Property Procedure Summary

When considering purchasing or selling property clients have two initial questions:

How much will it cost?How much will it cost?

The main costs associated with BUYING a house are:

• Solicitors Fees: Professional Fees vary from solicitor to solicitor please click here if you would like us to contact you with a competitive quote
• Stamp Duty: This will apply to all transactions involving the purchase of residential property. The duty will depend on the value of the house. Rates currently set for residential property are 1% duty on a purchase price below one million euro, and 2% duty on consideration above one million euro
• Registration Fees: In Ireland, there are two separate systems of ownership registration. The title the property dictates where you must register your ownership. There are the costs associated with registering the title with either the Registry of Deeds or the Land Registry. The Registry of Deeds system is currently being phased out though this will take many years.
  If you would like further information on the two systems of registration or the costs associated with them, please click here
• Additional outlay: A person buying a house should realise that there are a lot of other costs apart from the purchase price of the house. Such as:
  • Search Fees: These will vary depending on the title and extent of the enquiries to be made
  • Surveyors Fees: These again depend on the details of work to be done but it is essential for surveyor to assess the condition of the property
  • Insurance: It is essential that adequate insurance be put in place covering the structure of the property when the purchase is completed. The lending institution will also insist that mortgage protection insurance be taken out. This ensures that if the borrower dies that the proceeds of the mortgage protection insurance will pay off the remainder of the mortgage

What is the procedure involved?

Buying

• You pay the booking deposit to an auctioneer
• You have the property surveyed
• You obtain loan approval
• We examine the terms of the Contract, the Title to the property and any other relevant matters relating to the property
• You sign the purchase Contract
• You pay the balance of the deposit, usually 10% of the purchase price
• We raise further standard queries to clarify the full extent and nature of the property being purchased
• Either before or contemporaneously with the execution of the Contract we attend to your lending institution’s legal requirements to ensure that your loan cheque is available on the closing date
• You carry out a final inspection/meter readings/prepare a snag list
• We complete the purchase
• We pay the stamp duty and register your purchase deed and any mortgage and then forward all Title documents to your lending institution

Selling

• We obtain your Title deeds
• Your auctioneer confirms the sale details to us
• We issue a Contract to the solicitor for the purchaser
• We deal with any queries that may be raised by the purchaser’s solicitors
• We complete the sale
• We discharge any outstanding mortgages and account for the balance proceeds to you

The main costs associated with SELLING a house are:

• Solicitors Fees: Professional Fees vary from solicitor to solicitor please click here if you would like to contact you with a competitive quote
• Estate Agents Fees: These are usually a percentage of the sale price and should be agreed with your estate agent at the outset
• Additional Costs: There may be additional costs associated with selling a property such as:
  • Bank Scheduling Fee: This is an administration fee which varies between financial institutions. It is usually applicable if your title deeds are held by a bank
  • Bank Sealing Fee: This is an administration fee which varies between financial institutions. It may be applicable if there is a mortgage in place over your property

Property Registration Authority (PRA)

The PRA is a state-guaranteed system of title registration. With Land Registry title your ownership is recorded in a public register

Costs of Registration
The cost of registering a deed of purchase in the PRA depends on the purchase price of the property. The registration fee currently ranges from €400 to €800.

Local Property Tax (LPT)
Evidence of payment of LPT will be required. A Certificate of Discharge/Exemption will also be required in respect of Non-Principal Private Residence Charge (NPPR) for the period 2009 – 2013.