When buying or selling a property, Philip Vint & Co. Solicitors will keep you informed throughout the process and help you to
understand what is going on. We are meticulous, organised, prompt, precise & professional
in our dealings in buying and selling property.
Preliminaries
- Find a house and pay booking deposit to auctioneer usually between €5,000 and €10,000
- Notify auctioneers of the name of your solicitor
- Make sure you have your loan approval from your bank if you are obtaining a mortgage
Pre-Contract Enquiries
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- Your solicitor receives a sales advice note from the auctioneer which sets out who is who ie who is the buyer and who is the seller and who are the solicitors
- Your solicitor then receives draft contracts and copy title paperwork from the seller’s solicitor
- Your solicitor raises pre-contract enquiries
- Your solicitor gets replies to pre-contract enquiries. Further queries can be raised which need to be answered
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Contracts
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- Once all pre-contract enquiries are dealt with and the loan offer is in place contracts are signed and exchanged
- When contracts are signed you pay a 10% deposit of the total of the purchase price less the booking deposit already paid so, for example, if you are paying €150,000 for the property and the deposit is €15,000 but you’ve already paid €5,000 as a booking deposit, you then pay a balance of another €10,000
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Preparing for Completion Day
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- Your solicitor requests drawdown of the loan from the bank if you are getting a mortgage
- Completion date is set at the same time the contracts are signed. This is usually a few weeks from the date of the contract
- Prior to completion closing monies are sent to the seller’s solicitor on trust and title documents are sent to the buyer’s solicitor on trust
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Completion
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- On completion day, closing searches are ordered by the buyer’s solicitor and then forwarded to the seller’s solicitor who will respond to any issues which arise. Once the closing searches are clear, the sale is completed. Monies are released to the seller’s solicitor, title documents are released to the buyer’s solicitor and the buyer can collect keys from the auctioneer
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Final Steps
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- After the sale is complete your solicitor pays the stamp duty on the property and registers it with the land registry. He makes sure that any mortgage from the seller is cleared off the title and, where you have a mortgage, sends the title documents with a schedule to your bank
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© Philip Vint & Co Solicitors 2020
