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House purchase process

  • 23-03-2013 8:56am
    #1
    Gosub
    Closed Accounts Posts: 874 ✭✭✭


    Hi All.

    The last time I bought a house in Ireland was 1984. I'm sure some stuff has changed since then. I need a bit of guidance regarding the mechanics of purchasing today.

    OK, so I go view a house and like it, agree a price with the seller via his estate agent.... then what? I know a deposit is required, I assume around 10%. Who gets this?

    At some point contracts need to be exchanged. Do I need to be present to sign? I live abroad at the moment. Can it be done by giving power of attorney to someone else? (solicitor?) Can it be done via post? I need to know when the solicitor is involved and when I should instruct.

    It'll be a cash purchase, no loan involved.
    Thanks in advance for helpful replies.


Comments

  • #2
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    Gosub wrote: »
    Hi All.

    The last time I bought a house in Ireland was 1984. I'm sure some stuff has changed since then. I need a bit of guidance regarding the mechanics of purchasing today.

    OK, so I go view a house and like it, agree a price with the seller via his estate agent.... then what? I know a deposit is required, I assume around 10%. Who gets this?

    At some point contracts need to be exchanged. Do I need to be present to sign? I live abroad at the moment. Can it be done by giving power of attorney to someone else? (solicitor?) Can it be done via post? I need to know when the solicitor is involved and when I should instruct.

    It'll be a cash purchase, no loan involved.
    Thanks in advance for helpful replies.
    On agreement of sale price, a refundable deposit is paid to the Estate Agent, normally €5k or 10%, whichever is the lesser. You then instruct a solicitor and surveyor. Exchange of contracts normally happens about 6 weeks later, you do not need to be present. This can be done via post. The balance of the deposit is paid to your solicitor at this stage. And after this either side cannot back out without incurring costs. Completion could happen 2 weeks or so after this, and the balance of funds is transferred. Again you do not need to be present but you need to authorise someone to collect keys. Of course the sale could take a lot longer than this if there are issues.


  • #3
    Gosub
    Closed Accounts Posts: 874 ✭✭✭Gosub


    Thanks Stillwaters. Just what I was looking for.


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