Commercial Property Purchase Agreement

Commercial Property Purchase Agreement Template for Ireland

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Key Requirements PROMPT example:

"I need a Commercial Property Purchase Agreement for a retail premises in Dublin city center, valued at €2.5M, with three existing retail tenants whose leases need to be preserved after the purchase completes in March 2025."

Document background

The Commercial Property Purchase Agreement is a crucial legal document used in Ireland for the acquisition of commercial real estate assets. It serves as the primary contract between the vendor and purchaser, incorporating essential elements required under Irish property law and commercial practice. This agreement is typically used when businesses or investors are acquiring commercial premises, whether for operational use, investment, or development purposes. It must comply with the Land and Conveyancing Law Reform Act 2009 and other relevant Irish legislation, while addressing specific commercial requirements such as title verification, planning compliance, environmental matters, and existing tenancies. The document includes detailed provisions for the transaction process, from exchange of contracts through to completion, and typically incorporates various schedules containing property-specific information and supporting documentation.

Suggested Sections

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

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

3. Definitions and Interpretation: Defined 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: Terms regarding the payment and handling of the deposit

6. Title: Vendor's obligations regarding proof of title and purchaser's rights to raise requisitions

7. Completion: Completion date, requirements, and procedures

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

9. Condition of the Property: State of the property and any agreed repairs or modifications

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

11. VAT and Tax Provisions: Treatment of VAT and other tax matters

12. Costs and Stamp Duty: Responsibility for transaction costs and stamp duty

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. Existing Tenancies: Details of any existing tenants and treatment of ongoing leases - include when property is sold subject to tenancies

2. Environmental Matters: Specific environmental warranties and indemnities - include when property has potential environmental issues

3. Service Contracts: Treatment of ongoing service contracts - include when property has active service providers

4. Intellectual Property: Transfer of associated IP rights - include when property includes trading premises with associated goodwill

5. Employee Matters: TUPE considerations - include when property sale includes transfer of employees

6. Asset List: Detailed list of included fixtures and fittings - include when sale includes substantial movable assets

7. Break Conditions: Conditions for breaking the agreement - include when parties agree to conditional break rights

Suggested Schedules

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

2. Title Documents: List of title documents and certified copies

3. Existing Leases: Copies and details of any existing leases

4. Planning Permissions: Copies of relevant planning permissions and certificates

5. Service Contracts: Details of transferring service contracts

6. Environmental Reports: Environmental surveys and reports

7. Fixtures and Fittings: Inventory of included fixtures, fittings, and equipment

8. Property Certificates: Local authority certificates and searches

9. Building Surveys: Structural surveys and condition reports

10. VAT Documentation: Required VAT certificates and elections

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Commercial Property Development

Retail

Manufacturing

Hospitality

Healthcare

Financial Services

Professional Services

Logistics and Warehousing

Technology

Education

Industrial

Relevant Teams

Legal

Finance

Real Estate

Operations

Facilities Management

Risk and Compliance

Corporate Development

Investment

Property Management

Asset Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Real Estate Director

Property Manager

Commercial Director

Legal Counsel

Property Lawyer

Facilities Manager

Investment Director

Development Director

Asset Manager

Risk Manager

Finance Manager

Operations Director

Company Secretary

Property Acquisition Manager

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Let's create your Commercial Property Purchase Agreement

Authors

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