Guide to Purchasing a Property

What We Do

  • When you have found a property that you would like to buy, a booking deposit is paid to an Auctioneer which is usually refundable should you decide not to proceed with the purchase. The Auctioneer issues a sales advice notice which is then sent to both your Solicitor and the Vendor’s Solicitor. The sales advice notice will contain all the relevant information which the Vendor’s Solicitors will require in order to issue the Contract for Sale.
  •  Once the Vendor’s Solicitor receives the sales advice notice from the Auctioneer, he or she issues the Contract for Sale to your Solicitor. All documents are marked “Subject to Contract/Contract Denied” which means that no binding contract is in existence.
  •  Your Solicitor then examines the Contract for Sale and the title documents furnished with the Contract. Your Solicitor may have a few queries regarding the title to the property and will raise these queries with the Vendor’s Solicitor.
  •  Once your Solicitor is happy with the Contract and is satisfied that the title is satisfactory, you then make an appointment to see your solicitor in order to sign the Contract for Sale. At the signing of the Contract stage, you must pay the balance deposit due. The deposit is usually 10% of the purchase price. If you are obtaining a mortgage, all mortgage documentation is signed at this stage also.
  • Your Solicitor returns the Contract for Sale together with the balance 10% deposit to the Vendor’s Solicitor.
  • Your Solicitor would also prepare the Purchase Deed and would send this to the Vendor’s Solicitor for approval
  • The Vendor would then sign the Contract for Sale in the presence of his or her Solicitor. The Vendor’s Solicitor returns one part of the Contract for Sale to your Solicitor and now a binding contract is in place.
  • Your Solicitor would then return all the signed mortgage documentation to the bank in order to draw down your loan cheque.
  •  Once a closing date has been agreed and both you and the Vendor are ready to complete, the closing of the purchase takes place. Your Solicitor will order searches and these searches must be clear and certified by the Vendor’s Solicitor. The sale is deemed closed when your Solicitor obtains the title documents and keys to the property and the Vendor receives the balance purchase proceeds.
  •  Your Solicitor then attends to stamping and registering the Transfer Deed. Once registration of the Transfer deed is completed, you are then the registered owner of the property.
  • Your Solicitor will certify title and send your title deeds to your lending institution where they will be retained by them until such time as the mortgage is redeemed.
  •  If you did not obtain a mortgage on the property, your title deeds would be available for collection by you or we can retain them for you.

 

“I would like to thank you, Elaine, for your continued, prompt and courteous response to all my queries – in person, on the phone and in your written correspondences – thus making the sale of my property run so smoothly for me. Keep up the great work.”

 

L. F.

Stamp duty is a tax payable by a Purchaser to the Revenue Commissioners on the document used in the transfer of property. Stamp duty is currently 1% of the value of the property for properties valued up to €1 million. For properties valued over €1 million, the rate of 1% applies to the first €1 million and a rate of 2% applies to the balance.

Example:

  1. If you are purchasing a property for €250,000.00 the stamp duty payable by you on the purchase is €2,500.00 being 1% of the purchase price.
  2.  If you are purchasing a property for €1,250,000.00, the stamp duty payable by you on the purchase is €15,000.00 being 1% of €1 million plus 2% of €250,000.00.

Outlays when purchasing:

There are a number of outlays (i.e. money which we spend on your behalf) that will be incurred by you in respect of your purchase;

  • Stamp Duty (outlined above)
  • Land Registry fees re: registration of the transfer and the mortgage
  • Commissioner for Oath fees
  • Search fees

Land Registry fees will depend on the value of the property. The following Land Registry fees apply;

  • Value of the property: €1 – €50,000.00. Fee: €400.00
  • Value of the property: €50,001.00 – €200,000.00. Fee: €600.00
  • Value of the property: €200,001.00 – €400,000.00. Fee: €700.00
  •  In excess of €400,000.00 Fee: €800.00

 

 

“Bernadette is a very helpful, patient, professional secretary. Helen Coughlan was lovely to deal with, she was very helpful and gave me adequate time to explain my situation and also to provide advice and follow up to me afterwards. I have been a client of yours since we bought our home 16 years ago and have always been very happy with the service.”

G. B.

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