The Forward Purchase Agreement (Real Estate) is a sophisticated legal instrument used in Irish property transactions where parties wish to agree on the future sale and purchase of real estate, typically before construction is completed. This document is particularly valuable in development projects where investors or occupiers want to secure future property interests, or where developers seek to pre-sell assets to fund development. The agreement must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009 and relevant planning legislation. It contains detailed provisions covering construction specifications, completion conditions, title requirements, and payment mechanisms, while addressing risk allocation between parties during the development phase. The document is commonly used in commercial property development, mixed-use schemes, and large-scale residential projects across Ireland.
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1. Parties: Identification of the seller/developer and purchaser with full legal names and addresses
2. Background: Context of the transaction, including property details and purpose of the forward purchase arrangement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Sale and Purchase Commitment: Core agreement to sell and purchase the property upon completion, including purchase price and payment structure
5. Conditions Precedent: Conditions that must be satisfied before the agreement becomes fully effective
6. Property Specifications: Detailed description of the property and any construction/development requirements
7. Purchase Price and Payment Terms: Detailed breakdown of purchase price, deposit requirements, and payment schedule
8. Completion Requirements: Conditions and procedures for completion of the purchase
9. Title and Registration: Requirements regarding title, searches, and registration of the property
10. Representations and Warranties: Standard and specific warranties from both parties
11. Construction and Development Obligations: Requirements for construction, quality standards, and timeline
12. Variations and Changes: Process for handling changes to specifications or requirements
13. Risk and Insurance: Allocation of risk and insurance requirements during construction and until completion
14. Default and Termination: Consequences of default and termination rights
15. Notices: Process for formal communications between parties
16. Governing Law and Jurisdiction: Confirmation of Irish law and jurisdiction
1. Development Conditions: Used when the property is part of a larger development requiring specific conditions
2. Planning Permission: Required when the agreement is conditional on obtaining specific planning permissions
3. Environmental Provisions: Included when environmental issues or requirements need specific attention
4. Third Party Rights: Required when there are existing tenants or other third-party interests
5. Financing Conditions: Used when completion is dependent on specific financing arrangements
6. VAT Provisions: Detailed VAT treatment when applicable to the transaction
7. Step-in Rights: Included when funders require right to step in to complete the purchase
8. Pre-completion Obligations: Specific obligations before completion, if required
9. Post-completion Obligations: Ongoing obligations after completion, if any
10. Dispute Resolution: Alternative dispute resolution procedures if preferred to standard court proceedings
1. Property Description: Detailed legal description of the property including maps and plans
2. Specifications: Detailed construction and finishing specifications
3. Payment Schedule: Detailed breakdown of payment installments and timing
4. Form of Transfer: Agreed form of transfer deed to be used at completion
5. Planning Permissions: Copies or details of relevant planning permissions
6. Title Documents: List of title documents and copies of key documents
7. Construction Programme: Detailed construction timeline and milestones
8. Practical Completion Requirements: Specific requirements for achieving practical completion
9. Warranties: Forms of construction warranties to be provided
10. Site Plan: Detailed plans showing the property and any relevant surrounding areas
Relevant legal definitions
Clauses
Relevant Industries
Real Estate Development
Commercial Property
Property Investment
Construction
Real Estate Finance
Property Management
Urban Development
Residential Property
Mixed-use Development
Infrastructure
Relevant Teams
Legal
Real Estate
Development
Investment
Finance
Construction
Risk and Compliance
Commercial
Planning
Operations
Relevant Roles
Real Estate Director
Development Manager
Property Investment Manager
Legal Counsel
Commercial Director
Construction Manager
Finance Director
Asset Manager
Project Manager
Risk Manager
Acquisitions Manager
Property Director
Planning Consultant
Investment Analyst
Transaction Manager
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