Q: I want to sell my house, what are the legal steps involved?
A: A brief summary of the legal steps involved in selling your residential property are as follows? ;
- Finding your Title Documents: These are the documents of title associated with your property. If you have a mortgage over your property the title documents are normally held by your Bank/Lending Institution as security for your mortgage. They may also be still held with your Solicitor whom you used when you purchased the property if you did not take out a Mortgage at the time of purchase.
- Finding a Buyer: You first must find a Buyer for your property. The majority of Sellers will employ the services of an Estate Agent/Auctioneer. Once you or your Auctioneer have found a Buyer, the Auctioneer will furnish your Solicitor with a "letter of sale" outlying the details of the sale such as the price, the name and the address of the Buyer(s) and their Solicitor's name and address.3. Drafting Contracts for Sale: Once your Solicitor has the letter of sale and the title documents to your property he/she will then draft up the Contract for sale in duplicate with the terms and conditions of the Sale contained therein. The terms and conditions of the Contract are made up of two parts, the general conditions and special conditions. The General conditions are standard Law Society of Ireland conditions which are attached to all contracts for sale whereas the special conditions are additional conditions which are distinct to your property and as advised by your Solicitor.
- Signing and Exchange of Contracts: Once all the terms and conditions of the contracts for sale have been agreed then the contracts are signed by the Purchaser and a Contract deposit is paid (which normally amounts to 10% of the purchase price minus any booking deposit paid to the Auctioneer). You, the Seller must then sign the contracts and retain one part of the Contract while the second part is exchanged with the Purchaser.
- Completion of the Sale: The completion of the sale occurs when the balance Purchase monies (the Purchase price minus the contract and thebooking deposit already paid) are exchanged for the Documents of Title and the keys of the property. The Documents of title include the Deed of Transfer from you the Seller to the new Purchaser.
- Registration in the Property Registration Authority: The Deed of Transfer and Deed of Mortgage (if applicable) is then registered by your Solicitor with the Property Registration Authority and where the new Purchaser(s) will be registered as the new owner(s) of the property.This article is for information purposes only and does not constitute specific legal advice, which should be obtained at all times.
For more information, contact Eamon Concannon of Concannon Solicitors on 091-700-172/700-173 (after Office hours on 086 3297221) or e-mail with any queries.