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Additional Deposit Real Estate Contract Template for England and Wales

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Key Requirements PROMPT example:

Additional Deposit Real Estate Contract

"I need an Additional Deposit Real Estate Contract for a £50,000 supplementary deposit on a commercial property purchase in Manchester, with specific provisions for the deposit to be held in an escrow account and released in two installments by March 2025."

Document background
The Additional Deposit Real Estate Contract is utilized when parties to a property transaction agree to the payment of a deposit beyond the initial amount specified in the main purchase agreement. This document is particularly relevant in England and Wales where additional security is required by the seller, or where the buyer wishes to demonstrate enhanced commitment to the purchase. The contract typically includes specific terms about the amount, timing, and protection of the additional deposit, along with conditions for its return or forfeiture. It must comply with relevant property and contract law requirements in the jurisdiction.
Suggested Sections

1. Parties: Details of the buyer, seller, and any other relevant parties

2. Background: Context of the additional deposit arrangement and original purchase agreement

3. Definitions: Key terms used throughout the agreement

4. Additional Deposit Amount: Specification of the additional deposit amount and payment terms

5. Payment Terms: Details of how and when the additional deposit should be paid

6. Deposit Protection: Terms regarding how the additional deposit will be held and protected

Optional Sections

1. Conditions Precedent: Any conditions that must be met before the additional deposit becomes payable

2. Interest Provisions: Terms regarding any interest payable on the additional deposit

3. Return of Deposit: Circumstances and process for returning the additional deposit

Suggested Schedules

1. Schedule 1 - Original Purchase Agreement Details: Reference to the main purchase agreement terms

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment dates and amounts

3. Appendix A - Property Details: Details of the property subject to the transaction

4. Appendix B - Deposit Protection Scheme Details: Information about the scheme protecting the additional deposit

Authors

Alex Denne

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

Relevant legal definitions

























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Relevant Industries
Relevant Teams
Relevant Roles
Industries

Law of Property Act 1925: Primary legislation governing basic property law principles, requirements for land contracts, and legal estates and interests in land

Land Registration Act 2002: Legislation covering rules regarding registration of property interests and requirements for documenting changes in property interests

Consumer Rights Act 2015: General contract law legislation applicable when one party is a consumer, ensuring fair terms and consumer protection

Unfair Contract Terms Act 1977: Legislation controlling unfair terms in contracts and limiting the extent to which liability can be excluded

Misrepresentation Act 1967: Law governing false or misleading statements made during contract formation

Consumer Protection from Unfair Trading Regulations 2008: Regulations protecting consumers from unfair practices in property transactions

Money Laundering Regulations 2017: Requirements for handling deposits and due diligence obligations in property transactions

Estate Agents Act 1979: Legislation governing estate agents' conduct and obligations in property transactions

Housing Act 2004: Legislation covering relevant housing standards and requirements for property transactions

Stamp Duty Land Tax Regulations: Tax regulations governing the implications of deposits and property transactions

Law Society Conveyancing Protocol: Professional guidelines for conducting property transactions set by the Law Society

Standard Conditions of Sale (5th Edition): Standard terms and conditions commonly used in property sales in England and Wales

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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