today i want to look at the steps in buying a property in ireland what are the various steps
the first step is that you as a purchaser will find the house presumably that you're sufficiently
interested in to put a bid on you will after a period of time hopefully be successful
with the bidding process and you will be advised by the estate agent or auctioneer that you're
the successful purchaser congratulations and the estate agent and the auctioneer will be
looking for your solicitor's details it's at that point that you need a solicitor because
you're going to be asked to pay a booking deposit to the auctioneer this could range from
5 000 to 10 000 but for a typical house of 250 to say 350 375 000 you're probably looking at a
booking deposit of five thousand to seven and a half thousand that sort of range but once you go
into the estate agent paid the book and deposit you are going to be asked who your solicitor is
the person or the purpose of this question is so that the estate agent will let his vendors
solicitor his client's solicitor know who's acting for you at that stage then once that information
is communicated to the estate agent he can contact the vendor solicitor and give him the details
give him or her details so you'll have paid a booking deposit the vendor solicitor will be then
in the position to issue contracts because the estate agent will have been in touch
and will advise the vendor solicitor who has purchased the property and who is acting for you
next step then is the vendor solicitor will issue contracts along with copy title documents
to prove title when they are issued then they're obviously sent to me or the purchaser solicitor
whose job it is then to review the contracts and review the title documents that are being
offered part of this process will involve raising what's called pre-contract inquiries
on my youtube channel i have a video dealing with the typical pre-contract inquiries that are
raised by solicitors but once i raise the queries in relation to title and taxation and planning
and any other issues that may arise once i've received satisfactory replies
it's at that stage then that i can invite my client in the purchaser to sign the contracts
now it's important at the same time that the purchaser unless he or she is lucky enough to
be a cash purchaser has finance arranged and if that's the case then the lender the bank will want
to know who is acting for you as purchaser you let the bank know and the bank will then issue
the loan or loan pack including letter of offer and various security documents to your solicitor
your solicitor then in trying to do things most efficiently will invite you in to sign both
contracts and the acceptance of the loan offer and the security documents for the bank
that just saves two trips rather than or have one trip rather than coming in twice once you
sign the contract then you're going to sign it in duplicate and you're expected to pay a 10
deposit so if the house is 250 grand or say 350 grand 10 to 350 000 is 35 grand you subtract
the booking deposit of 5 grand therefore you must pay a contract deposit of thirty thousand
if the house is three hundred and fifty thousand obviously if it's two hundred
fifty thousand then the booking deposit or the contract deposit is twenty five grand booking
deposit is five grand you have to pay twenty you sign board contracts you sign the letter of offer
acceptance of the offer from the bank and i then return the contracts to the vendor solicitor that
from a legal perspective is an offer to purchase the property there's no binding contract in place
yet it's simply an offer to purchase the property the vendor solicitor will then get his client or
clients in to sign or counter sign the contracts and the vendor solicitor will retain one copy
or one counterpart and send the other one back to me once that's sent back to me
there's a binding contract in place and you are heading towards completion that binding contract
coming into existence and completion the vendor solicitor will get his or her client in
to sign various documents for example the d the transfer statute declaration in relation
to section 72 family home decoration perhaps of declaration in relation to planning and so on
those that the transfer will have been drafted by your solicitor me and sent to the vendor solicitor
but once the vendors solicitor gets the vendor in to sign all the documents they will be in a
position to complete assuming that they're able to give vacant possession in other words they're
able to move out on a particular day in relation to the closing days the typical contract will have
a closing date of say four weeks or five weeks from the date of the contract that's typical
but it could be slower or it could be faster it really will depend on the circumstances
for example if the vendor has nowhere to move or perhaps are buying on
then things can get more complicated and get a bit messy because they may be waiting to
purchase a house and complete on the purchase of a replacement dwelling that can get messy
they may be buying a new house and the new house may not be completed yet that can be
a further delay so that's just something that can happen on the other hand you might have a vendor
who has plans made perhaps has another house or has moved somewhere else or he's moved into
rented accommodation or maybe has moved jobs and has had to move in any case in which case
vacant possession won't be a difficulty but with a view then towards completing the transaction
and moving towards completion on closing day the vendor will get his client in to sign all the
necessary documents and i then on your behalf will be contacting the lender to check what's
outstanding for check release check release is is known colloquially as check release but in fact
it's an electronic funds transfer to my client account that's where the loan comes i'll then do a
spreadsheet out and i'll send it to you and i will calculate exactly what i need from you to complete
the transaction that spreadsheet i call it a required to close document in other words it's
a document that simply sets out the money stuff and what is required to complete the transaction
and i'll take into account the loan that i'm going to be getting from the bank on your behalf
once you put me in funds then for the balance i'm in a position to complete the transaction
assuming that the vendor has got all the closing documents ready to send to me and
they can give vacant possession on closing day then the vendor is ready to close on closing
there then you could carry out a closing day inspection or an inspection the day before that
but on closing day i then ensure that the money is transferred to the vendor solicitor and he holds
that money in trust pending completion the vendor solicitor will send all the closing documents to
me and i will hold the closing documents in trust pending completion when we're bought
satisfied then we will complete the sale i will authorize release of the funds the money and he
will authorize release of the keys from the estate agent you will then go to the estate
agent pick up the keys and move in hopefully i then will send in the necessary documents to
the property registration authority to register the change of ownership and register the charge
for the bank on the folio i will also pay the stamp duty on your behalf
so i'll need pps numbers and so on after the property registration authority has registered
a change of ownership and has registered a charge then we get a notice of completion
once that happens everything then is sent all the title documents rather are sent to the lender and
the lender will hold those documents until either the loan is paid off or you're going to sell again
i think that is pretty much it i think that is it from start to finish they are the steps in a
transaction to purchase a property and if you find this video useful i would appreciate if you gave
the thumbs up down below and if you have any questions feel free to leave them in
the comments below or contact me by email so they're as i say they are the steps in purchasing
a property in ireland and i hope i haven't left anything out i don't think i have thanks for
watching and as i say i would appreciate if you gave it the thumbs up down below thanks a lot