This
section outlines general guidelines for selling your property
or home in Ireland.
Before considering any property you need to carefully budget.
This entails calculating the funds at your disposal either
on deposit or cash, estimating the value of your equity in
your existing house, if applicable, getting a quote from a
Solicitor of the costs involved in purchasing and finally
establishing the level of loan for which you will qualify
for with your Bank/Building Society.
When you have chosen your Solicitor you should confirm your
Information (you can obtain this document from this website
under "Forms") and return the Authority to take
up your Title Deeds and completed Questionnaire. This allows
your Solicitor to prepare for your sale. This should be done
as early as possible in the transaction to avoid any delay
in issuing Contracts at a later stage.
On receipt of your written Authority (see 2 above) your Solicitor
will take up your Title Deeds from your Bank/Building Society.
This takes approximately two weeks and at this stage your
Solicitor will pay a scheduling fee to your Bank/Building
Society on your behalf.
If there is an Estate Agent involved they will issue the details
of sale once the price and conditions have been agreed by
you, and, the booking deposit paid by the prospective purchaser.
It contains the price, conditions of sale contents, purchaser's
name and address, purchaser's Solicitors and estimated closing
date.
On receipt of the Sale Details your Solicitor will issue the
Contracts (in duplicate) together with a copy of your Title
Deeds to the Purchaser's Solicitors.
When the Purchaser's Solicitor has read the Contracts (received
at 5 above) their clients (if proceeding) will sign the Contracts
when ready and able to proceed and return same with a contract
deposit to your Solicitor.
This is the stage at which you become legally bound to the
sale. You sign the Contracts (in duplicate) in your Solicitor's
Office.
When you have signed your Contracts as at 7 above, your 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 these documents
are sent to your Solicitor.
Your Solicitor replies to the questions raised at number 9
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.
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 Vendor's Solicitors.
You should be ready to have your house fully emptied and left
in a tidy fashion (as you would expect to find it if you were
buying) 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.
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
Your Mortgage is paid off from the sale proceeds by your Solicitor
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.
Good Luck!
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