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Irish Statutory Instruments


You are here: BAILII >> Databases >> Irish Statutory Instruments >> Solicitors (Professional Practice, Conduct and Discipline <emdash/> Commercial Property Transactions) Regulations 2010. S.I. No. 366/2010
URL: http://www.bailii.org/ie/legis/num_reg/2010/0366.html

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S.I. No. 366/2010 - Solicitors (Professional Practice, Conduct and Discipline Commercial Property Transactions) Regulations 2010.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 27th July, 2010.

THE LAW SOCIETY OF IRELAND, in exercise of the powers conferred on them by section 5 of the section 69 of the section 4 of the

“Acts” means the Solicitors Acts 1954 to 2008;

“Certificate of Title” means a certificate or report by a Solicitor which certifies the nature and/or quality of the title of any person to any land or buildings;

“Commercial Development” means the development (whether by construction or renovation) of any land, building, or part of a building:—

(i) for use for or in connection with any trade, industry, retail or other business undertaking or the production or supply of goods or services;

(ii) with a view to the earning of rental income; or

(iii) with a view to the construction thereon or therein of multiple residential units;

“Commercial Property Transaction” means any property transaction (including a mortgage) other than a Residential Property Transaction and includes, but is not limited to, the following:—

(i) the acquisition or refinancing of any land, building, or part of a building, which is used, or set aside to be used, wholly or exclusively for, or in connection with:-

(1) any trade, industry, retail or other business undertaking;

(2) the production or supply of goods or services;

(ii) the acquisition or refinancing of any land, building, or part of a building, exclusively with a view to earning rental income or for capital appreciation or both;

(iii) the acquisition or refinancing of any land, building, or part of a building, which is in all the circumstances reasonably likely at the time of such acquisition to be used for, or in connection with Commercial Development;

“Constitution” means the Constitution of Ireland enacted by the people on 1 July 1937, as amended;

“Financial Institution” means any of the following:—

(i) a credit institution as defined in section 2(1) of the 1995 Act;

(ii) a credit institution that is the holder of an authorisation for the purposes of Article 4(1) of Directive 2006/48/EC;

(iii) a retail credit firm authorised pursuant to section 31 of the 1997 Act;

(iv) a home reversion firm authorised pursuant to section 31 of the 1997 Act;

(v) any other party that engages on a professional basis in the business of providing financial accommodation of any nature to another person;

(vi) any assignee of debt from an entity that has been engaged in the business of providing financial accommodation of any nature to another person, including without limitation, NAMA,

but, for the avoidance of doubt, does not include a Minister of the Government in the exercise of the functions, powers or duties of his office;

“Government” means the Government mentioned in Article 28 of the Constitution;

“Minister of the Government” means a member of the Government having charge of a Department of State;

“NAMA” means the National Asset Management Agency;

“Obligor” means a borrower, guarantor, indemnifier or security provider;

“Regulation” means a regulation in these Regulations;

“Relevant Person” means any person, whether acting in that person’s own right or as a personal representative, trustee, agent, attorney, committee of a ward of court or otherwise. For the purposes of this definition, a person shall include any individual, firm, company, corporation, government, state or agency of a state or any association or partnership (whether or not having separate legal personality) of two or more of the foregoing;

“Relevant Undertaking” means an Undertaking to:—

(i) discharge or procure the discharge of a mortgage or other security over, or a loan advanced on the security of, any land or buildings the subject of a Commercial Property Transaction; or

(ii) furnish or to procure the furnishing of a Certificate of Title relating to any land or buildings the subject of a Commercial Property Transaction to the relevant Financial Institution or to any of its Representatives; or

(iii) furnish or to procure the furnishing of title deeds to any land or buildings the subject of a Commercial Property Transaction to the relevant Financial Institution or to any of its Representatives;

(iv) pay or procure the payment of any stamp duty accruing due in connection with any land or buildings the subject of a Commercial Property Transaction;

(v) register or procure the registration of title to any land or buildings the subject of a Commercial Property Transaction;

(vi) register or procure the registration of a mortgage or other security over any land or buildings the subject of a Commercial Property Transaction,

but does not include an Accountable Trust Receipt;

“Representative” means any director, officer, employee, agent or advisor of a Financial Institution;

“Residential Property” means:—

(i) a building, or part of a building, which at the date of the Residential Property Transaction is intended to be used as a private dwelling, including for the avoidance of doubt, a building or part of a building occupied or intended to be occupied as a private dwelling on an occasional basis, whether as a holiday home or otherwise; or

(ii) an area of land on which, at the date of the Residential Property Transaction, it is intended to construct a private dwelling, including for the avoidance of doubt, a building or part of a building to be occupied on an occasional basis, whether as a holiday home or otherwise; and

(iii) land which is incidental to the enjoyment of the private dwelling or the intended private dwelling and which is used, or is intended to be used, for non-business purposes;

“Residential Property Transaction” means any transaction (including a mortgage) carried out by a Relevant Person in connection with Residential Property for non-business purposes provided that a Residential Property Transaction excludes any transaction whereby it is intended to use the Residential Property exclusively to earn rental income;

"Solicitor" has the meaning assigned to it in Section 3 of the

(b)Other words and phrases in these Regulations shall have the meanings assigned to them by the Acts.

(c)The section 79 of the Solicitors Act 1954 .

22 July 2010.

GERARD DOHERTY,

President of the Law Society of Ireland.


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