Are you selling a House/Apartment?
1 APPOINT A SOLICITOR
For your Solicitor to prepare for your sale, he/she needs your authority to collect your Title Deeds if they are held by a financial institution. This should be arranged as early as possible in the transaction to avoid any delay in issuing Contracts at a later stage.
2 TAKE UP TITLE DEEDS
On receipt of your written Authority, your Solicitor will take up your Title Deeds from your Bank/Building Society. This takes approximately two - four weeks and at this stage your Solicitor will pay a scheduling fee to your Bank/Building Society on your behalf, approximately €40.00 - €65.00.
3 SALE DETAILS
If there is an Estate Agent/Auctioneer involved, they will issue the details of sale once the price and conditions have been agreed by you and the booking deposit paid by the prospective purchaser. It contains the price, conditions of sale, contents (if any), purchaser's name and address, purchaser's Solicitors and estimated closing date.
4. ARRANGE A BER CERTIFICATE FOR THE HOUSE
A BER certificate is a Building Energy Rating Certificate. It indicates the energy rating of a property and ranges from A1 to G. From the 1st of January 2009 any property put up for sale or rent requires an energy rating BER Certificate and this should be prepared and furnished to the purchaser before contracts are signed.
5 NOTIFY TENANTS (INVESTMENT PROPERTY ONLY)
If you are selling a rental property with vacant possession, give the tenants the required Notice to quit (if you have not already done so). The minimum notice required is 28 days but this could be much longer depending on how long the Tenants have been renting the house. In any event, this should be done before Contracts are signed.
6 ISSUE CONTRACTS
On receipt of the Sale Details, your Solicitor will, after consulting with you on the conditions of sale, issue the Contracts together with a copy of your Title Deeds to the Purchaser's Solicitors.
7 CONTRACTS RETURNED
When the Purchaser's Solicitor has read the Contracts, the purchaser(s) (if proceeding) will sign the Contracts when ready and able to proceed and return same with a contract deposit to your Solicitor.
8 CONTRACTS SIGNED & EXCHANGED
You sign the Contracts (in duplicate) in your Solicitor's Office. When you have signed your Contracts, your Solicitor returns one copy to the Purchaser’s Solicitor, thus completing the full exchange of Contracts and creating a binding agreement between both parties subject to terms and conditions set out in the Contract.
9 REQUISITIONS ON TITLE
The Purchaser's Solicitor raises requisitions (general questions on the Title) and drafts the Purchase Deed. Both these documents are sent to your Solicitor.
10 REPLIES TO REQUISITIONS
Your Solicitor replies to the questions raised in the Requisitions on Title and returns any documentation required together with written replies and approves the draft Purchase Deed.
11 REDEMPTION FIGURES
Your Solicitor obtains redemption figures from your Bank/Building Society. This is the amount required to clear your existing loan/mortgage (if applicable) calculated to the scheduled closing date.
12 DEED SIGNED & KEYS
The Transfer/Conveyance is the formal document which transfers your legal interest in your house to the Purchasers. It is signed by you together with other documentation in your Solicitor's office. It is held on file until the closing date. You should also provide your Solicitor with a set of house keys and alarm code. These will be handed over on completion of the sale.
13 CLOSING DATE
Your Solicitor agrees a closing date, on your instructions, with the Purchaser's Solicitors.
14 VACATE HOUSE
You should be ready to have your house fully emptied and left in a tidy fashion the day before or early on the completion date. You should also inform the Utility Companies (ESB, Bord Gais, NTL, Eircom, etc) of your scheduled move.
15 SALE CLOSED
The sale is completed by the Purchaser’s Solicitor attending at your Solicitor's office and handing over the balance of the purchase monies in exchange for the Title Deeds
16 MORTGAGE REDEEMED
Your Mortgage is paid off from the sale proceeds by your Solicitor and the Mortgage Vacate/Release document is requested from your Bank/Building Society.
17 ACCOUNT TO YOU
Your Solicitor will account to you from the sale proceeds, if any, immediately following completion of sale and usually deducts the costs of sale from the balance.
18 FURNISH MORTGAGE VACATE/RELEASE
The Mortgage Vacate/release document from your Bank/Building Society is recieved by your solicitor and furnished to the purchaser’s solicitor to allow them cancel your Mortgage from the Property. The file may be closed thereafter.