Brief outline to the Purchase and Sale of Property

Outline to Sale of Property

When we act for Vendor:

When we get instructions to sell a property on behalf of our clients the following steps are taken: –

  • We apply to take up Title Documents from the client’s financial institution.
  • Write to client sending out our cost letter.
  • Prepare Contracts and send to purchasers solicitors with certified copy Title Documents.
  • We reply to any pre-Contract requisitions which the purchaser’s solicitor might raise.
  • If their client finds Contracts in order they will sign them and send both Contracts back to us with a cheque for the deposit, usually 10%. If there is an estate agent involved, the proposed purchaser will usually have lodged a booking deposit with them.
  • We lodge the deposit cheque to our client account to hold on behalf of our client.
  • Our client calls to the office to sign the Contracts.
  • We return one part of the Contract to the solicitor for the purchaser.
  • The purchaser’s solicitor raises Objections and Requisitions on Title and sends two copies to us together with a draft Purchase Deed (Deed of Transfer for registered land and Deed of Conveyance or Deed of Assignment for unregistered land).
  • If applicable we will apply for a Residential Property Tax Clearance Certificate from the Residential Property Tax Section in Dublin Castle on behalf of our client.
  • If applicable we will apply for a Capital Gains Tax Clearance Certificate from the Revenue Commissioners on behalf of our client.
  • We reply to the Objections and Requisitions on Title and send back one signed copy to the purchaser’s solicitor together with the approved or amended Purchase Deed.
  • If there is a mortgage on the title, we obtain redemption figures from our client’s financial institution, as the mortgage will be paid off on the day the transaction is closed.
  • An appointment is made for a closing date between the parties. The closing usually takes place at the vendor’s solicitor’s office.
  • We prepare Family Home Protection Act Declaration and any other relevant documentation for signing by our client.
  • Prior to closing our clients comes in to sign up documentation and to hand over keys and alarm codes.
  • We will prepare any undertakings for the purchaser’s solicitor’s i.e. to forward redeemed mortgage to them or to discharge Land Registry queries etc.
  • We will prepare letters for the rating authority to show that ownership has been changed and print out a PD Form with our client’s tax number on same.
  • Sale will close and we will hand over all title documents.
  • We will lodge sale proceeds to our client account, pay off mortgage if applicable, raise our fee note and draw a cheque to pay balance of sale proceeds to our client.
  • We will chase up vacated (redeemed) mortgages from financial institutions and reply to any queries the purchaser’s solicitor may raise until they have discharged our undertakings in full.

Outline to Purchase of Property

When we act for Purchaser:

When we get instructions from our client that they are purchasing a property the following steps are taken: –

  • We open file and write to solicitors for vendor looking for Contracts and Title Documents.
  • Write to client sending out our cost letter.
  • When received, we inspect Contracts and Title Documents and raise any pre-Contract Requisitions with the vendors solicitors.
  • When we are satisfied that the Contracts and Title are in order our client calls to sign Contracts and gives us a cheque representing the deposit of 10% of the purchase price.
  • If our client is taking a mortgage on the property, we will have them sign the necessary forms from their financial institution which we will receive in their mortgage pack.
  • We send both Contracts and deposit cheque to solicitor for the vendor.
  • Return Solicitors’ Undertaking to client’s financial institution and request the loan cheque.
  • When the vendor has signed the Contracts and returned one of them to us, we will raise our Objections and Requisitions on Title in duplicate and draw up a draft Purchase Deed (Deed of Transfer for registered land and Deed of Conveyance or Deed of Assignment for unregistered land).
  • When returned by vendors solicitor, check replies to Objections and Requisitions on Title and make any amendments they may have made to Purchase Deed, if any.
  • An appointment is made to close the transaction and we chase financial institution to ensure that the loan cheque issues on that date.
  • We prepare Family Home Protection Act Declaration and any other relevant documentation for signing by our client.
  • We will order law searches to ensure that there are no judgement mortgages or other encumbrances registered on the property.
  • We raise our fee note and insert all outlays to include registration fees, stamp duty, Law Searchers, Commissioners fees etc.
  • After closing our client calls to collect keys, sign Purchase Deed, Family Home Declaration etc, Mortgage Deed etc.
  • When stamp duty has been received, the Purchase Deed and Mortgage Deed are taken to the Revenue Commissioners in Dublin Castle for stamp duty.
  • The documents are then lodged in the appropriate Registry: Land Registry for registered land and Registry of Deeds for unregistered land.
  • We will reply to any queries raised from the Registries if they arise.
  • On completion of registration, if there is a mortgage on the property all Title Documents will be scheduled with a Certificate of Title and returned to financial institution by registered post.
  • The financial institution will discharge our Solicitors’ Undertaking.
  • If there is no mortgage on the property, we will schedule documents and have client call to collect them and sign for them.