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Money from house sale

  • 26-07-2007 3:02pm
    #1
    mathie
    Registered Users, Registered Users 2 Posts: 5,103 ✭✭✭


    Ok I just sold my house :)
    So what way does it work now in terms of the cash.
    Say I'd 150K of a mortgage and I sold for 200K what will happen?

    Will Solicitor pay off bank and transfer 50K to my bank account?
    Then I've to pay Estate Agent and Solicitor?
    Or what way does it work?

    Also what are the average cost of Solicitors outlays?

    Thanks
    M


Comments

  • #2
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    The Estate Agent will have taken a booking deposit. He will take his fee and outlay from it. The Solicitor will have to undertake to pay the bank off on release of the deeds to him. He will take the money for this and other outlay and his fees from the purchase monies. You should have negotiated a fee with your solicitor before he took on the work. HE may charge 1% otherwise.


  • #3
    whizzbang
    Registered Users, Registered Users 2 Posts: 1,366 ✭✭✭whizzbang


    don't forget to pay the revenue if it was an investment or purchased as an FTB within the last 5 years (ie there might be stamp duty clawback)!


  • #4
    delly
    Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 7,730 Mod ✭✭✭✭delly


    Estate agent will take there fee from deposit , then forward you a cheque for the rest. Your solicitor will take there fee, then pay off your mortgage and give you a cheque for the balance. In relation to cost, you should have got a quote beforehand, but it could be anything from 1 to 3 grand ballpark figure.


  • #5
    mathie
    Registered Users, Registered Users 2 Posts: 5,103 ✭✭✭mathie


    whizzbang wrote:
    don't forget to pay the revenue if it was an investment or purchased as an FTB within the last 5 years (ie there might be stamp duty clawback)!

    It was purchased in April 2002 as the PPR.
    I lived there with my sister until 8 months ago.
    We both moved out.

    I've heard we have one years grace to avoid CGT?

    Thanks
    M


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