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.
42-46 Thomas Street