Document background
The Sale Deposit Agreement is a fundamental document in Irish property transactions, used when a purchaser commits to buying a property and needs to formalize the deposit arrangement. This agreement is typically executed after initial terms are agreed but before the final sale completion, serving as security for both parties. It details how the deposit (usually 10% of the purchase price) will be handled, including holding arrangements, conditions for release or forfeiture, and the timeline for the overall transaction. The document must comply with Irish property law, particularly the Land and Conveyancing Law Reform Act 2009, and often includes provisions for anti-money laundering compliance. It's essential for both residential and commercial property transactions in Ireland, providing legal protection for both the vendor and purchaser during the period between agreement and completion.
