Whats involved in the purchase of a property? As property solicitors in Dublin, we have set out the steps involved.
When you are purchasing your first home (or even your second property), it helps to know what is involved and the steps your solicitor is following from your initial payment of your booking deposit to when you get the keys (and beyond). As experienced property solicitors in Dublin, we are here to ensure that the whole process is as stress-free as possible. We have found in the past that once we set out the steps involved, we remove one source of stress in the whole process.
The step-by-step elements are as follows:
- Payment of the refundable booking deposit to Auctioneer. This “books” the property on your behalf. The Auctioneer then issues a Sales Advice Note to all parties.
- Contracts for Sale and/or Building Agreements are issued by Vendor’s solicitors together with title documentation to show ownership of the property.
- We then review the title documentation and, if there are any issues (and there usually are a number of minor ones), we would then issue pre-contract queries to the vendor’s solicitor.
- Once satisfactory replies are received, you will then execute the Contracts for Sale and pay the balance of the 10% deposit. We will need to be in funds well in advance of this step. The executed Contracts are sent, with the deposit, to the Vendors solicitor.
- Contracts are then counter-executed by the Vendor and one part returned to us. A binding Contract for Sale is now in place for the sale of the property.
- Requisitions on Title are sent, together with a list of the closing requirement, to the Vendor’s solicitor. The Requisitions on Title are a 40 page questionnaire on the property which the Vendor is obliged to reply to.
- The replies to the Requisitions on Title are returned and any further queries (if any) arising on foot of the replies are sent to the Vendors solicitors.
- Once all replies are answered to our satisfaction, a draft Deed of Transfer is drafted by this Firm and sent to the Vendor’s solicitor for their approval.
- The vendor’s solicitor then puts together the documents requested per the list of closing documents furnished in step 6 above.
- Documents are forwarded to us to be held on trust pending the Vendors Solicitor receipt of the balance of the purchase price (90%).
- The mortgage cheque is then drawn down from the Bank and you will then pay us (1) any shortfall, (2) the stamp duty payable on the transaction (1% of the purchase price) together with (3) our fees, VAT and outlays.
- Legal searches on the property are requested by us and sent to the Vendor’s solicitors for explanation should anything untoward appear on same.
- Once the Legal searches have been explained, the balance of the purchase money is forwarded to the Vendor’s Solicitor and the transaction has completed.
- After closing, Stamp duty is paid on the Deed within 28 days,the Transfer Deed is then sent for registration.
- Once the Deed is stamped and registered, we return the title documents to your Bank (which we will have promised to do) and once then confirm they have received them, our file is closed and sent to storage.
At O’Kelly Solicitors we provide the best price for your house purchase, with clear and transparent pricing. Full details of the costs associated with the purchase (or sale) of your property can be found here.
So if you have just paid your booking deposit, or if you are currently looking for your first home, please do not hesitate to contact us. We have the skills, experience and know-how to make your first move your best move.
Please contact Mark O’Kelly, the principal of the Firm, on 086 7889753 or via email email@example.com.
All our contact details can be found here.