selling houses

Sellers Guide

Whether you are considering selling a property in the coming weeks, months or years, at John Gaynor & Co we want to speak to you. We are happy to provide a free, no obligation consultation where one of our Solicitors will meet you in person and answer every question you might have about the process as well as openly providing you with the benefit of our 45 years’ experience dealing with property transactions; from apartments to large family homes, new build houses and commercial property.

 

We understand that we are all time poor and with our busy lives it can be difficult to find the time to visit at a Solicitors’ Office during standard working hours, for this reason we offer early morning appointments from 07.30am Monday to Friday as well as Saturday mornings, by appointment.

 

Of course, should you prefer we are happy to discuss the sale of your property over the telephone or via email and would be delighted to send you a full quotation within 1 hour of your enquiry.

 

The Sale Process – 5 Steps

Below we have split the sale process into 5 manageable steps, at John Gaynor & Co we are happy to provide you with as much or as little information about the process as you require. The transaction usually takes approximately 8 weeks from the receipt of Title Deeds to you receiving your Sale funds.

 

  1. Collection of Title Deeds

Once you have instructed your Estate Agent (or ideally before) we would be delighted to hear from you in order that we can request your Title Deeds from your mortgage bank; this can take 2 to 3 weeks to receive and as such the request needs to be made prior to accepting an offer on your property. If you do not have a Mortgage on your property you can deliver your Deeds directly to our office in person ensuring that you receive a full receipt confirming each document received in a Schedule of Documents. At this stage we shall also send you a seller’s questionnaire in order to learn everything required from a legal stand point about your property, thereby allowing our firm to deal with anything required at the outset, avoiding delays later into the process.

 

  1. Sale Agreed

Hopefully the Title Deeds will have been received prior to this point and any architects/local authority certs, Maps, redemption figures etc. have been requested and received. The Estate Agent will let your solicitor know the contact details for the purchaser’s solicitor and Contracts can be drafted and sent out to their office immediately.

 

  1. Replying to Pre-Contract Enquiries

The purchaser’s solicitor will review the Contracts and raise standard pre-contact enquiries. At John Gaynor & Co we gather all requisite information prior to this point, ensuring that nothing further needs to be requested at this stage avoiding any possible delays in the transaction. We may need some information from you regarding parking, property taxes etc. and this can be dealt with via email or over the telephone.

 

  1. Execution of Contracts

The purchaser will execute the Contracts first and once received we shall arrange an appointment for you to call into our office and counter-sign the Contracts, at this stage we shall also insert a closing date (usually 4 weeks from this point) and the transaction will reach the binding stage.

 

  1. Closing

We will advise you of the closing date and ensure you have plenty of time to remove your furniture and belongings from the property. On closing we shall receive the balance of funds and release the keys to the purchasers. Having already received your redemption figures from your mortgage bank we shall immediately furnish the bank with the sum owing in order to ensure you do not pay any additional interest on your Mortgage, the bank will then send us evidence that your mortgage has been cancelled and removed from the property. We shall then furnish the balance of sale proceeds to you in a manner of your choosing adhering to our strict cyber security protocols.

 

We hope the above breakdown has been helpful however we fully appreciate a lot of the language used and the transaction itself can be alien to anyone who may not have sold property in Ireland before, we would be delighted to explain each element of the transaction in person, over the telephone or via email and we look forward to hearing from you in the future.

For further information please call our office at 01-4540068

 

Author: John Gaynor
John Gaynor & Co.
Solicitors
42-46 Thomas Street
Dublin 8.

purchase a house

Purchasers Guide

Whether you are considering purchasing a property in the coming weeks, months or years, at John Gaynor & Co we want to speak to you. We are happy to provide a free, no obligation consultation where one of our Solicitors will meet you in person and answer every question you might have about the process as well as openly providing you with the benefit of our 45 years’ experience dealing with property transactions; from apartments to large family homes, new build houses and commercial property.

 

We understand that we are all time poor and with our busy lives it can be difficult to find the time to visit at a Solicitors’ Office during standard working hours, for this reason we offer early morning appointments from 07.30am Monday to Friday as well as Saturday mornings, by appointment.

 

Of course, should you prefer we are happy to discuss the purchase of your property over the telephone or via email and would be delighted to send you a full quotation within 1 hour of your enquiry. This quotation will also include post completion matters such as Stamp Duty (https://www.revenue.ie/en/property/stamp-duty/what-is-stamp-duty/index.aspx) and Property Registration Fees (https://www.prai.ie/fees/).

 

 

The Purchase Process – 5 Steps

Below we have split the purchase process into 5 manageable steps, at John Gaynor & Co we are happy to provide you with as much or as little information about the process as you require. The transaction usually takes between 6 and 8 weeks from the receipt of Contracts to you receiving the keys to your new home or investment property.

 

1.Sale Agreed

At this stage you will have paid your Booking Deposit to the Estate Agent (a non-binding statement of intent) and hopefully received confirmation from your Mortgage Bank regarding your Loan Offer. Although we encourage buyers to make contact with our firm prior to reaching this stage, this is generally when the majority of our clients contact our office and instruct our firm to handle their transaction.

 

2.Receipt of Contracts/Solicitors’ Loan Pack

The Sellers’ Solicitor will prepare the Contracts and upon receipt you will be provided with a copy of our pre-contract enquiries (list of queries raised based upon our review of the documentation) as well as a breakdown of the figures and when each portion of funds is required. At this stage we would also receive a standard set of documents from your Mortgage Bank (The Solicitors’ Pack).

 

  1. Execution of Contracts & Banking Documents

Once satisfactory replies to our above-mentioned pre-contract enquiries have been received from the Sellers’ Solicitor, we shall then arrange an appointment for you to call to our office and sign the Contracts and Banking Documentation. At this stage we shall give you a detailed synopsis on the Legal Title to your property and fully inform you of any possible risks or items to be aware of. We always ensure that a “Subject to Loan Clause” has been inserted into the Special Conditions of the Contracts affording you as the Purchaser crucial protection from penalties should your banking fall through – Please see our David O’Dowd’s Letter to the Irish Times discussing same – (https://www.irishtimes.com/opinion/letters/subject-to-loan-and-buying-a-house-1.3397620).

 

  1. Banking/Closing Date

At this stage you are committed to the transaction and as such we shall confirm the closing date which usually occurs about 4 weeks from the signing of Contracts as well as liaise directly with your Mortgage Bank/Broker to ensure any required documentation has been submitted.

 

  1. Closing

We draw down your mortgage funds, carry out closing searches and review the closing documentation furnished from the Sellers’ Solicitor. Once both sides are satisfied funds will be authorised to be released to the Sellers and your keys will be available for collection from the Estate Agent. We will discharge the Stamp Duty and carry out Registration on your behalf with no additional charge. Once registration is complete, we shall send you confirmation of ownership and send the Title Deeds to your Mortgage Bank.

 

We hope the above breakdown has been helpful however we fully appreciate a lot of the language used and the transaction itself can be alien to anyone who may not have purchased property in Ireland before, we would be delighted to explain each element of the transaction in person, over the telephone or via email and we look forward to hearing from you in the future.

For further information please call our office at 01-4540068

Author: John Gaynor
John Gaynor & Co.
Solicitors
42-46 Thomas Street
Dublin 8.

 

cat

EXTENSION OF DWELLINGHOUSE RELIEF and CAPITAL ACQUISITION TAX (CAT)

It is reported that the Revenue Commissioners have decided not to appeal a High Court judgment that allows people to claim dwellinghouse relief even if they inherit more than one property as part of a Deceased’s Estate.

 

However, one should be aware of the specific circumstances in which this relief remains and that is where the person claiming the relief must not have owned even a share in another property at the date of inheritance.

 

It is a matter of timing and in the particular case in question, the person seeking relief had received a specific bequest of the dwellinghouse for which relief was claimed, but received other properties in what is called the residue or remainder of the Estate and this was deemed to be a gift at a time later than the initial gift of the dwellinghouse.

 

Nevertheless, this decision could be of great benefit to any number of people who were denied the dwellinghouse relief at the time the Estate was administered and may now apply for a refund of CAT paid.

 

For further information please visit our website at https://www.jgs.ie/ or call our office at 01-4540068

 

Author: John Gaynor
John Gaynor & Co.
Solicitors
42-46 Thomas Street
Dublin 8.

FASTER PROPERTY DEALS

A relatively new system of buying and selling property is to be introduced on 1st January 2019 (PCIT – pre-contract investigation of title).

Now the sellers’ Solicitors should make full disclosure when furnishing Contracts for Sale, so that in addition to furnishing the legal title to the property for sale, they will now be answering all the standard questions (Requisitions on Title), at the same time as furnishing the Contracts and Title.

This will hopefully quicken the process in that all issues that might relate to a property for sale, will be dealt with at the beginning of the transaction rather than piecemeal as now frequently occurs.

It will probably move our property system closer to that of the English one, in that following the execution of the Contracts or binding agreements for the buying and selling of the property, the actual completion takes place shortly thereafter.

Sellers of property can assist by attending at their Solicitor at the earliest opportunity when they are planning to sell their property, so that all the issues can be identified quickly and dealt with by their Solicitor.

Equally, intending buyers should seek independent legal advice at an early stage in the buying process, so that both the sellers’ Solicitors and the buyers’ Solicitors can work together to quicken the transaction.

For further information please visit our website at https://www.jgs.ie/ or call our office at 01-4540068

Author: John Gaynor
John Gaynor & Co.
Solicitors
42-46 Thomas Street
Dublin 8

 

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