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Buying a House in cash ?

  • 05-07-2018 11:23PM
    #1
    Dr Brown
    Registered Users, Registered Users 2 Posts: 1,283 ✭✭✭


    Just wondering if it is legal to buy or sell property in cash ?

    Lets I say I wanted to buy a house for 400k.

    Could I pay the owner 400k in cash if they agreed to it ?


Comments

  • #2
    Losty Dublin
    Registered Users, Registered Users 2 Posts: 13,263 ✭✭✭✭Losty Dublin


    You could in theory. In practise both Revenue and the solicitor of the seller would probably want to satisfy themselves that the money wasn't illegally gained and that any money or drafts tendered aren't forgeries.


  • #3
    Westernyelp
    Registered Users, Registered Users 2 Posts: 2,409 ✭✭✭Westernyelp


    Dr Brown wrote: »
    Just wondering if it is legal to buy or sell property in cash ?

    Lets I say I wanted to buy a house for 400k.

    Could I pay the owner 400k in cash if they agreed to it ?

    Why not? assuming all above board.


  • #4
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 78,456 Admin ✭✭✭✭✭Beasty


    Still have to go through a legal process to transfer the property and pay stamp duty

    Need also to consider what surveys you want doing - best to get proper professional advice before parting with your cash


  • #5
    Dr Brown
    Registered Users, Registered Users 2 Posts: 1,283 ✭✭✭Dr Brown


    I think in the future people will buy sell property in Bitcoin to avoid the taxman.


  • #6
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 78,456 Admin ✭✭✭✭✭Beasty


    Dr Brown wrote: »
    I think in the future people will buy sell property in Bitcoin to avoid the taxman.

    You mean "evade" tax I presume

    The tax situation remains the same whatever funding source you use, as is the legal documentation requirement (although I lenders do require additional documentation to protect themselves


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  • #7
    Dr Brown
    Registered Users, Registered Users 2 Posts: 1,283 ✭✭✭Dr Brown


    Beasty wrote: »
    You mean "evade" tax I presume

    The tax situation remains the same whatever funding source you use, as is the legal documentation requirement (although I lenders do require additional documentation to protect themselves


    Bono would call it being "tax efficient".


  • #8
    coylemj
    Registered Users, Registered Users 2 Posts: 25,722 ✭✭✭✭coylemj


    Dr Brown wrote: »
    Just wondering if it is legal to buy or sell property in cash ?

    Yes, with no upper limit. But for a property transfer, the revenue have to be involved and they will ask your solicitor for your PPS number.

    So be prepared to account for where the money came from.


  • #9
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,452 ✭✭✭✭Mrs OBumble


    Dr Brown wrote: »
    I think in the future people will buy sell property in Bitcoin to avoid the taxman.

    How does doing it with Bitcoin avoid the taxman (or woman)?

    You could pay in bananas if the seller was willing, but you would still have a tax liability. (Unlikely that Revenue would accept bananas for payment - you would need to pay their portion in a different currency.)


  • #10
    Dr Brown
    Registered Users, Registered Users 2 Posts: 1,283 ✭✭✭Dr Brown


    coylemj wrote: »
    Yes, with no upper limit. But for a property transfer, the revenue have to be involved and they will ask your solicitor for your PPS number.

    So be prepared to account for where the money came from.


    What if the person doesn't have a PPS number ?


  • #11
    Dr Brown
    Registered Users, Registered Users 2 Posts: 1,283 ✭✭✭Dr Brown


    Mrs OBumble wrote: »
    How does doing it with Bitcoin avoid the taxman (or woman)?

    You could pay in bananas if the seller was willing, but you would still have a tax liability. (Unlikely that Revenue would accept bananas for payment - you would need to pay their portion in a different currency.)


    Do the Revenue accept coins as a method of payment ?






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  • #12
    endacl
    Registered Users, Registered Users 2 Posts: 22,438 ✭✭✭✭endacl


    Dr Brown wrote: »
    What if the person doesn't have a PPS number ?

    Like a bluddyfurriner?


  • #13
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,452 ✭✭✭✭Mrs OBumble


    endacl wrote: »
    Like a bluddyfurriner?

    Serious intention to buy property here is one (possibly the only) reason why non-resident bluddyfurriners can get a PPS number.


  • #14
    Victor
    Registered Users, Registered Users 2 Posts: 78,652 ✭✭✭✭Victor


    Dr Brown wrote: »
    Could I pay the owner 400k in cash if they agreed to it ?
    The solicitors will take them to a bank to have it lodged.


  • #15
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Dr Brown wrote: »
    Just wondering if it is legal to buy or sell property in cash ?

    Lets I say I wanted to buy a house for 400k.

    Could I pay the owner 400k in cash if they agreed to it ?
    You can pay the owner but the deed of transfer must be stamped at the value of the transaction. There are some drug dealers just paying the owner, who gives them the keys and the owner move out. There is no deed of transfer. The owner remains registered as owner.


  • #16
    Robbo
    Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 10,600 Mod ✭✭✭✭Robbo


    Dr Brown wrote: »
    I think in the future people will buy sell property in Bitcoin to avoid the taxman.
    Given that most crypto is non-compliant with Anti Money Laundering legislation, no. Most blockchain grifts are also incompatible with the GDPR.

    Sure, you can pay someone in bitcoin (or magic beans) for a property, just don't expect to gain any kind of title that stands up to scrutiny at the end of the day.
    Dr Brown wrote: »
    What if the person doesn't have a PPS number ?
    They have to get one and deal with the glorious efficiency of the Dept of Social Welfare. There's only one exception and that doesn't apply to transactions of real property.


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