selling my home

oleras

daveirl wrote:

This post has been deleted.

fraud ? you should chose your words more carefully ! :rolleyes: Please explain where i commited "fraud" ?

oleras

smccarrick wrote:

The conveyancing and transfer of title deeds is a legal matter undertaken by the solicitors of the two parties. The manner in which the 'deal' is agreed is immaterial. Solicitors are obliged to report the details of the transaction to the Revenue Commissioners.

did you notice i said, even put in commas "private" ?

The_Conductor

oleras wrote:

did you notice i said, even put in commas "private" ?

Something tells me that were I to ask you to clarify this that it could possibly be a bit of an eye opener?.......

oleras

smccarrick wrote:

Something tells me that were I to ask you to clarify this that it could possibly be a bit of an eye opener?.......

would be more than happy to.......

The_Conductor

If you're happy to do so- off you go. I would like to know how property can be transferred between two parties without course to legal paperwork to include conveyancing and transfer of deeds (the details of which solicitors are legally obliged to inform the Revenue Commissioners).

oleras

smccarrick wrote:

I would like to know how property can be transferred between two parties without course to legal paperwork ).

Of course it cant............ i am on about anything extra that is paid for fixtures and fittings, thats "private" between the seller and buyer, no solicitor wants anything to do with that. We may have crossed wires here....

edit. just went over our debate, i was on about the difference between the 317.5k and 330k, you must have thought i was on about the full 330k ? ?

The_Conductor

oleras wrote:

Of course it cant............ i am on about anything extra that is paid for fixtures and fittings, thats "private" between the seller and buyer, no solicitor wants anything to do with that. We may have crossed wires here....

edit. just went over our debate, i was on about the difference between the 317.5k and 330k, you must have thought i was on about the full 330k ? ?

I was wondering for a while.....
I heard rumours of something else from a friend in the Revenue Commissioners.

Ok- what you are proposing is feasible, if not ethical. Leona Helmsley's infamous comment comes to mind..... "We don't pay taxes. Only the little people pay taxes."

oleras

smccarrick wrote:

I was wondering for a while.....
I heard rumours of something else from a friend in the Revenue Commissioners.

Ok- what you are proposing is feasible, if not ethical. Leona Helmsley's infamous comment comes to mind..... "We don't pay taxes. Only the little people pay taxes."

we all like to "tax avoid", be it that extra carton of cigs in the suitcase of getting out of paying 10.5k in stamp duty, all relative really......

ronbyrne2005

Whats to stop someone selling a house that would get 400k in open market for under 317k stampduty limit by selling the likes of the plumbing floorboards fireplaces etc seperately for the difference between 317k and 400k?

oleras

ronbyrne2005 wrote:

Whats to stop someone selling a house that would get 400k in open market for under 317k stampduty limit by selling the likes of the plumbing floorboards fireplaces etc seperately for the difference between 317k and 400k?

Nothing really, as long as the buyer did not have to go through the bank for the extra 87k, and for such a large sum not many sellers would take the chance that the monies would be handed over after the sale, then again, if it is from somebody you know or relative for example, there aint that much to stop them !

There are ways around it, i know when i purchased the family home from my mother, it was not market price on paper ! I paid extra after for fixtures and fittings....., and there was just me on the deed for the first 12 months, no wife,she went on later, because between parent to child the stamp duty is half, so all depends on the situation really.

ionapaul

Is it perfectly legal to avoid tax in this way?

Zambia

ionapaul wrote:

Is it perfectly legal to avoid tax in this way?

No it is not Surprised this has not had a mod on already.

You may get away with this but should it ever come to the revenues attention they can be severe.

From personnal experience when you sell a property the revenue asks about the price you got the property for. Should they consider you got it for under the market price at the time they can assume this type of transaction took place and fine you. As they did us, we had to have the solicitor fight to get the money back for us as we just got the property at a good price. But the onus of proof was on us.

Even if the above may not happen to you , to think you can buy a house for 317,500 and pay 15,000 for a few fittings dont delude yourself its not tax avoidance.

The_Conductor

Zambia232 wrote:

Even if the above may not happen to you , to think you can buy a house for 317,500 and pay 15,000 for a few fittings dont delude yourself its not tax avoidance.

Its tax evasion- not avoidance, and illegal.
There are ball-park figures that the Revenue Commissioners do allow for furniture/cutains (it is however assumed that all fixtures and fittings are included in the sale). If you went over around the 7-10k mark it would immediately be flagged as suspicious. Estate agents are legally obliged to report the transaction(s) to the Revenue Commissioners and may loose their licence to practice (as has happened in a few cases) if they turn a blind eye to it.

Tax fraud is tax fraud, and delibertly manipulating transactions to evade paying tax is a criminal activity.

gerrycollins

smccarrick wrote:

Its tax evasion- not avoidance, and illegal.
There are ball-park figures that the Revenue Commissioners do allow for furniture/cutains (it is however assumed that all fixtures and fittings are included in the sale). If you went over around the 7-10k mark it would immediately be flagged as suspicious. Estate agents are legally obliged to report the transaction(s) to the Revenue Commissioners and may loose their licence to practice (as has happened in a few cases) if they turn a blind eye to it.

Tax fraud is tax fraud, and delibertly manipulating transactions to evade paying tax is a criminal activity.

hey guys great debate but im still looking for advice and experiences people have had with estate agents and any suscesses and failures

SteM

Not sure if you have decided on a selling agent yet but though I'd give you my view as a buyer. I have been looking at a lots of houses around Tallaght over the last few months, we've probably seen 50+. The best agents we've come across as buyers have been Murphy Mullan.

Out of all of them they've been the most flexible in showing us houses, their presentations have been well prepared etc. When they showed us houses they had printouts for the house specs with them, I know it sounds obvious but none of the other agents did that. It really helps a buyer because eventually all houses can begin to look the same. I know probably you're concerned with costs but with the state of the market in Tallaght you need agents who will get people in to see your house. Some of the other agents I've delt with have refused to show houses in the evening or at weekends which is the only real time we were free. How do they expect to sell houses if they're not flexible? Other agents have shown up to houses and not known the alarm code for the doors!

Good luck with the sale.

gerrycollins

SteM wrote:

Not sure if you have decided on a selling agent yet but though I'd give you my view as a buyer. I have been looking at a lots of houses around Tallaght over the last few months, we've probably seen 50+. The best agents we've come across as buyers have been Murphy Mullan.

Out of all of them they've been the most flexible in showing us houses, their presentations have been well prepared etc. When they showed us houses they had printouts for the house specs with them, I know it sounds obvious but none of the other agents did that. It really helps a buyer because eventually all houses can begin to look the same. I know probably you're concerned with costs but with the state of the market in Tallaght you need agents who will get people in to see your house. Some of the other agents I've delt with have refused to show houses in the evening or at weekends which is the only real time we were free. How do they expect to sell houses if they're not flexible? Other agents have shown up to houses and not known the alarm code for the doors!

Good luck with the sale.

yes I have spoken to them and they seem pretty keen,(they viewed my house with two couples without any formal agreement) but the good news is that the house is already sold considering it never really went up on the market.

A landlord bought it with funds he got from the sale of some land and again one of the agents who valued the house just called me about him and within 24 hours the house was sale agreeded with deposit paid how bad

SteM

Great stuff, well done.

stepbar

gerrycollins wrote:

yes I have spoken to them and they seem pretty keen,(they viewed my house with two couples without any formal agreement) but the good news is that the house is already sold considering it never really went up on the market.

A landlord bought it with funds he got from the sale of some land and again one of the agents who valued the house just called me about him and within 24 hours the house was sale agreeded with deposit paid how bad

Fair play, that was quick! Did you get what you were asking for?

garred

SteM wrote:

Not sure if you have decided on a selling agent yet but though I'd give you my view as a buyer. I have been looking at a lots of houses around Tallaght over the last few months, we've probably seen 50+. The best agents we've come across as buyers have been Murphy Mullan.

Out of all of them they've been the most flexible in showing us houses, their presentations have been well prepared etc. When they showed us houses they had printouts for the house specs with them, I know it sounds obvious but none of the other agents did that. It really helps a buyer because eventually all houses can begin to look the same. I know probably you're concerned with costs but with the state of the market in Tallaght you need agents who will get people in to see your house. Some of the other agents I've delt with have refused to show houses in the evening or at weekends which is the only real time we were free. How do they expect to sell houses if they're not flexible? Other agents have shown up to houses and not known the alarm code for the doors!

Good luck with the sale.

I've used them for an apartment sale about 5 months ago (City West) not a million miles away from where the OP is selling. Think the guys name was Richard. From a seller's point of view he was good. Charged, if I can recall correctly, about .85% plus about 200 for advertising, webpage, etc.
With regard to the other issue of "content selling" I was going to do this (was selling about k15 over the threshold) but the Estate Agent did'nt want to officially know about it and I got a handslap from the solicitor. Needless to say did'nt go that avenue.