The Property Buying Process In Ireland

So you've decided to make your dream a reality and you're buying your dream property in Ireland: whether it's a property in the majestic city of Dublin or a quiet retreat in one of Ireland's beautiful country villages, one thing you will need to understand is the property buying process in Ireland and how it varies from your home country.

So you’ve decided to make your dream a reality and you’re buying your dream property in Ireland: whether it’s a property in the majestic city of Dublin or a quiet retreat in one of Ireland’s beautiful country villages, one thing you will need to understand is the property buying process in Ireland and how it varies from your home country.

Read on to understand the buying process in Ireland and the things you need to know before you start you new adventure.

It is not possible to buy any property in Ireland without seeking professional legal advice and assistance to help you in the conveyancing process.  Conveyancing is basically the legal process involved in transferring ownership of property and land from one person or party to another, the solicitor who completes this process on your behalf must be fully qualified and registered with the Incorporated Law Society of Ireland.

The primary methods by which property is sold in Ireland:

Private Treaty Sale / Contracts for Sale

This type of property contract is a contract for sale that effectively binds both parties to the completion of the sale.  If you are the purchaser and at some point you decide to withdraw from the contract you may well find that you have to pay a sum of money or lose the agreed deposit for the property.

The completion date for final exchange of contract will be stated within the contract along with the balance of the agreed property purchase price.  During the time that it takes to complete the contract your solicitor will undertake searches on your behalf.  One particular check that non-Ireland residents may not be familiar with is finding out whether a Family Home Protect Act declaration is required.  Basically if a home is classed as a family home, certain additional documents are required for the sale to proceed, these include proof that the interests of both spouses are considered in the sale i.e. one partner is not attempting to sell the property without the other’s consent.  Other checks are much the same as in any other country such as making sure that any extensions or alterations that have been made to the property have been completed with full planning permission.

When the sale has been fully completed the purchaser’s deeds that now show the new ownership will be registered with either the Registry of Deeds or the Land Registry.  However before this can happen the deeds must first be presented to the Revenue Commissioners who will calculate whether there is any stamp duty due to be paid on the property.  Stamp duty in Ireland is currently calculated as a percentage of the total purchase price and is between 3% and 9% dependent on the current value of the property.

Sale of Property in Ireland By Public Auction

A public auction simply involves 2 or more parties competing for the property.  Each party makes a bid and the highest bidder secures the purchase of the property.  As with many countries, in order to protect the vendor a reserve price is set and if that price is not reached during the bidding process the property remains unsold.

Before the auction it is normal for your solicitor to check the contract for the property and all of the title documents that are referred to in the contract.  When the solicitor is satisfied that all is in order a survey of the property to ensure that is of sound build is also generally completed.

If you do decide to buy your Irish property at an auction take the time to become familiar with the current status of the housing market, price variations within different regions and in particular when looking for a property in Dublin be aware that price fluctuations can be significant in comparatively short geographical distances.

For the latest information about the buying process in Ireland we suggest you visit the Irish government Land Registry website http://www.landregistry.ie/