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