Banking Relationship Manager

Real Estate Finance Manager

Consumer Protection Officer

Document Specialist

Legal Operations Manager

Mortgage Operations Manager

Property Finance Director

Regulatory Affairs Manager

Industries
Land and Conveyancing Law Reform Act 2009: Primary legislation governing property transactions in Ireland, including the creation and enforcement of mortgages, legal requirements for property transfer, and statutory provisions relating to security interests in land
Consumer Credit Act 1995 (as amended): Regulates consumer credit and provides protection for consumers in financial transactions, including specific provisions for housing loans and mortgage credit
European Union (Consumer Mortgage Credit Agreements) Regulations 2016: Implements the EU Mortgage Credit Directive, setting out requirements for mortgage lenders including pre-contractual information, advertising standards, and assessment of creditworthiness
Central Bank (Supervision and Enforcement) Act 2013: Provides for Central Bank oversight of financial institutions, including mortgage lenders, and establishes enforcement powers
Consumer Protection Code 2012: Central Bank regulation setting out rules for financial services providers, including specific requirements for mortgage lenders regarding customer treatment and information disclosure
Criminal Justice (Money Laundering and Terrorist Financing) Act 2010: Sets out requirements for customer due diligence and anti-money laundering measures in property transactions and financial services
Registration of Title Act 1964: Governs the registration of property titles and charges (including mortgages) in Ireland's Land Registry
Housing (Regulation of Approved Housing Bodies) Act 2019: Relevant if the mortgage involves approved housing bodies or social housing, setting out regulatory requirements for such 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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