Overage agreement
Key features
- Length:6 pages (1550 words)
- Available in:
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About this simple overage agreement
This document is for a property buyer. This agreement has been drawn for you to present to your prospective seller and around which you can negotiate your agreement. This is a comparatively simple version in which the seller’s rights do not pass from the present buyer to a future buyer. The effect is that the present buyer is bound for the overage period, but can sell a title “clean” of attached overage.
Furthermore, to make calculation of the overage charge simple, it bites only when a planning consent increases the land value by a given (substantial) sum. It thus avoids the possibility of multiple small overage charges.
The aim of this agreement is to provide a framework which entices future owners to develop and not one which ensures that they do not develop.
When to use this buyer’s overage agreement
This agreement can be used in the acquisition of any land, for any purpose. However, we assume it will be used most frequently for a situation where the buyer intends to apply for planning permission for substantial development.
This document is in plain English. Nonetheless it is a sophisticated document drawn by a property specialist solicitor. It is suitable whether you are an individual or work through a company incorporated in the Republic of Ireland.
Net Lawman also offers an overage agreement for a buyer where the obligations of the buyer are rather greater but nevertheless considerable softer than the very tough versions often offered by a seller.
Contents of this overage agreement
- Definitions
- Interpretation
- Overage Payment: payment terms
- The Overage Payment: Surveyor’s valuation
- Release to enable Transfer
- Miscellaneous matters
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