Generally a person finds a property to purchase through an auctioneer. He/she then instruct a solicitor to act on his/her behalf and to attend to the various legal requirements pertaining to purchasing a property. The solicitor will begin by explaining the procedures involved, and at the outset the solicitor will send the client a letter detailing the legal costs and outlays associated with the transfer together with anti-money laundering legislation.
The solicitor will carry out any pre-contract enquiries and will advise the client in writing to have an independent survey carried out on the property.
The solicitor for the vendor will prepare and send contracts in duplicate together with title documentation to the purchaser’s solicitor. Once terms of contract are agreed and explained to the client and there is mortgage approval in place, if applicable, the client signs the contract. The executed contracts in duplicate are sent to the vendor’s solicitor. The vendor’s solicitor then has his client sign both copies and one part is returned to the purchaser’s solicitor. Binding contracts now exist.
The next step involves the purchaser’s solicitor raising requisitions on title.
An appointment to close the sale is then arranged. At closing, the remainder of the purchase money is handed over in exchange for the keys to the property.
The next step involves registering the purchase deed in the Land Registry or the Registry of Deeds.
For more information contact Bambury & Co Solicitors, IPI Centre, Breaffy Road, Castlebar, phone 094 904 4692.