Get your legal costs quote early. Simply call 01 628 1000 or email us with your details for an immediate quote to represent you in your purchase. This legal guide to new home-house-apartment buying will help you.
You must formally instruct us to represent you in your house-home-apartment purchase, otherwise the Selling Agent will not release your contracts and title to us. If you instruct us as soon as you have agreed the purchase we will have your file ready to go as soon as your contracts and title arrives. This allows us to get the legal stages under way. We do need core documents from you before we agree to act- we must comply with the Anti Money Laundering legislation, this means you need to supply us with your photo id (ID) and proof of address (POA). You must also supply us with key basic information- you may complete that information sheet on line and email it to us with your ID and POA.
The Builders Solicitors are ready to issue your new home contracts as soon as your Booking Deposit (usually €5,000.00) is paid. You can expect your contracts to issue to us within 10 days of your Booking Deposit clearing. You will be expected by the Builder to be ready to sign the contracts, with loan approval in place and pay the balance of the Contract Deposit (usually 10% of the total purchase price less your Booking Deposit and the Help to Buy grant). This is a busy time and you do need to allow some time to organise;
Help to Buy grant
Contracts with us;
Immediately we receive your contracts and copy title we will read the contracts and title (there may be hundreds of pages included in the Title folder. We have to check that all is in order before you sign. We will be sending you a full report (Contract Report) setting out all key information in relation to the contracts and the loan approval. You should read that report carefully and come back to us if any issue arises or you are unsure of any detail. The builders will expect you to sign your contract, pay the Contract Deposit and accept your Loan Approval within 21 days from the date of sale, in return there is usually a household allowance credited to you if contracts are back within those 21 days. We will work with you to stay within the builders deadline so that you hold the allowance.
Provided all is in order we will arrange a meeting with you to discuss and sign the Contracts and Loan Approval documentation. This meeting will take approx 30-45 minutes. We will accomodate new home buyers by opening outside normal office hourse for these signings. We will also be offering a service of visiting you at your home for this signing (home signing extra fee will apply). The signing is an important meeting where you have the opportunity to discuss all aspects of the transaction. Anything which caused you concern in the Contract Report should be fully discussed at this meeting.
When you sign your contracts and ancillary paperwork, pay the Contract Deposit and Loan Approval we will return your contracts immediately to the Builders Solicitors. It is important that there is no time wasted at this stage. The builder will be relying on your signed Contract to release funding from their banks to continue the scheme. The builders will sign the contract and their Solicitors will return a signed contract to us. At this point you have a binding contract in place. Neither party may renege from this point.
Home is built;
There may be a long period between you signing Contracts and the house being completed. There are some timelimits you need to watch out for. You must have a valuation report on the new home completed within 2 months of the draw down (of your loan cheque). Your loan approval will also have an expiry date , you may renew but that takes some time. If your loan approval is about to expire near the completion date you need to consider carefully whether you renew or extend the expiry date.
You will no doubt be keeping an eye on your new home. The Builder will however formally serve you and our firm with Notice that the house is complete. Be aware that it takes a number of weeks to finalise the drawdown of your loan cheque, put your life/home insurance in place, renew valuation report, carry out snag list and arrange completion. You need to allow time for all this to happen. We will prepare the final closing statements telling you exactly how much you will need to complete the purchase (legal fees, stamp duty, search fees and registration fees).
We will request your loan cheque approximately 7 days before the final closing date. We need to allow time for the loan cheque to be processed by your bank, there may be some last minute issues that will take some time to correct.
Closing the sale;
This is the last step for you. We will liaise closely with you leading up to the closing date. We will have your completion funds and loan monies in our client account. On the date of, or day before the closing we will transmit the balance required to compelte to the builders solicitors, they will hold that money in trust till the legal searches are checked and cleared. You may wish to carry out a final inspection and if all is go we will agree the sale closed with the builders solicitors. You get your keys from the site foreman and the builder solicitor may release the monies to the builder. You are now the owner of your new home. Congratulations!
Registration of title;
You are the owner of your house but we still have to register the legal title and the bank mortgage on the Property Register. This is the title registration and may take up to 9 months post closing to finalise. When your title is registered will will write to you with a copy of your new title ownership document (Folio and file plan) and we will send the formal title deeds to your bank where they will remain till you pay off the mortgage in full or wish to sell your home.