The Binding Real Estate Contract is a fundamental legal document used in Irish property transactions to formalize the sale and purchase of real estate. It is essential for both residential and commercial property transfers in Ireland, incorporating requirements from Irish property law, conveyancing practices, and local regulations. This contract type is mandatory for all property transactions and must comply with the Land and Conveyancing Law Reform Act 2009 and other relevant legislation. It includes comprehensive details about the property, parties involved, financial terms, completion requirements, and both parties' obligations. The document serves as the cornerstone of property transactions in Ireland, providing legal certainty and protection for both vendors and purchasers while ensuring proper transfer of title and registration with the Land Registry.
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1. Parties: Identification and details of the Vendor and Purchaser, including full legal names, addresses, and contact information
2. Background: Context of the transaction and brief property overview
3. Definitions: Defined terms used throughout the contract
4. Property Description: Detailed legal description of the property, including folio number, boundaries, and registered title details
5. Purchase Price: Agreed purchase price, deposit amount, and payment terms
6. Title: Vendor's confirmation of good marketable title and any disclosed encumbrances
7. Completion: Closing date, completion requirements, and transfer procedures
8. Vendor's Obligations: Pre-completion obligations including maintaining the property and providing necessary documentation
9. Purchaser's Obligations: Requirements for payment, documentation, and other purchaser responsibilities
10. Representations and Warranties: Standard warranties about the property's condition and legal status
11. Risk and Insurance: Transfer of risk and insurance requirements until completion
12. Default and Remedies: Consequences of breach and available remedies
13. Notices: Process for serving formal notices between parties
14. Governing Law: Confirmation of Irish law as governing law and jurisdiction
1. Planning Permissions: Details of existing planning permissions and compliance - required for properties with recent construction or modifications
2. Tenant Rights: Required if the property is sold subject to existing tenancies
3. VAT: Required if the transaction is subject to VAT
4. Management Company: Required for apartments or managed developments
5. Environmental Matters: Required if there are environmental issues or protections affecting the property
6. Development Restrictions: Required if there are specific restrictions on future development
7. Rights of Way: Required if there are easements or rights of way affecting the property
8. Service Charges: Required for properties subject to service charges or management fees
1. Schedule 1 - Property Details: Comprehensive property description, including maps and plans
2. Schedule 2 - Fixtures and Fittings: Detailed inventory of items included/excluded in the sale
3. Schedule 3 - Title Documents: List of title documents and searches
4. Schedule 4 - Planning Documents: Copies of relevant planning permissions and certificates
5. Schedule 5 - Property Certificates: BER certificate and other property-specific certificates
6. Appendix A - Property Maps: Land Registry maps and property plans
7. Appendix B - Special Conditions: Any special conditions agreed between the parties
8. Appendix C - Requisitions on Title: Standard and special requisitions on title and responses
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