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.

 

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