Buying & Selling Property
– buying & selling property
There are four stages in the purchase/sale of a property:
Pre-Contract Stage: The Vendor's Solicitor forwards the contracts and copy title documents to the Purchaser's Solicitor. It is the Purchasing Solicitors' job to read the title, raise queries if necessary and satisfy themselves that good title is being furnished to the Purchaser. The Purchaser must have a written letter of loan offer from the lending institution prior to signing contracts. These matters can take some time however once in order, contracts maybe signed and returned to the Vendor's Solicitor, together with a contract deposit, usually 10%. The Vendor's Solicitor arranges for the Vendors to sign them. It is at this point that the contract is legally binding. All loan documentation is usually signed at the same time as the contracts and returned to the lending institution.
Post Contract Stage: There is usually a period of 4 weeks between the return of contracts and the closing date. Delays at this stage are a regular feature of a transaction and usually involve satisfying the conditions of the lending institution's loan offer. In the case of a newly built property, the Purchaser must snag the property and be satisfied that the snag list has been satisfactorily dealt with prior to closing. Meanwhile the Vendor's Solicitor will be compiling the closing documents.
Closing: Once the loan cheque issues, the balance of the purchase monies (including stamp duty if applicable) will be required to allow the Purchaser's Solicitor attend at the Vendor Solicitor's office in order to exchange the purchase monies for the title documents and the keys. The Purchaser's Solicitor will have made searches ensuring the Vendor is not bankrupt and that there are no judgments against the Vendor or the property. If there is, the Vendor's Solicitor must satisfactorily explain them.
Post Closing: After the closing of the sale, the transfer deed and other documents must be signed by the purchaser and stamped by the Revenue Commissioners before the transfer deed and related documents are lodged with the Property Registration Authority for registration. Once the title is registered the lender is sent the documents, with a certificate that the title is good and marketable. The Purchaser will be sent a copy of the title after registration.
Our fee on a typical residential purchase and/or sale are as follows, with an additional €200 fee where a Management Company is involved:
€1,900 plus VAT for transactions up to €350,000.
€2,300 plus VAT for transactions over €350,000 up to €500,000.
€2,700 plus VAT for transactions over €500,000 – €600,000.
For transactions above that amount, please contact us for a quote.
We will provide a complete list of all outlay involved in the purchase or sale of residential property with each quote.
Our fee for a typical mortgage switch (no qualification on title) is €1,000 plus vat and outlay.
A Voluntary Transfer is where one person is giving property to another for nothing for example where a parent gives a child a site. It is important to note that there can be tax implications on these transfers which must be considered before proceeding. The work involved will vary according to the property being transferred. Our usual fee for a voluntary transfer is €800-€1,600 plus VAT and outlay.
The work involved varies considerably from transaction to transaction and therefore it is impossible to give an estimate of fees. Please contact us for a quote.
12 Camden Row, Saint Kevins, Dublin 8. D08 FP38