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Purchase And Sale Agreement Commercial (Real Estate)

Purchase And Sale Agreement Commercial (Real Estate) Template for Ireland

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Key Requirements PROMPT example:

Purchase And Sale Agreement Commercial (Real Estate)

"I need a Purchase and Sale Agreement Commercial (Real Estate) for the acquisition of a multi-tenant office building in Dublin City Centre, with completion planned for March 2025, including specific provisions for existing tenant leases and service contracts that need to be transferred."

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Document background
The Purchase And Sale Agreement Commercial (Real Estate) is a crucial legal instrument used in Irish commercial property transactions to formalize the transfer of commercial real estate assets between parties. This document is essential when any business entity or individual is buying or selling commercial property in Ireland, whether it's office buildings, retail spaces, industrial facilities, or other commercial real estate assets. The agreement must comply with Irish property law requirements, including the Land and Conveyancing Law Reform Act 2009, and addresses critical elements such as property description, purchase price, deposit terms, title requirements, warranties, and completion mechanics. It also incorporates provisions for dealing with planning permissions, environmental matters, existing tenancies, and tax implications specific to Irish commercial property transactions. The document serves as the primary contract governing the entire transaction and provides legal protection for both the vendor and purchaser.
Suggested Sections

1. Parties: Identification of the Vendor and Purchaser with full legal names and addresses

2. Background: Context of the transaction and brief description of the property

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation

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

5. Deposit: Details of the deposit amount, payment terms, and conditions for holding/release

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

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

8. Pre-Completion Obligations: Obligations of both parties between exchange and completion

9. Completion: Mechanics of completion, including timing, payments, and documentation requirements

10. Warranties: Vendor's warranties regarding the property and business

11. Risk and Insurance: Allocation of risk and insurance obligations until completion

12. VAT and Tax: Treatment of VAT and other tax matters

13. Notices: Process for serving notices under the agreement

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

Optional Sections

1. Environmental Matters: Specific provisions regarding environmental issues, used when the property has potential environmental concerns

2. Planning and Development: Additional provisions regarding planning permissions and development potential, used when the property has ongoing or potential development aspects

3. Tenant Provisions: Provisions relating to existing tenants, used when the property is sold subject to existing tenancies

4. Service Contracts: Provisions dealing with existing service contracts, used when there are ongoing service agreements to be transferred

5. Employees: TUPE and employee-related provisions, used when the sale includes transfer of employees

6. Intellectual Property: Provisions regarding transfer of any associated IP rights, used when relevant to the property (e.g., building names, associated trademarks)

7. Break Rights: Specific provisions for termination rights, used when parties require specific break options

8. Phased Completion: Provisions for completing the sale in phases, used for large or complex properties

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including boundaries, maps, and registered title numbers

2. Schedule 2 - Fixtures and Fittings: Inventory of fixtures, fittings, and equipment included in the sale

3. Schedule 3 - Warranties: Detailed vendor warranties regarding the property

4. Schedule 4 - Completion Requirements: Detailed list of documents and requirements for completion

5. Schedule 5 - Existing Tenancies: Details of any existing leases and tenancy agreements

6. Schedule 6 - Service Contracts: List and details of transferring service contracts

7. Appendix 1 - Plans: Property plans, site maps, and floor plans

8. Appendix 2 - Planning Permissions: Copies of relevant planning permissions and certificates

9. Appendix 3 - Title Documents: Copies of title documents and land registry extracts

10. Appendix 4 - Environmental Reports: Copies of environmental surveys and reports

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
Append
Apportionment Date
Assigned Properties
Building
Building Regulations
Business Day
Completion
Completion Date
Conditions Precedent
Contract Rate
Deed of Assurance
Deposit
Encumbrance
Environmental Laws
Environmental Permits
Fixtures and Fittings
Folio
Hazardous Substances
Interest
Land Registry
Lease
Local Authority
Long Stop Date
Material Adverse Effect
Outgoings
Permitted Encumbrances
Planning Acts
Planning Permission
Property
Property Documents
Purchase Price
Purchaser
Purchaser's Solicitor
Registry of Deeds
Requisitions on Title
Schedule
Service Contracts
Stamp Duty
Surviving Provisions
Tax
Tenant
Title Documents
VAT
Vendor
Vendor's Solicitor
Warranties
Working Day
Clauses
Sale and Purchase
Property Description
Purchase Price
Deposit
Title
Conditions Precedent
Due Diligence
Warranties and Representations
Environmental
Planning and Development
Completion
Post-Completion
Risk and Insurance
Existing Tenancies
Service Contracts
Tax and VAT
Assignment and Transfer
Confidentiality
Notices
Force Majeure
Default and Termination
Entire Agreement
Severability
Costs and Expenses
Governing Law and Jurisdiction
Dispute Resolution
Third Party Rights
Variations and Amendments
Time of Essence
Indemnification
Relevant Industries

Real Estate

Commercial Property

Retail

Office Space

Industrial

Hospitality

Healthcare

Education

Manufacturing

Logistics

Banking and Finance

Professional Services

Technology

Relevant Teams

Legal

Real Estate

Finance

Investment

Compliance

Risk Management

Facilities Management

Corporate Development

Property Management

Asset Management

Tax

Operations

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Real Estate Director

Property Manager

Commercial Property Lawyer

Real Estate Investment Manager

Facilities Manager

Asset Manager

Development Director

Property Acquisitions Manager

Real Estate Portfolio Manager

Corporate Counsel

Investment Analyst

Property Finance Manager

Risk Manager

Compliance Officer

Industries
Land and Conveyancing Law Reform Act 2009: Primary legislation governing property transactions in Ireland, covering property rights, contracts for sale, and conveyancing procedures
Registration of Title Act 1964: Regulates the registration of property titles and maintaining the land registry system in Ireland
Planning and Development Act 2000: Governs planning permissions, zoning, and development regulations affecting commercial properties
Commercial Leases (Covid-19) Act 2021: Recent legislation that may affect commercial property agreements and should be considered in current transactions
Stamp Duties Consolidation Act 1999: Governs stamp duty obligations on commercial property transactions
Capital Acquisitions Tax Consolidation Act 2003: Relevant for tax implications in commercial property transactions
Building Control Act 2007: Regulates building standards and compliance requirements for commercial properties
Environmental Protection Agency Act 1992: Relevant for environmental compliance and liability considerations in commercial property transactions
Local Government (Planning and Development) Acts: Series of acts governing local planning requirements and restrictions
Succession Act 1965: May be relevant in cases where property ownership involves inheritance or estate planning aspects
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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