Buying or selling your house can be a worrying, stressful time.
And it can seem like it goes on forever.
But there are some very good reasons for an apparent ‘slowness’ in the completion of the transaction.
When looking at houses for sale in Ireland or buying and/or selling any type of property, whether residential or commercial, it is important to ensure that the legalities are fully complied with.
Ending up with a poor title to your property or a title that will be unacceptable to your lender will lead to significant and serious problems.
Many people would consider buying or selling property to be similar to any other purchase but this is not the case because there are a range of important issues that can crop up to create problems if the transaction is not carried out properly.
And this applies regardless of whether you are buying or selling and regardless of whether the property is commercial or residential.
Some important factors to be considered by your legal advisors include
- Family home legislation
- Acceptable title (good marketable title)
- Searches for judgments etc.
- Registration with Land Registry or Registry of Deeds
- Stamp duty and capital gains tax
- Contract for sale
- Completion of sale and any problems arising at closing or post completion
These are the most important factors to be taken care of by your solicitor, depending on whether you are buying or selling. It never ceases to amaze us how many people seek to cut corners when it comes to legal fees in their property purchase/sale.
We recognize that it is perfectly natural to want to keep costs to a minimum, especially in the current difficult economic climate, but the long term ramifications and costs of a botched conveyance could far exceed any perceived saving at the outset.
Legal and Other Fees In Buying or Selling Property
The legal fees, and other fees, which you will incur in buying or selling a house in Ireland can be broken down as follows.
They will differ slightly depending on whether you are buying or selling.
Solicitor’s professional fee-this will be incurred regardless of whether you are buying or selling and will vary depending on the value of the property, whether it is a land registry title or registry of deeds property, and some other issues.
In addition, your solicitor may charge you some miscellaneous charges in respect of postage, photocopying, faxes, etc.
Some solicitors will waive these charges and allow for them in their professional fee.
Outlays Payable to Third Parties
There will also be outlays payable to 3rd parties.
Purchasers may incur charges including stamp duty, land registry fee for registration of ownership, land registry fee for certificate of charge, commissioners’ fees and fees to law searchers.
Vendors may incur a fee to the lending institution to take up the title deeds, a fee to a local authority for a letter in respect of roads and services being taken in charge, commissioners fees, a fee to the lending institution for a release of a mortgage, land registry fees for a copy folio and map, a land registry fee for registration of a discharge.
Both purchasers and vendors will incur VAT on the solicitor’s professional fee and some of the miscellaneous charges.
If you are thinking of buying or selling a property contact us for a competitive quotation for a professional service which will keep you informed every step of the way.
We provide a full, personal and professional service in property purchases and sales.
And we keep you informed every step of the way.
We can’t guarantee that there won’t be stress or anxiety. But we can guarantee to help you keep it to a minimum.
See also our property law page which deals with property letting, residential tenancies, landlord and tenant, commercial lettings and all of the issues surrounding being a landlord or tenant in either residential or commercial situations.