SOLICITORS & BUYING A HOUSE
Steps involved after you have agreed a price with the Buyer,
Appoint a Solicitor
Once you have agreed a price, you should seriously consider appointing a legal representative as early as possible. Solicitors need your agreement to find and secure your property's Title Deeds if they are held by a bank or building society. The earlier this is done, the less chance of any delay in issuing Contracts at a later stage.
Take up Title Deeds
After they have received your written authority, the
Solicitor will take up your Title Deeds from your Bank or
This takes about 14 days and at this stage your Solicitor
will pay a scheduling fee to your Bank or Building Society
on behalf of you, the seller.
Details Of Sale
The details of sale should be written once the price and
conditions have been agreed by you and the booking
deposit has been paid by the buyer. The details of sale contain basically what has been agreed by the buyer and seller, that is: the price, conditions of sale contents, buyer's name and address, name of buyer's solicitors and estimated closing date.
Contracts are Issued
After receiving the details of sale, your Solicitor will write the contracts and send them, together together with a copy of your Title Deeds to the Solicitors representing the buyers.
Contracts are Returned
If the Buyer's Solicitor is satisfied after reading the Contracts, they will trhen advise the buyer to sign them and will then return same with a contract deposit to your Solicitor.
Signing of Contract
Now it's the sellers turn to sign the contract and become legally bound to the sale. You sign the Contracts. Contracts are usually signed (in duplicate) in your solicitor's office.
Exchange of Contracts
One copy of the fully signed contract do this bit again.After the seller signs the Contracts, his/her Solicitor returns one copy to the Vendor's Solicitor, thus completing the full exchange of Contracts and creating a binding agreement between both parties subject to terms and conditions set out in the Contract.
The Purchaser's Solicitor raises requisitions (general questions on the Title) and drafts the Purchase Deed. Both of these documents are sent to your Solicitor.
Replies to Requisitions
Your Solicitor replies to the questions raised above and returns any documentation required together with written replies and approves the draft Purchase Deed.
Your Solicitor obtains redemption figures being the amount required to redeem your existing loan calculated to the scheduled closing date (if any).
Deeds are Signed and Keys Transferred
The Transfer/Conveyance in the formal document which transfers your legal interest in your house to the Purchasers. It is signed by you together with other documentation in your Solicitor's office. It is held on file until the closing date. You should also provide your Solicitor with a set of house keys and alarm code which will be handed over on completion of the sale
Your Solicitor agrees a closing date, on your instructions, with the Purchaser's Solicitors.
You should be ready to have your house fully emptied and left in a tidy fashion the day before or early on the completion date. You should also inform the Utility Companies (ESB, Bord Gais, Cablelink etc) of your scheduled move.
Close of Sale
The sale is completed by the Purchaser's Solicitor attending at your Solicitor's office and handing over the balance of the purchase monies in exchange for the Title Deeds
Redemption of Mortgage
Your Mortgage is paid off from the sale proceeds by your Solicitor
Transfer of Funds from Sale
Your Solicitor will account to you from the sale proceeds, if any, immediately following completion of sale and usually deducts the costs of sale from the balance.
The information provided above is liable to change at any time. All information supplied by IrishHouses.ie is subject to errors & omissions and does not constitute legal, investment or any other form of advice. Always obtain independent professional advice for your own particular situation.
AVERAGE 3 BEDROOM HOUSE VALUES | COUNTY BY COUNTY | MID 2014
BANK OF IRELAND TO SELL 1,500 HOUSES
SELL YOUR HOUSE & KEEP YOUR TRACKER MORTGAGE
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