Guide to Purchasing a Property

What We Do

Each purchase is individual in nature and will raise its own particular matters to be dealt with however below are the broad steps involved in any purchase. We will keep you informed at each step of the process and will explain everything in an accessible and understandable manner.

WHAT THE SOLICITOR DOES

WHAT YOU DO

When you have found a property that you would like to buy you pay a booking deposit to Auctioneer. This is refundable should you decide not to go ahead with the purchase prior to the contracts being signed. You should then notify the auctioneer and your bank of the name of your solicitor.
We will then receive the sales advice notice from the auctioneer. This will contain all the relevant information in relation to the purchase. We will then write to you setting out our fees and enclosing a questionnaire for you to complete which helps us raise appropriate queries with the vendor’s solicitors. You complete the questionnaire and return to us with your marriage certificate, your PPS numbers, copy passport/drivers licence and utility bill evidencing your home address.
When we receive the contract and title documents from the vendor’s solicitors we will review them to ensure that the vendor is entitled to sell the property to you and also that there is evidence that the planning and building regulations are in order. At this point we will raise any queries with them. We will send you a copy of the map, relevant planning documents and BER Certificate/Advisory Report. You will instruct a surveyor/engineer to inspect the property and in particular check the position in relation to the boundaries and any extensions/alterations to the property. (see our article in relations to surveys for further information insert link)
Once we are satisfied with the responses by the vendor’s solicitors to the queries which we have raised and once we have received your loan pack from your bank we will arrange for you to attend the office to sign the contracts and loan documents. At this point we will also carry out a planning search against the property to ensure that the planning history is in order. The loan documents will be sent by us to your bank. The signed contracts will be sent to the vendor’s solicitor together with the deposit. The vendor will then sign the contracts and return one copy to us. You will attend the office for a detailed meeting to go through the contracts and mortgage documents. You will need to lodge to our bank account the balance deposit of 10% of the purchase price (less the amount already paid the auctioneer for example you are purchasing for €200,000, the deposit is €20,000, you have already paid €5,000 to the auctioneer so you will therefore require €15,000 on signing the contracts)
The contracts are now binding. Should you not go ahead with the purchase after this point you will lose your deposit and may be sued by the Vendor. You should insure the property from this point forward.
We will raise more detailed queries on the property called Objections and Requisitions on Title and will forward our list of closing requirements together with the Transfer Deed to the Vendor’s Solicitors. You should ensure that your life insurance and home insurance are in place and assigned to the bank if you are obtaining a mortgage. You will also need to put in place a direct debit mandate for your mortgage repayments. The bank may request an updated valuation of the property at this stage. Your broker/relationship manager in the bank will advise you on this.
Once we are in receipt of loan funds from your bank we will request closing documents from the vendor’s solicitors. We will review the closing documents, carry out closing searches and forward the closing monies to the vendor. Once we are satisfied that all is in order we will release the closing monies and the vendor’s solicitor will then authorise the release of keys by the auctioneer to you. Either on the day of closing or the day before you should inspect the property to ensure that it has been fully emptied and that there has been no damage done to the property since you signed contracts.  You will need to lodge the following to our bank account a couple of days before closing:-

  • Our fees – which have been set out in our initial letter to you;
  • Land Registry Fees;
  • Stamp duty  – This is payable at 1% of the purchase price for residential property up to one acre. Non-residential property is liable for duty at a rate of 6%;
  • Planning and closing searches;
  • Commissioners fees.

You will be given a detailed invoice in advance of this setting out the figures.

You can then pick up the keys. You may be required to attend the office in the coming days to sign the Deed transferring the property to you.
We will then proceed to stamp the Deed of Transfer in the Revenue Commissioners.  
We will then lodge your mortgage and Deed of Transfer in the Land Registry for registration.
Once registration is completed we will return all title documentation to the bank (or directly to you if you are a cash purchaser)

 

“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.

 

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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