The Deposit On Purchase Agreement is a crucial document in Irish property transactions, serving as a bridge between initial property negotiations and the final purchase completion. This agreement is typically used when a purchaser has agreed to buy a property and needs to formalize their commitment through a deposit payment, usually 10% of the purchase price. The document, compliant with Irish property law and conveyancing requirements, provides security for both parties by clearly defining the terms of the deposit payment, conditions for its retention or refund, and the framework for proceeding to final purchase. It's particularly important in both residential and commercial property transactions, protecting the interests of both buyers and sellers during the period between deposit payment and completion of the purchase.
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1. Parties: Identifies and defines the seller and purchaser with full legal names and addresses
2. Background: Sets out the context of the agreement, including brief description of the property and intention to enter into a purchase agreement
3. Definitions: Defines key terms used throughout the agreement
4. Property Details: Detailed description of the property being purchased, including address, folio number, and boundaries
5. Purchase Price and Deposit: Specifies the total purchase price and deposit amount, payment terms, and payment methods
6. Deposit Terms: Details the conditions of the deposit, including when it becomes non-refundable and circumstances for refund
7. Completion Timeline: Outlines the timeline for completing the full purchase, including key milestones and deadlines
8. Title and Searches: Addresses requirements for title documentation and property searches
9. Seller's Obligations: Lists the seller's commitments and responsibilities up to completion
10. Purchaser's Obligations: Lists the purchaser's commitments and responsibilities up to completion
11. Default and Remedies: Specifies what constitutes default and the remedies available to each party
12. Notices: Details how formal communications between parties should be made and delivered
13. Governing Law: Confirms Irish law as the governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Conditions Precedent: Used when the agreement is subject to specific conditions being met before becoming fully effective, such as mortgage approval
2. Property Contents: Include when the sale includes specific fixtures, fittings, or contents that need to be detailed
3. Planning Permissions: Required when there are specific planning matters that need to be addressed or resolved
4. VAT Provisions: Include when the transaction has VAT implications that need to be specifically addressed
5. Multi-Unit Development Provisions: Required when the property is part of a multi-unit development
6. Agent Details: Include when estate agents or other intermediaries are involved in the transaction
7. Snag List Provisions: Include for new builds or properties requiring specific repairs before completion
8. Electronic Execution: Include when the agreement may be executed electronically
1. Schedule 1 - Property Description: Detailed property description including maps, plans, and boundaries
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms, including deposit and balance payment schedules
3. Schedule 3 - Included Contents: Inventory of fixtures, fittings, and contents included in the sale
4. Schedule 4 - Title Documents: List of title documents and searches to be provided
5. Schedule 5 - Special Conditions: Any special conditions or requirements specific to this transaction
6. Appendix A - Property Plans: Maps, floor plans, and other visual representations of the property
7. Appendix B - Planning Documentation: Copies of relevant planning permissions and certificates
8. Appendix C - Building Energy Rating Certificate: BER certificate and advisory report as required by law
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