Selling A Property

If you are a homeowner awaiting to sell a property, you have quite the job ahead of you. However, at Keenan & Company solicitor, we ensure the conveyance is as per the law and stress-free. Let us help you understand the legal process involved by bringing you through a couple steps to take when selling a property in Ireland.

Steps to selling a property in Ireland

1. Gathering your title deeds

Ensure your solicitor has access to the documents associated with your property title. If you hold a mortgage, the title deeds will be with the bank or lending body as collateral, and your solicitor will require written authorisation to take up the title deed on your behalf temporarily.

2. Finding a buyer

You may appoint an estate agent or auctioneer to find you a buyer based on a proposed selling price. Once they find a prospective buyer, the estate auctioneer will send the sale’s details to all parties involved, and the buyer will make a deposit, making the property “sale agreed”. However, this deposit is not binding, and you may reverse the sale as long as the contracts are not signed.

3. Drafting the sales contract

Once your solicitor has obtained the sales letter from the estate auctioneer, they will start drafting a contract that outlines all the terms and conditions of selling a property. It will include:

  • General conditions: The conditions set by the Law Society of Ireland for all sales.
  • Special conditions: The conditions specific to your property, such as the closing date, any accompanying property contents, or any other terms suggested by your solicitor. 

The expert solicitors at Keenan and Company Solicitors then clear any pre-contract questions from the buyer for a favourable and smooth sale.

4. Contract signing and exchange

Once all parties are satisfied with the contract, you and the buyer sign the contract and exchange them in the presence of solicitors. It is important to note that a contract deposit is payable (10% of the sale price), separate from the selling deposit. The seller, buyer, and both the solicitors involved retain a copy of the signed contract.

5. Closing the Sale

Once your solicitor takes care of all post-signing formalities, the buyer pays the balance purchase amount and obtains the title deed and keys to the property. 

6. After the closing

Your solicitor will register the Deed of Transfer with the Property Registration Authority. If you have a mortgage, it gets redeemed through the sale proceeds, and the balance amount is transferred to your account (excluding the agreed fees and outlay). 

There are several ways of selling a property, but the magic of a successful sale lies with an experienced solicitor. Rely on us to get the best of selling your property in Ireland.