Buying / Selling property between family

Kurooi

I'm selling a place, parent offered to buy it at market value (it's very standard so we agree on a valuation from an estate agent being correct. I'm happy neither of us are losing/winning monetarily and they know the palce and will get an engineer survey so nobody is unhappy after, win-win)

Is there anything I should know about in this sort of deal? I presume I can just find a solicitor that can get us over all the legal work? Can we jointly hire just 1 solicitor or does each person need a representation?

Also, can I expect this to finalize faster? How fast could it be? I know purchases now take 3 months + easy, but surely this could go faster we just need to swap papers. In my own experience most of the time was wasted with buyers/sellers not quite co-operating or the two solicitors making a mission out of it. Would it be significantly faster if no bank was involved? They might pay 100% cash. Not sure.

Atlantic Dawn

You need a seperate solicitor to represent each party, a singe solicitor can't act for both.

When you say pay 100% cash, do you mean pay with actual physical cash or to just not need a loan from a bank?

Kurooi

https://www.boards.ie/discussion/comment/118441291#Comment_118441291

Oh thanks. The latter. No loans, they have a balance sitting on their bank account.

Atlantic Dawn

Yes that should speed it all up. I would still say it will be somewhere between 3 and 6 months before it actually transfers.

Kurooi

Oh i should have mentioned, I do owe my bank money on it

Marcusm

https://www.boards.ie/discussion/comment/118441344#Comment_118441344

No reason it could not be done in 6 weeks provided it’s registered land and the sale price will discharge any outstanding mortgage. It’s about making the solicitors work!