When selling a property in Ireland, there are many things to consider. Depending on the circumstance. Ideally, a seller is motivated by financial factors such as the best time of year to sell, market pressures or a strong euro. But there can be other motivators, such as divorce, financial restrictions or relocation.
Find a solicitor
If your property has a mortgage on it, your solicitor is the one who will request the title deeds. It can take up to 8 weeks for your title deeds to reach your solicitor. Due to time constraints, we advise contacting your solicitor as soon as you decide to sell.
Historically, a solicitor was just used to act as a financial arbitrator and prepare the sale documents. Now there is far more expertise a solicitor must offer
Since October 1964, all solicitors have been required to make sure any related documents comply with local and national legislation. This due diligence is vital in ensuring that buyers of property do not discover a discrepancy in a sale and pull out or change the parameters of a deal.
Two party Consent
Under the Family home protection act 1976, a solicitor must obtain a spouse’s signature for a property to be sold, even if they are not named on the deed.
Get a BER rating
As Ireland and the rest of the world attempt to reduce greenhouse gas emissions, a big part of this is the BER rating system,
Before a house can be bought, sold, rented or leased, a valid BER certificate must be submitted. BER Ratings range from A to G and are quantified around home energy consumption. Homes energy consumption is based on water heating, ventilation and temperate heating.
Find an Estate Agent
One of the most important decisions when selling a property is to appoint an estate agent who you can work with and who will act in your best interests.
Make your decision based on facts. Ask your prospective agents plenty of questions, how many properties have they sold recently? Have they sold any properties in your area? How do they market properties etc.?
If you are unsure of where to start, then a great avenue is to contact the experienced team at LWK – 018603268
Prepare the property for the market.
We have covered this subject in great detail in previous articles. But the importance of this process cannot be undermined. The average buyer views 11 properties before making an offer. It’s, therefore, of the utmost importance that you make your property stand out from the crowd.
For more information, read our article on improving Kerb’s appeal.
Fielding the offers
Once you have followed the steps listed above, you will invariably receive property offers.
The immediate knee-jerk reaction is to accept the highest offer, but there are several things to consider before you do this.
Something sellers often forget is that anyone can make an offer regardless of whether they have the financial backing. It’s so important to check that your prospective buyer has their financing in place before taking your home off the market.
The second biggest pitfall sellers make is accepting an offer from a buyer who has to sell their property to purchase yours. This can significantly increase the time it takes for the sale to complete, and in that time, the sale can fall through.
Finally, always check if any of your offers are for a cash purchase. A cash purchase can significantly reduce the sale time, saving you money in solicitor and selling costs.
What to do once a sale is agreed upon?
Once you (the seller) agree to an offer from the buyer, the buyer must immediately pay a booking offer to your estate agent. The booking fee ranges depending on the estate agent, and it’s often a fixed sum of €5000 or a percentage of the overall purchase price.
Once your estate agent receives the booking fee, they will process the sale documents. These documents will be sent to both the buyer and seller’s solicitors. The estate agent will also move the property status to the agreed-upon sale.
This document is legally binding and includes the conditions of the sale, both parties’ names and addresses, s along with any other information pertinent to the sale.
Closing the Sale
Once the booking fee is paid and contracts are signed, it’s time to take a breath; you have successfully sold the property. The only thing to do is to complete the final few steps known as sale closure. More often than not, you will need to head over to your solicitor’s office to sign the transfer deed and any other supporting documentation required by the sale. You will also need to provide proof of payment of household charges and, of course, supporting tax documentation charges; this will often be LPT (Local property tax)
If you are unsure what tax documentation is required, you can consult your solicitor or visit. www.revenue.ie.
In some circumstances, other documents are required, such as an NPPR (Non-principal private residence charge). For more information on these charges, visit www.nppr.ie
Swapping the keys
Once your solicitor has agreed on a final closing date with the other parties’ legal council, then they will provide you with this as the final closing date. The final closing date is the day when you and the buyers will exchange keys. The final closing date is also important as its when the final balance of the sale is transferred to your solicitor.
If the property had a mortgage, your solicitor would automatically pay the loan balance. They would also take any associated fees due to themselves and your nominated estate agent.
The remaining funds would be remitted to the agreed seller(s0.
Selling a house in Ireland.
With the end of a turbulent 2022 looming, specialists in property sale are widely considered 2023 to be a booming year for property sales and investment,
If you are considering selling, then the team at LWK can help you contact us today for free valuation and expert advice.