in today's video I'm going to take a look at the standard contract for sale
of a residential property in Ireland so the Law Society issued general
conditions of sale this is the 2001 edition and I'll just take a brief look
at that so that you get an idea of what's involved and how the process of
buying or selling a house is done in Ireland firstly it's a standard edition
law society of Ireland general conditions of sale in 2001 edition this
is the most recent edition on the front page then it just says who the vendor is
really auctioneer is food purchaser ease this page then is important insofar as
it contains the three P's the parties the price and the property and that's
important and it basically sets out who the vendor is who the purchaser is on
the price and that's the page just the memorandum were note of the contract of
the deal as well as the memorandum or no that's referred to in the original
conveyancing act of 1874 or whatever year was way back and that's the
memorandum or know which evidences the existence of a contract between the
parties without that there's no contract for the sale of land and the sale of
land remember must be evidenced in writing so the evidence in writing must
be some form of a memorandum or not I think for the sale of land and it must
contain some basic particulars like the parties the property and the prices the
three P's this page 10 is the particulars and tenure okay so the
particulars is essentially the details of the property or property is being
sold so it will describe the property so to say all that on though is the
property known as number one Main Street and feet
meat or whatever and it'll say then held in fee simple or if it's a leasehold a
long leasehold it might say held under long lease for 500 years from whatever
date of whatever day that would be the situation regarding an apartment we move
on then this system on the next page then is the searches schedule does have
no real interest or relevance quite frankly it's never filled out the next
page or two pages is important you'll see there special conditions this is
important because a member of the outset I said that the contract for the sale or
purchase of land is a law society standard issue contract the standard
issue contract contains the general conditions which are used between the
parties and which are in wide spread use in conveyancing in ireland however how
the contract is customized or made bespoke to a particular transaction will
come down to the special conditions so this is the special conditions in this
particular contract there is six special conditions some contracts are more some
contracts have less the type of thing that would be in the special conditions
would be the titles shall commence with certified copy folio etc etc the vendors
will pay the local property tax and it'll be apportioned at the end when
we're completing the sale the property subject who deed of mortgage or charge
in favor of a particular bank and an undertaking will be accepted to
discharge that charge on completion they are the type of special conditions
you're going to come across after that then you're looking at the general
conditions of the general conditions in the law society standard is your
contract number 47 47 general conditions so that's the conflict in relation to
the sale of residential property in Ireland and generally it will cover both
secondhand and new properties but you were slightly different in that you
might have a building agreement as well but you will have also that contract in
relation to the site but just to get back to these residential secondhand
property that's the contract that you're going to be looking at it is standard
issue it will be adapted to particular circumstances to fit the particular
property by use of special conditions so the vendors solicitor draws up the
contract and issues it in duplicate to the purchaser solicitor who goes through
and goes through the type of documents so one other thing actually missed there
and mr2 should be a schedule of should be a schedule of title documents
supporting title documents documents share you are normally this would be
that's it there but normally it would be in the contract so basically the
contract is issued is he shoot with some copy title documents and the copy title
documents are scheduled or listed in the contract that's what you get at the
outset then the Porchester solicitor raises inquiries makes inquiries and the
purchaser would have to do some things as well like carry out a physical
inspection of the property perhaps get a structural survey it's from recommended
and so on and so forth but that's essentially the contract for the sale of
residential property in Ireland as I say it's a standard issue from the Law
Society it will be adapted to particular circumstances and everything is subject
to contract contract tonight until there's a binding contract in place and
they're only a binding contract in place and the vendor having received the two
contracts back from the purchaser signed when the vendor executes science the
contract only then is there a binding contract in place
between the parties at that point then they moved towards completion well I
just clarify something that I said in the video there about the contact the
front of it says that it's Law Society of Ireland general conditions of sale
2001 edition and the back of it says 2019 edition there is of course a 2019
Edition and the other solicitor who issued this obviously took an old 2001
front page and stuck it on to the 2019 edition of the Law Society contract it
is important that you get the right contract that the right edition of the
contract it's 2019 version and that is the appropriate version not the 2001
version to which I referred earlier because there's simply redness off the
front of this and I'm going to ask the other solicitor just to do a page 2019
page to stick on the front of that hope you find this video useful