BUYERS GUIDE TO BUYING A HOME IN IRELAND
1. Search: Engage your property buyers’ agency and initiate a search of suitable
properties within your chosen area and budget.
2. Sale Agreed: Once your ideal home has been identified and negotiated, an
offer should be put forward. Upon acceptance by the seller, the property is
considered to be “sale agreed” and the process moves forward.
3. Booking Deposit: The booking deposit is paid to the seller or seller’s agent in
order to secure the property in question. This booking deposit is typically 3%
of the purchase price and is fully refundable. Upon receipt of a booking
deposit, the seller’s agent will issue a sales letter to Buyers Broker Ltd. and to
the relevant solicitors so that contracts for sale can be prepared.
4. Mortgage - The letter of loan offer should be obtained from the lending
institution and same should be completed by the purchaser prior to signing
contracts for the purchase of the property. Any conditions of the mortgage
must be complied with prior to draw down of funds. In particular, Life
Assurance and Building Insurance must be obtained by the borrower(s) and a
direct debit in relation to mortgage re-payments must be signed in advance of
requesting the cheque from the financial institution.
5. Legal - It is imperative that the purchaser has a survey carried out in advance
of contracting to purchase the property, particularly where buying a second
hand property. The purchaser's solicitor then investigates and certifies the title
of the property and raises any requisitions on title with the seller's solicitor
before returning the contracts duly signed to the seller’s solicitor. The
purchaser is generally required to pay the balance of 10% deposit (or 8% if
qualifying for a 92% mortgage) at the time of signing the contract.
6. Completion – When a completion date has been settled between the parties,
the purchaser must ensure that he is in funds to complete the transaction.
Where the property in question is a newly built home, the purchaser should
arrange for an engineer or other professional to carry out a snag list on the
property. A copy of this snag list should then be handed to the builder so that
any snags may be dealt with. Upon receipt of the balance of the purchase
monies, a Deed of Transfer/Conveyance is executed by the parties and the
keys to the property are handed over.
Contact us on 0818 365 035 or visit www.buyersbroker.ie