The Offer Of Purchase And Sale agreement is a crucial legal document used in Irish property transactions to formalize the sale process between parties. It is typically employed after initial negotiations when both parties have agreed on the fundamental terms of the sale but before the final contract signing. This document, governed by Irish law, includes comprehensive details about the property, price, payment terms, conditions of sale, and various warranties. It serves as a foundational document for both residential and commercial property transactions, ensuring compliance with Irish property law requirements including the Land and Conveyancing Law Reform Act 2009. The agreement is designed to protect both parties' interests while providing a clear framework for the transaction's progression to completion.
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1. Parties: Identification and details of the vendor and purchaser
2. Background: Context of the sale and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property being sold, including address, folio number, and boundaries
5. Purchase Price: Agreed purchase price and payment terms, including deposit arrangements
6. Conditions Precedent: Conditions that must be satisfied before completion of the sale
7. Completion: Terms and process for completing the sale, including timing and delivery of documents
8. Title and Transfer: Provisions regarding property title and transfer requirements
9. Vendor's Warranties: Warranties given by the vendor regarding the property
10. Purchaser's Warranties: Warranties given by the purchaser regarding their ability to complete the purchase
11. Risk and Insurance: Provisions regarding property risk and insurance requirements until completion
12. Default: Consequences of default by either party
13. Notices: Process for giving formal notices under the agreement
14. Governing Law: Confirmation of Irish law as governing law and jurisdiction
1. Existing Tenancies: Required when the property has existing tenants, detailing their rights and arrangements
2. Planning Permissions: Include when the property has specific planning permissions or requirements
3. VAT: Required when the transaction is subject to VAT
4. Environmental Matters: Include when there are environmental considerations or restrictions
5. Management Company: Required for apartments or managed developments
6. Fixtures and Fittings: Detailed list of items included/excluded in the sale when not standard
7. Development Rights: Include when there are specific development rights or restrictions
8. Service Charges: Required for properties subject to service charges or management fees
9. Mortgage Details: Include when the property is being sold subject to existing mortgage arrangements
1. Schedule 1 - Property Description: Detailed description of the property including maps and plans
2. Schedule 2 - Fixtures and Fittings: Comprehensive inventory of items included in the sale
3. Schedule 3 - Title Documents: List of all relevant title documents and encumbrances
4. Schedule 4 - Planning Documentation: Copies of relevant planning permissions and certificates
5. Appendix A - Property Plans: Maps, floor plans, and boundary details
6. Appendix B - Search Results: Results of planning, title, and other relevant searches
7. Appendix C - Certificates: Relevant certificates including BER (Building Energy Rating)
8. Appendix D - Existing Tenancy Agreements: Copies of any existing lease or tenancy agreements
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