A Vacant Land Real Estate Contract is essential when transferring ownership of undeveloped property in England and Wales. This document is particularly important for transactions involving land intended for development, agricultural use, or investment purposes. It includes crucial details about the property, price, conditions of sale, and any restrictions or obligations attached to the land. The contract ensures compliance with English property law requirements, including those set out in the Law of Property Act 1925 and the Land Registration Act 2002, while providing clarity and protection for both parties involved in the transaction.
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1. Parties: Details of buyer and seller, including full legal names and addresses
2. Background: Context of the transaction and basic information about the vacant land
3. Definitions: Key terms used throughout the contract including Property, Completion Date, Purchase Price
4. Property Description: Detailed description of the vacant land including boundaries, access rights, and any known restrictions
5. Purchase Price: Amount payable, payment terms, deposit requirements and completion payment details
6. Title: Confirmation of ownership, title guarantees and any encumbrances or restrictions
7. Completion: Date and arrangements for completion, including practical completion requirements
8. Warranties: Standard seller warranties about the property, title, and disclosed information
1. Planning Conditions: Conditions relating to obtaining specific planning permissions or approvals before completion
2. Environmental Provisions: Specific provisions dealing with known environmental issues or requirements
3. Overage Provisions: Additional payment terms if land value increases due to future development
4. Access Rights: Specific provisions regarding access to the property during the period between exchange and completion
5. Service Media: Provisions dealing with utilities and services crossing the property
1. Schedule 1 - Plan: Land Registry compliant plan showing the property boundaries and access points
2. Schedule 2 - Title Documents: Copies of relevant title documents and registered charges
3. Schedule 3 - Planning Documents: Copies of relevant planning permissions and planning history
4. Schedule 4 - Environmental Reports: Environmental surveys, contamination reports and related correspondence
5. Schedule 5 - Rights and Reservations: Detailed list of rights granted and reserved over the property
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