Sale of a Property in Ireland

Cosgrove Gaynard Solicitors

There are two ways to sell a property in Ireland – Private Treaty or by Auction. Your Auctioneer will advise you on which method is best suited to your property.

Sale of a Property in Ireland

 

There are two ways to sell a property in Ireland – Private Treaty or by Auction.  Your Auctioneer will advise you on which method is best suited to your property.

 

Once this decision is made you need to notify your solicitor so that they can take up your title deeds from you or your financial institution and examine the title to the property. They will then draft contracts for sale.

 

If you are selling by auction the purchase price and details of the purchaser will be left blank until the auction is over and the purchaser is then known.

 

If the sale is by private treaty the contract will contain all relevant names including the purchase price.  Supporting title documentation is provided to the purchasers solicitor with the contracts for sale together with planning permission in relation to the property. If you have carried out any works to the property since the 1st October 1964 you may require an Architects Certificate confirming the works were exempt development or that they are in compliance with planning permission if obtained.  This aspect of title is very important and it is essential that your solicitor reviews the planning situation prior to issuing contracts for sale. If a discrepancy in the planning permission for the property is later found by a purchaser they may pull out of the transaction.

 

The purchasers solicitor will review the contract for sale and title documentation. He will advise the purchaser as to any issues that may be relevant. It is standard practice that pre contract enquiries are raised by a purchasers solicitor and there may be some minor amendments to the contracts.  After these have been addressed by your solicitor, the Purchaser will sign contracts and return them to your solicitor with the balance deposit (a booking deposit will generally have been placed with the auctioneer however the balance deposit is payable on signing contracts) which is generally 10% of the purchase price.

 

It is at this stage that you will then countersign the contract with your solicitor and return one part to the Purchasers solicitors. A binding contract is then in place. A closing date will also have been agreed.

 

The Purchasers solicitors will then raise a standard set of enquiries which are known as requisitions on title which have to be responded to by the vendor’s solicitor.

 

Closing documentation will then be prepared by both solicitors. If there is a mortgage over your property, your solicitor will obtain redemption figures from the financial institution. T

 

On closing you, as vendor, will sign the closing documentation. The solicitors will meet for closing whereby they exchange the title documentation and keys in exchange for the balance of the purchase price.

 

After closing your solicitor will redeem the mortgage and provide you with the balance of the sale proceeds.

 

© Cosgrove Gaynard Solicitors

All news
Norwich Pharmacal Orders Ireland - Google, Coinbase, Twitter, Facebook

A Norwich Pharmacal Order is a legal order that is used to compel an innocent third party to disclose information about another party who is involved in some form of malfeasance. Norwich Pharmacal Orders are becoming a common legal tactic to stifle online trolls on social media, as well as trace anonymous individuals online

Text Link
Pre controlled function roles for VASP applications

If you are a VASP in Ireland, you will need to register with the Central Bank for AML/CFT purposes. If you are a firm that is not established in Ireland, or you are not conducting business as a VASP before the 2021 Act was brought in, then you must be registered with the Central Bank before any services commence. As part of the regulation of VASPs with the Central Bank of Ireland, individuals holding pre-approval controlled functions within a VASP must be approved under the latest fitness and probity regime of the Central Bank.

Text Link
DIGITAL ASSETS AND DIGITAL INHERITANCE

Digital inheritance is a new term that is becoming more widespread across the globe in relation to the transfer of digital assets in a broad sense. There is a completely new "digital asset" that has been created in terms of cryptocurrencies and therefore with that, inheritance queries follow.

Text Link
Why choose Ireland as a location for payment institutions

Ireland has slowly but surely established itself as an alluring destination for businesses in the Fintech sector.‍ From a solid regulatory framework to an advanced financial services ecosystem, Ireland’s financial technology sector is booming right now and is home to a surprising number of reputable domestic and international payment institutions. Let's take a closer look at the reasons behind this below.‍

Text Link