Once you have your mortgage approval in principle (or you are a cash buyer), you are ready to begin viewing properties.
Appoint your Solicitor
You will need a solicitor to review contracts and advise on the sale. It is best to have your solicitor assigned before making any offers as this will speed up the process once the property is sale agreed.
Book and view properties within your budget. Do as much research as you can before the viewing this will help your decision and maybe offer some questions to ask the agent.
All offers should be made in writing to the agent. The agent will inform the vendor, other parties and return with an update.
If your offer has been accepted by the vendor, the property will be marked as sale agreed. At this time, you must provide a deposit to the agent. The deposit is fully refundable until contracts are signed.
Once the deposit has been received, a copy of the “Sales Particulars” is forwarded to:
- Purchaser’s solicitor
- Vendors’ solicitor
This is the details of the all parties involved, agreed purchase price, estimated date of completion and all other details needed to complete the sale.
Survey and Valuation
You may want to have an independent building surveyor assess the property to ensure there are no issues to be aware of. Banks (if a mortgage buyer) will assign a valuer to assess the value of the home. You will also need to have home insurance in place before drawing down your mortgage.
The vendors’ solicitor will issue contracts. Your solicitor will review and return with queries if needed. Once both parties are satisfied with the contract, each will sign and exchange. This is now a binding agreement and the deposit is now locked. You will have to transfer 10% – 20% of the value as a deposit (minus the deposit paid to the agent).
For mortgage buyers, once all the conditions of the loan have been met, your lender will forward a formal ‘letter of offer’ outlining the terms and conditions of the loan. Cash purchasers will have to transfers funds to their solicitor.
- Stamp duty – 1% of the value under €1 million and a further 2% for properties past €2 million.
- LPT – local property tax is an annual charge and can be calculated here.
- Registration fees – ranges from €400 – €800 depending on value.
- Solicitor fees – check with your solicitor what is and is not included in the fees as these can add up.
Collect the Keys
Once all of the above is complete and contracts are signed, a time and date will have been set for you to collect the keys to your new home.