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Buying a Property

Buying a house is a very exciting time in your life but it can also be very stressful. A house is probably the most expensive thing that you will ever buy and so it is important to be fully informed about what’s involved in the process and to be ready for the experience.

  1. The first step is to determine your budget. If you require a mortgage to fund the property purchase it is important that you obtain pre-approval from your lender before shopping for a home, as this will dictate what your budget will be.
  2. Consider the ‘costs’ of purchase. These include Surveyor’s fees, Solicitor’s fees, Property Registration Authority fees and Stamp Duty (which is currently 1% of the purchase price). If you are purchasing a property in need of renovation or refurbishment you should also ascertain what those additional costs might be.
  3. Arrange for your Engineer to conduct a full structural and boundary survey and to conduct planning enquiries regarding the property before you sign Contracts for Sale to purchase.
  4. Your Solicitor will advise you on title to the property which may be freehold or leasehold. Apartments are held under a leasehold title and there will be a Management Company in place which looks after the common areas of the apartment complex, which you will have to become a member of, and also pay an annual charge for services (e.g. refuse, insurance, lighting repairs/maintenance etc). You should enquire about the cost of the annual charge and ascertain if all apartment owners are making the required contributions and if the Management Company is being operated effectively and efficiently. Your Solicitor should be able to assist you with these enquiries.
  5. Property can be offered for sale by Private Treaty or by Public Auction. In a sale by Private Treaty, once you have agreed to buy a particular property, the Auctioneer will request payment of a booking deposit, generally in the region of €5,000 to €15,000. This deposit is refundable to you at any stage prior to signing of Contracts for Sale. Your Solicitor will review the property title and planning documentation and advise you of any problems or title defects before proceeding to sign Contracts for Sale. On signing of Contracts, you must pay over to the Vendor 10% of the purchase price (taking into account the booking deposit paid to the Auctioneer). You must also agree a sale closing date which is included in the Contract.If you purchase a property at Public Auction you must sign the Contracts for Sale at the Auction and pay over 10% of the purchase price and agree the Vendors closing date for sale. Therefore, it is essential that you have available funds to purchase the property and that your Solicitor reviews title and planning documentation and you are fully advised prior to Auction. By doing your ‘homework’ you can avoid costly surprises that can arise after Auction.
  6. The time scale involved in a property purchase can vary depending on the circumstances. A normal time scale from start to finish would be about six to eight weeks. If you are obtaining a mortgage to finance the purchase it is important to liaise with your lender to ensure that you have complied with all their requirements, e.g. mortgage protection insurance, house insurance, independent property valuation etc to facilitate the drawdown of your loan funds without delay.

 

If you require advice on this or any other property matter contact Marguerite Phillips Solicitor, Cashin & Associates on 065 6840060 or This email address is being protected from spambots. You need JavaScript enabled to view it.

25th May 2018

 

This information is intended as a guide only and does not purport to be a legal interpretation. While every care is taken to ensure a quality service, Cashin & Associates does not give any guarantees, undertakings or warranties concerning the accuracy, completeness or up-to-date nature of information provided. Users are responsible for confirming information from the full text from published sources. 

 

Cashin & Associates Solicitors,
3 Francis Street, Ennis, Co. Clare, Ireland
Dublin Office: 64 Francis Street, Dublin 8
T: 00 353 65 6840060  F: 00 353 65 6840034
E: info@cashinlaw.com