The Contract For Sale of Commercial Property is a fundamental legal document used in Irish commercial real estate transactions when transferring ownership of business premises, industrial properties, retail units, or other commercial real estate assets. This contract type is essential for ensuring a legally compliant and secure transaction under Irish law, incorporating requirements from the Land and Conveyancing Law Reform Act 2009 and other relevant legislation. It should be used whenever a commercial property is being sold in Ireland, whether it's an office building, retail space, industrial unit, or other business premises. The document includes crucial details about the property, price, payment terms, title requirements, warranties, and specific commercial considerations such as existing tenancies, planning permissions, and commercial use restrictions. It serves as the primary agreement governing the entire transaction and protecting both parties' interests throughout the sale process.
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1. Parties: Identifies and provides full details of the Vendor and Purchaser, including company registration numbers if corporate entities
2. Background: Recitals explaining the context of the sale, including brief description of the property and intention to sell/purchase
3. Definitions: Defines key terms used throughout the contract, including Property, Completion Date, Purchase Price, etc.
4. Sale and Purchase: Core agreement to sell and purchase the property, including the precise description of what is being sold
5. Purchase Price: Specifies the purchase price, payment terms, deposit arrangements, and method of payment
6. Title: Vendor's confirmation of good marketable title and obligations regarding title documentation
7. Completion: Details of the completion process, timing, and requirements for closing the transaction
8. Warranties and Representations: Standard warranties about the property's condition, title, planning status, and other material facts
9. Possession and Risk: Provisions regarding when risk and possession pass to the purchaser
10. Planning and Development: Confirmations regarding planning permissions, compliance, and development status
11. Condition of Property: State of the property at completion and any agreed repairs or modifications
12. VAT and Tax Provisions: Treatment of VAT and other tax matters related to the transaction
13. Notices: Process for serving notices between parties
14. Governing Law: Confirmation that Irish law governs the contract
15. Execution: Signature blocks and execution formalities
1. Existing Tenancies: Required when the property is sold subject to existing leases or tenancy agreements
2. Environmental Matters: Needed when there are specific environmental concerns or compliance requirements
3. Service Charges: Required for properties in multi-unit developments or with shared services
4. Intellectual Property: Needed when the sale includes trading names, signage rights, or other IP associated with the property
5. Equipment and Fixtures: Required when specific equipment or fixtures are included/excluded from the sale
6. Break Options: Needed when there are existing break options in leases that affect the property
7. Development Rights: Required when there are unused development rights or pending planning applications
8. Conditions Precedent: Needed when completion is subject to specific conditions being met
1. Schedule 1 - Property Description: Detailed description of the property, including maps, plans, and boundaries
2. Schedule 2 - Title Documents: List of title documents and evidence of title to be provided
3. Schedule 3 - Existing Tenancies: Details of any existing leases, tenancies, and occupational agreements
4. Schedule 4 - Fixtures and Fittings: Inventory of included and excluded fixtures, fittings, and equipment
5. Schedule 5 - Planning Permissions: List of relevant planning permissions, certificates, and notices
6. Schedule 6 - Service Contracts: Details of transferring service contracts and maintenance agreements
7. Appendix 1 - Plans: Property plans, site maps, and floor plans
8. Appendix 2 - Searches and Requisitions: Results of pre-contract searches and replies to requisitions
9. Appendix 3 - Certificates: Relevant certificates including tax clearance, fire safety, and BER certificates
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