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Memorandum Of Agreement (Real Estate)

Memorandum Of Agreement (Real Estate) Template for Ireland

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Key Requirements PROMPT example:

Memorandum Of Agreement (Real Estate)

"I need a Memorandum of Agreement (Real Estate) for the purchase of a mixed-use commercial property in Dublin city center, with existing retail tenants on the ground floor, where completion is planned for March 2025 and the property is part of a managed development."

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Document background
The Memorandum of Agreement (Real Estate) is a crucial legal document used in Irish property transactions to formalize the terms and conditions of real estate sales or purchases. It is typically prepared after initial negotiations but before the final contract of sale, serving as a detailed framework for the transaction. This document is essential in both commercial and residential property dealings in Ireland, ensuring compliance with Irish property law including the Land and Conveyancing Law Reform Act 2009. It includes comprehensive information about the property, parties involved, purchase price, completion requirements, and specific conditions. The memorandum helps prevent future disputes by clearly documenting all aspects of the agreement and serves as a reference point for solicitors preparing the final contract of sale.
Suggested Sections

1. Parties: Identification and details of all parties to the agreement, including full legal names, addresses, and any company registration details

2. Background: Context of the agreement, including brief description of the property and purpose of the transaction

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the property including address, boundaries, and folio number

5. Purchase Price: Agreed purchase price and payment terms, including deposit arrangements

6. Completion: Details of completion date, requirements, and process

7. Title: Seller's confirmation of good marketable title and related warranties

8. Seller's Obligations: Specific obligations of the seller up to and including completion

9. Buyer's Obligations: Specific obligations of the buyer up to and including completion

10. Conditions Precedent: Any conditions that must be satisfied before completion can occur

11. Risk and Insurance: Provisions regarding property risk and insurance requirements until completion

12. Default: Consequences of default by either party

13. Notices: How and where formal notices under the agreement must be served

14. Governing Law: Confirmation that Irish law governs the agreement

Optional Sections

1. Existing Tenancies: Details of any existing tenancies and their treatment - include when property is subject to ongoing tenancies

2. Planning Permissions: Details of planning permissions and compliance - include when property has recent developments or pending applications

3. Environmental Matters: Environmental warranties and indemnities - include for commercial properties or where environmental concerns exist

4. VAT: VAT treatment of the transaction - include when VAT is applicable to the sale

5. Management Company: Details of management company arrangements - include for apartments or managed developments

6. Warranties: Additional specific warranties - include for commercial properties or properties with special features

7. Development Rights: Rights for future development - include when development potential is part of the transaction

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description, including maps, plans, and boundary details

2. Schedule 2 - Title Documents: List of all title documents and encumbrances affecting the property

3. Schedule 3 - Fixtures and Fittings: Inventory of fixtures and fittings included/excluded from the sale

4. Schedule 4 - Special Conditions: Any special conditions or requirements specific to this transaction

5. Appendix A - Property Plans: Maps and plans showing the property boundaries and location

6. Appendix B - Planning Documents: Copies of relevant planning permissions and certificates

7. Appendix C - Search Results: Results of planning, tax, and other relevant searches

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses




































Relevant Industries

Real Estate

Property Development

Construction

Property Investment

Banking and Finance

Legal Services

Property Management

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Investment

Operations

Finance

Risk Management

Commercial Development

Facilities

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Property Developer

Investment Manager

Legal Counsel

Conveyancing Solicitor

Property Investment Analyst

Compliance Officer

Real Estate Director

Property Surveyor

Contract Manager

Real Estate Transaction Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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