Purchase and Sale of Residential Property
Thinking of buying a new home? For many this will be the largest financial investment and complex transaction to be carried out in their lifetime due to the many legal and purchasing issues involved. Before the acquisition of property ownership is completed, transactions must be carried out with many different bodies including banks, auctioneers and insurance companies to secure the ownership of your new home. Buckley & Company Solicitors provide an expert conveyancing service which is geared towards making the transfer of the property ownership into your name or the sale of your property a smooth and cost effective process while keeping you fully informed with developments at every stage.
Residential conveyancing is the process of legally transferring the ownership rights of a house or apartment between the buyer and seller. Once a decision has been made to purchase or sell a property you should contact your solicitor instantly to discuss all the arrangements. Your solicitor will be at the core of your property transaction and will be involved in ensuring every stage of the process is completed in a timely and efficient manner. The entire process of the transfer of ownership rights on a property can take a number of weeks to complete in Ireland, and it is advised that you work closely with your solicitor throughout this period.
Whether you are a residential purchaser or the vendor of a private residence, holiday home or investment property, Buckley & Company Solicitors will be happy to ensure that your property transaction is completed in a professional and satisfying manner.
Steps in Transfer of Property Ownership Deeds
Buyer Agrees to Purchase Property
The first step is an initial agreement to purchase the property from the vendor. A booking deposit may be paid to the auctioneer and solicitors for each party are notified. A contract of sale is then issued by the vendor to the buyer setting out the terms of the initial agreement for ultimate approval by the buyer after inspection and investigation by, and consultation with, the buyer’s solicitor.
Solicitor Examines Title Deeds and Contract
The title documents for the property are issued to the buyer’s solicitor. The solicitor examines the title deeds of the property and makes sure they are in order. Any extensions, renovations or changes to the property since the property was acquired by the vendor should be documented. Additional information regarding planning permission will be sought for any of the changes to the property where necessary. A Certificate of Compliance or Exemption from a registered architect/solicitor will also be required.
Purchaser and Vendor Sign Contract
Each party is requested to sign once title deeds and contract are examined and approved by representing solicitors. The buyer’s solicitor will have her client sign contract and send cheque or bank draft for monies due to the vendor. The vendor’s solicitor will then have vendor sign and return contract to buyer.
Loan Pack Received
The bank will formally grant the mortgage funds requested and will issue a formal loan pack with a letter of offer outlining the details of the mortgage. Loan documentation is issued to buyer’s solicitor for review and once buyer and solicitor have agreed on key terms of the loan pack documents are signed and returned to the financial institution. The buyer may draw down on the loan monies upon signing and returning loan pack documents.
Balanced Paid to Vendor
Once the loan procedure has been completed the remaining balance is paid to the vendor and the completion of the sale between the vendor and buyer occurs. Keys are exchanged for remaining monies provided both parties solicitors are agreed that documentation is in order.
Buyer’s Solicitor Stamps and Registers Newly Owned Property
Following the completion of the sale process the buyer’s solicitor must now register the transfer deed for stamping with the Revenue Commissioners. This is carried out within 30 days of the property transaction. Upon receipt of the e-stamp from the Revenue’s Commissioner the deeds are then submitted for registration to the Property Registration Authority. Upon completion of registration the buyer’s solicitor will then return the deeds to the buyer’s bank. The property transaction is now fully completed.