Purchasing a property, whether as a first time borrower or otherwise involves dealing with your Solicitor from early on in the transaction to the completion date. We advise all of our clients to contact their Solicitor once they have decided to purchase and prior even to looking for a home. A quick word with your Solicitor will dispel many of the myths and misconceptions you may have about your proposed transaction. Your Solicitor can also prepare you for dealing with an auction situation or a tendering process.
After you have made your purchase the transaction will proceed as follows:
The Solicitor for the Vendor(s) / seller(s) will prepare contracts for sale and forward them in duplicate to your Solicitors office together with copy title documentation (documents proving ownership or the right to sell and detailing the history of the property in relation to ownership, taxation, planning and other matters).
Your financial institution, will issue a loan “pack” containing mortgage documentation to your Solicitor. This will contain details of your loan together with any conditions attached thereto.
It is your Solicitors job to ensure that you purchase good / clean title and that the mortgage is registered against the property in favour of your bank. After completing the purchase your solicitor will register the property in your name together with the mortgage, prepare a certificate of title for your bank and return the deeds to the bank to hold until such time as the mortgage is fully discharged.
On receipt of Contracts you will be required to sign two copy's and to pay 10% of the purchase price (less the amount given to the auctioneer) through our office, to the Vendors solicitor. Both contracts are returned to the Vendors and they will sign and return one copy to your Solicitor. At this point you will have a binding contract for sale subject only to the vendors replying to any pre-contract queries raised by your Solicitor. It is important to note that until contracts have been signed by both parties and exchanged between Solicitors, there will not be a binding contract for sale or purchase.
Some matters for you to consider at this time are as follows:
After you have made your purchase the transaction will proceed as follows:
The Solicitor for the Vendor(s) / seller(s) will prepare contracts for sale and forward them in duplicate to your Solicitors office together with copy title documentation (documents proving ownership or the right to sell and detailing the history of the property in relation to ownership, taxation, planning and other matters).
Your financial institution, will issue a loan “pack” containing mortgage documentation to your Solicitor. This will contain details of your loan together with any conditions attached thereto.
It is your Solicitors job to ensure that you purchase good / clean title and that the mortgage is registered against the property in favour of your bank. After completing the purchase your solicitor will register the property in your name together with the mortgage, prepare a certificate of title for your bank and return the deeds to the bank to hold until such time as the mortgage is fully discharged.
On receipt of Contracts you will be required to sign two copy's and to pay 10% of the purchase price (less the amount given to the auctioneer) through our office, to the Vendors solicitor. Both contracts are returned to the Vendors and they will sign and return one copy to your Solicitor. At this point you will have a binding contract for sale subject only to the vendors replying to any pre-contract queries raised by your Solicitor. It is important to note that until contracts have been signed by both parties and exchanged between Solicitors, there will not be a binding contract for sale or purchase.
Some matters for you to consider at this time are as follows:
- You should have the property examined / surveyed by a qualified person such as an architect to ensure that the property is free from any structural or other defects prior to signing contracts. Once contracts are signed it is too late to raise any issues in this regard. In the case of a new property, you should have the property snagged by a qualified person on completion. Your Solicitor can recommend someone to you if you do not have someone in mind.
- Please note that your bank will not issue a loan cheque until such time as you have you life and building insurance in place. If you are purchasing both of these with the your mortgage provider then this will not be an issue. In the event that you are using another agent it will be important to ensure that the policy's are with the Financial Institution as soon as possible.
Discuss obtaining a Mortgage with your Solicitor & you may be able to reduce your overall costs substantially.
Your Solicitor will come into contact with several mortgage's on a daily basis. As such he / she is in the best position to advise you on the type of conditions which may be contained in any mortgage and also to answer any questions you may have regarding mortgages generally. We advise our clients to contact their Solicitor first, before applying for a mortgage as your Solicitor can prepare you for the process of successfully applying for your finance – this is all part of the service and no extra charges apply.
The length of time a purchase transaction takes depends on the circumstances of each individual case. If you are interested in a quick purchase then you should look at some of the following factors:
You can also assist by:
Your Solicitor will come into contact with several mortgage's on a daily basis. As such he / she is in the best position to advise you on the type of conditions which may be contained in any mortgage and also to answer any questions you may have regarding mortgages generally. We advise our clients to contact their Solicitor first, before applying for a mortgage as your Solicitor can prepare you for the process of successfully applying for your finance – this is all part of the service and no extra charges apply.
The length of time a purchase transaction takes depends on the circumstances of each individual case. If you are interested in a quick purchase then you should look at some of the following factors:
- Is the Vendor living in the property?
- Does the Vendor have another property purchased (or chosen a property to purchase)?
- Has the auctioneer got instructions in relation to a closing date?
You can also assist by:
- Having your own loan approval in place prior to purchasing.
- Choosing your Solicitor prior to purchasing and having their details to hand when you visit an auctioneer.