Parent transfering property

Annasopra · 25-07-2014 4:06pm #1

Hi

My Dad is mentioning he wants to transfer property to me and siblings

Is there some sort of rule that all 4 of us have to have separate solicitors?

GerardKeating · 25-07-2014 4:56pm

Joeytheparrot wrote: »

Hi

My Dad is mentioning he wants to transfer property to me and siblings

Is there some sort of rule that all 4 of us have to have separate solicitors?

The "Seller" and "Buyer" must/should have separate solicitors, since there might be a conflict between the Seller and Buyer.

You might get a solicitor to act for the 4 buyers, since there is less potential for a conflict of interest, assuming all get equal shares/entitlements.

Annasopra · 25-07-2014 6:30pm

I remembered this

http://www.rte.ie/news/2012/0716/329383-law-society-property-icmsa/

http://www.irishexaminer.com/archives/2012/0710/business/mandatory-solicitors-for-both-sides-aposwould-double-farm-transfer-feesapos-200196.html

Has this happened? Is there a legal requirement? or a law society requirement?

If my Dad is transferring property to me and my brother and sister does that mean all 4 of us need 4 separate solicitors

Annasopra · 26-07-2014 9:35pm

Anyone?

Pro Hoc Vice · 26-07-2014 10:38pm

Joeytheparrot wrote: »

Anyone?

It says both sides not all parties. If 20 people are buying a property they all don't need independent solicitors, siblings buying property together don't usually need separate solicitors. It would only be an issue if their was a conflict, say one sibling was getting the lions share but not investing any of the money the others would be best advised to get independent legal advice.

goz83 · 28-07-2014 12:28am

When myself and the OH were buying the house from my Dad, we all used the one solicitor. That was in 2007/08

andylennon11 · 27-10-2014 4:54pm

Hi guys just wondering how much it costs to get a solicitor to transfer ny dads property into my name? Roughly?

spin777 · 27-10-2014 5:34pm

andylennon11 wrote: »

Hi guys just wondering how much it costs to get a solicitor to transfer ny dads property into my name? Roughly?

Depends on a few things. Like title review and registration etc.

Solicitor will probably charge about €800-1200 and registration of the property and searches may be another €300. Plus vat.

Then you'll need a solicitor each due to new stricter legislation. So multiple that by two :-(

Addle · 27-10-2014 5:45pm

spin777 wrote: »

Then you'll need a solicitor each due to new stricter legislation. So multiple that by two :-(

Do you HAVE TO have a solicitor?

spin777 · 27-10-2014 5:47pm

Addle wrote: »

Do you HAVE TO have a solicitor?

Yes, 100% yes but shop around.

Addle · 27-10-2014 5:51pm

spin777 wrote: »

Yes, 100% yes but shop around.

Even between family? Why?

spin777 · 27-10-2014 5:54pm

Addle wrote: »

Even between family? Why?

Because families also fall out..... A LOT

Pro Hoc Vice · 27-10-2014 6:22pm

Addle wrote: »

Even between family? Why?

No family have ever fallen out over property?

MarkAnthony · 27-10-2014 8:02pm

There is a higher standard to be met than when dealing at arms length.

Peregrinus · 28-10-2014 1:07am

Yup. The fact that the transaction parties are related to one another is a complicating factor, not a simplifying factor.

andylennon11 · 03-11-2014 5:08pm

Thanks. Am I required to pay full fee or is the transfer of property paid by parent and vat and extra fees paid by me? Solicitor says it will be billed to both of us.

Addle · 03-11-2014 7:07pm

Is your parent charging you for the property? They may have a liability to Revenue.
Purchaser/transferee pays fees.

andylennon11 · 03-11-2014 7:14pm

No they inherited it and are putting it in my name. Fee is very high for stamp duty and transfer fees and vat. Bill is being addressed to both parties and Parent wants to go halves so I'm just wondering if this is the right way or really is it up to me to pay for whole thing including transfer fees? Thanks!

spin777 · 03-11-2014 7:29pm

andylennon11 wrote: »

No they inherited it and are putting it in my name. Fee is very high for stamp duty and transfer fees and vat. Bill is being addressed to both parties and Parent wants to go halves so I'm just wondering if this is the right way or really is it up to me to pay for whole thing including transfer fees? Thanks!

If my parents were giving me a property for free I'd be happy to pay all the fees. :-)

Larry Wildman · 03-11-2014 7:31pm

Addle wrote: »

Even between family? Why?

It's to do with recent scandals where in a couple of high profile instances one solicitor was able to run amok. It's a check and balance.

Peregrinus · 04-11-2014 12:56am

Larry Wildman wrote: »

It's to do with recent scandals where in a couple of high profile instances one solicitor was able to run amok. It's a check and balance.

Not so much. It's to do with the fact that where parties are related to one another there's an increased risk of, e.g., duress, undue influence, etc being exerted by one party to the transaction over the other. Plus, there's an increased risk that the parties haven't talking things through as much as arm's-length parties do, that one party has unspoken expectations about the transaction which he assumes the other shares, etc, etc.

Parent transfering property

Comments