Owner Financed Sales Contract Template for Ireland

The Owner Financed Sales Contract is utilized in situations where traditional mortgage financing is either not preferred or not available, allowing property sellers in Ireland to directly finance the buyer's purchase. This arrangement is particularly relevant in today's market where traditional lending criteria may be restrictive for some buyers, or where sellers seek to generate ongoing income from their property sale. The document must comply with Irish property law, particularly the Land and Conveyancing Law Reform Act 2009 and the Consumer Credit Act 1995, while protecting both parties' interests. It includes detailed provisions for property transfer, payment terms, security arrangements, default procedures, and ongoing obligations, structured to ensure enforceability under Irish law. The agreement is suitable for both residential and commercial properties, though terms may vary significantly based on the property type and parties involved.

1. Parties: Identification of the Seller (Owner-Financier) and Buyer with full legal names and addresses

2. Background: Context of the sale and financing arrangement, including brief property description and parties' intention

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

4. Property Description: Detailed legal description of the property being sold, including folio number and boundaries

5. Purchase Price and Payment Terms: Total purchase price, down payment, loan amount, interest rate, payment schedule, and amortization details

6. Security and Charges: Details of the legal charge/mortgage over the property securing the owner financing

7. Transfer of Title: Conditions and process for transferring property title, including when full title transfers to the buyer

8. Representations and Warranties: Statements of fact and promises by both parties regarding the property and their capacity to enter the agreement

9. Buyer's Covenants: Buyer's obligations including property maintenance, insurance, tax payments, and use restrictions

10. Default and Remedies: Consequences of default, cure periods, and available remedies for both parties

11. Insurance Requirements: Required property insurance coverage and terms

12. Property Taxes and Charges: Responsibility for property taxes, utilities, and other ongoing charges

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

14. Notices: Process and addresses for formal communications between parties

15. Execution: Signature blocks and execution requirements