Buying a House

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If you are considering buying or selling property, please feel free to complete the form here which will be promptly forwarded to Mulroy and Company Solicitors Galway. We will contact you as soon as possible with a response to your request.

What are the steps involved in buying a house?

 (i) Appoint a Solicitor

It is important that you contact a Solicitor, who at an early stage, will provide you with a quotation of the costs involved in the purchase.

(ii) Booking Deposit

Once you have decided which Property you wish to purchase, it is normal to pay a booking deposit to the Auctioneer. Booking deposits can vary depending on the value of the Property. Booking deposits are entirely refundable up until the point the Contracts are signed by both parties and exchanged.

(iii) Sales Advice Notice

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.

(iv) Contracts 

The Vendor’s Solicitor will prepare the Contract and will send it to the Purchaser’s Solicitor together with the title documentation of the Property you propose purchasing.

(v) Letter of Offer 

On the payment of the booking deposit, it is important you contact your bank or lending institution to ensure your loan offer issues for the property you propose purchasing, without delay. On the issuing of the loan offer, your lending institution or bank will send a loan pack to your Solicitor. On the basis of the title documentation furnished, your Solicitor will then prepare the Mortgage documents to be signed by you and advise you on the loan offer including any special conditions included in your loan offer which you may have to comply with, prior to the signing of any Contracts.

(vi) Engineer

It is often advisable to employ an Engineer when you are purchasing a property, to ensure that the property you are purchasing is structurally sound as in certain cases, including in particular the purchase of a second-hand property, you may have no recourse against the Vendor in the event of any structural problems arising. It will also be necessary when you are purchasing certain properties that your Engineer would inspect the boundaries of the property you propose purchasing as again you are purchasing the property with full knowledge of any difficulties which may arise in relation to boundaries.

(vii) Appointment

Arrange an appointment with your solicitor with a view to signing the Contract. Once your Solicitor is satisfied that the title to the property you propose purchasing is in order and that your are in a position to comply with all conditions in your loan offer, you should be in a position to sign Contracts and pay the balance of the deposit which is normally 10% of the purchase price, minus any booking deposit you may have paid to the Auctioneer.

(viii) Return of Contracts

Your Solicitor will then arrange for the Contracts to be forwarded to the Vendor’s Solicitor, who will arrange for the Vendor to sign the Contracts and return one copy to your Solicitor.

(ix) Life Assurance and Home Insurance

All banks will require that you have Life Assurance in place to ensure that in the event of you or any other person with whom you purchased the property passing away, the loan will be discharged. It is important that this be dealt with as soon as possible. Various Insurance Companies may require medical reports in regard to any medical problem you may have.

(x) Raising of Requisitions on Title

On the exchange of Contracts, your Solicitor will raise what is referred to as Requisitions on Title which is a set of queries dealing with the property you propose purchasing. The Vendor’s Solicitor will then reply to these and arrangements will be then made to complete the purchase of the property by your Solicitor.

(xi) Loan Cheque

Once a closing date is agreed, your Solicitor will arrange to drawdown your loan cheque from your bank or lending institution.

(xii) Closing of Purchase

The closing of the purchase of the property you are purchasing will generally take place in the Vendor’s Solicitor’s office. Your Solicitor will attend the office. Your Solicitor will check the documents to ensure they are in order and will carry out searches against both the property and the Vendor to ensure there are no judgements or burdens registered on the property, which adversely affect you. Once your Solicitor confirms that the documents are in order and there are no matters appearing on the searches which give rise to concern, your Solicitor will pay over the balance of the purchase monies and the Vendor’s Solicitor will either furnish your Solicitor with the keys or contact the Auctioneer with a view to having the keys released to you.

(xiii) Signing of Deed transferring the Property into your name

When the transaction is completed, the Deed transferring the property into your name must be signed by you, the purchaser.

(xiv) Stamping of Deed by Revenue Commissioners

On the completion of the transaction, it will be necessary to have the Deed transferring the property into your name stamped by the Revenue Commissioners. If Stamp Duty is payable on property, it must be paid no later that 28 days from the date of the completion of the purchase of the property. It is therefore vital that you furnish your Solicitor with a Bank Draft for any stamp duty payable as the delay in the payment of the stamp duty could give rise to stamp duty penalties.

(xv) Land Registry/Registry of Deeds

On stamping of the documents by the Revenue Commissioners, your Solicitor will proceed to have the property registered in your name in the Land Registry or the Registry of Deeds, depending on the nature of the title to the property you purchased.

(xvi) Title Documentation

Once the registration of the property is completed, your solicitor will schedule your title documents and forward them to your lending institution, who will hold them on your behalf, until such time as you require them, either for the sale or the re-mortgage of the property.

To obtain a prompt quotation on buying a house, Click Here

Any questions on the above? Please contact Mulroy & Company Solicitors Galway.