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Commercial Contract Unimproved Property Template for England and Wales

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Key Requirements PROMPT example:

Commercial Contract Unimproved Property

"Need a Commercial Contract Unimproved Property for the purchase of a 5-acre plot of agricultural land in Somerset, with specific provisions for future development rights and environmental protections, scheduled for completion in March 2025."

Document background
The Commercial Contract Unimproved Property is essential for transactions involving undeveloped land in England and Wales. It is typically used when purchasing raw land for future development or investment purposes. The document addresses crucial aspects such as title verification, planning permissions, environmental considerations, and development potential. This contract type is specifically structured to protect both parties' interests in transactions where the property lacks significant improvements, making it particularly important to clearly define boundaries, access rights, and potential restrictions on future development.
Suggested Sections

1. Parties: Details of the contracting parties including full legal names and registered addresses

2. Background: Context of the transaction and purpose of the agreement

3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price

4. Property Description: Detailed description of the unimproved property including boundaries, access rights, and any restrictions

5. Purchase Price: Amount, payment terms, deposit requirements and completion payment details

6. Completion: Completion date, requirements and process for completion of the sale

7. Title: Title guarantees, proof of ownership and requirements for transfer

8. Representations and Warranties: Standard warranties regarding the property's condition, restrictions and encumbrances

Optional Sections

1. Planning Conditions: Details of planning permissions and conditions - used when specific planning requirements need to be met

2. Environmental Provisions: Environmental warranties and indemnities - used when environmental risks are identified

3. Overage Provisions: Future payment obligations based on development potential - used when seller wants to share in future development value

4. VAT Provisions: Specific VAT treatment of the transaction - used when VAT election is made or specific VAT provisions apply

Suggested Schedules

1. Schedule 1 - Property Plan: Plans showing the property boundaries and location

2. Schedule 2 - Title Documents: Copies of relevant title documents and registered charges

3. Schedule 3 - Planning Documents: Relevant planning permissions, restrictions and local authority searches

4. Schedule 4 - Environmental Reports: Environmental surveys, assessments and contamination reports

5. Schedule 5 - Rights and Easements: Details of any rights, easements or covenants affecting the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions







































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Industries

Law of Property Act 1925: Fundamental legislation governing land law principles, requirements for land contracts, and legal estates and interests in land in England and Wales

Land Registration Act 2002: Governs the registration of land titles, requirements for registration, priority of interests, and protection of title

Misrepresentation Act 1967: Key contract law legislation dealing with false statements made during contract formation and remedies for misrepresentation

Unfair Contract Terms Act 1977: Regulates unfair terms in contracts and limits the extent to which liability can be excluded or restricted

Land Charges Act 1972: Deals with registration of charges against unregistered land and priority of interests

Town and Country Planning Act 1990: Regulates land development, planning permission requirements, and use restrictions

Environmental Protection Act 1990: Covers contaminated land provisions and environmental liabilities in property transactions

Environment Act 2021: Recent legislation addressing environmental protection and biodiversity requirements in land development

Local Land Charges Act 1975: Governs local authority searches and planning restrictions that may affect the property

Landlord and Tenant Act 1954: Relevant for future leasing considerations and security of tenure for business tenants

Value Added Tax Act 1994: Determines VAT treatment and implications in land transactions

Money Laundering Regulations 2017: Sets requirements for due diligence and identity verification in 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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