Document background
The Promissory Purchase and Sale Agreement is a crucial document in Irish property transactions, used when parties wish to create a binding commitment for the future sale and purchase of real property. This agreement is particularly important in situations where there may be a delay between the initial agreement and the final completion of the sale, such as when conditions need to be satisfied or financing arranged. The document typically includes comprehensive details about the property, price, payment terms, conditions precedent, warranties, and completion requirements. It must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009 and related legislation. The agreement provides security for both parties by legally committing them to the transaction while establishing clear terms and conditions that must be met before completion.
