1. Choose the Property you wish to buy.
2. Appoint a Solicitor to act for you in the proposed purchase of the property. Questions you may be asked on your first visit could include; how will the sale be financed? Mortgage or cash buyer; the amount of booking deposit paid to the auctioneer? PPS numbers?
3. On receipt of the booking deposit, the Auctioneer will prepare the Sales Advice Notice and will send it to the Solicitor for the Vendor. It should be noted that some Auctioneers do not send such an Advice Note to the Solicitor for the purchaser, so therefore it is important that you keep your Solicitor advised as this transaction progresses.
4. If the sale will be financed through a mortgage, on the payment of a booking deposit it is important to notify the lending institution to ensure your loan offer issues for the property. A loan pack with the offer will be sent to your solicitor to be prepared for signing.
5. Your solicitor will notify the Vendor solicitor that they act for you in the sale of the property and request the contracts and copy title documentation. Title documents include; an up to date folio and file plan; Certificate of Identity; Certificate of Compliance with Building & Planning Regulations; BER Certificate & Advisory Report and Planning Permission
6. On receipt of the Contracts and copy title documentation, your solicitor will investigate such title and may raise ‘pre-contract enquiries’ with the Vendor solicitor.
7. It is advised that you get a professional survey by a qualified engineer/architect of the property in sale to ensure the property is structurally sound and that there are no boundary issues.
8. Make an appointment to visit your solicitor’s office to sign the Contracts for Sale and to handover the balance of the deposit to the Vendor Solicitor. (NB – Make sure loan approval is in place before signing the contract). Your solicitor will arrange to return the Contracts to the Vendor solicitor, to be signed with the balance of the deposit, one of these signed Contracts will be returned to your solicitor.
9. Your solicitor will send the Objections and Requisitions on Title in duplicate to be completed by the Vendor solicitor.
10. Your solicitor will draft the Deed of Transfer and send to the Vendor solicitor.
11. Your solicitor will go through all loan documents with you to ensure drawdown of your loan from the financial institution.
12. Arrangement will be made to the close the sale at this stage such as agreeing on the closing date. Your solicitor will generally attend the office of the Vendor solicitor where they will ensure the closing documents are in order and carry out searches against the property to make sure there are no judgements or burdens registered on the property. Your solicitor will then hand over the balance of monies due in exchange for the closing documents and keys/alarm code for the property.
13. Your solicitor will then stamp the deed with Revenue to ensure your name will be registered on the property. (Stamp Duty)
14. Once the Stamp Duty is paid, your solicitor will continue to register the title with the Land Registry or the Registry of Deeds whichever will apply to the nature of the property.
15. Your solicitor will lastly prepare and return the title documents to the lending institution which will be held there until such time as your mortgage is redeemed; the property is re-mortgaged or sold.
16. Costs – Solicitors fee will need to be then discharged.
