After identifying the legal opportunities and threats,
- inclusion of the findings in the purchase agreement and hence
- the allocation of opportunities and risks between vendor and buyer are of vital importance.
Declarations by the vendor
that
- he has submitted all documentation
- planning permission has been obtained for all conversions and extensions
- there is no existing residual pollution or the property that is being purchased is not a contaminated site
- he will assume the costs incurred by the buyer which relate to him after signing the agreement
- none of the agreements submitted are under notice
- no further agreements exist
- there are no outstanding property and no circumstances surrounding suspended taxes have been omitted
- he is not simultaneously transferring his business with the property
- he has not concluded another not yet performed real estate purchase agreement, and has not yet notified the land register of any other registrable real estate transactions.
The provisions of the Agreement,
shall be publicly recorded, together with the standard clauses of the property purchase agreement
- Provision that the buyer is acquainted with the documentation in the data room
- Possibilities of subsequent purchase price adjustment
- Warranty period for risks arising from the property and warranty of title / rate of return guarantees / warranties / designation of essentialities for the buyer (e.g. possibility of rescission if a main tenant does not sign the lease)
- Legal consequences of non-performance or incorrect performance
- Suspensive or resolutory conditions for pending legal transactions
