10 Step Guide to Selling a Residential Property
Although selling a property is thought to be less stressful than buying a property, there is still a lot to be done during the conveyancing process. To help you understand what to expect, take a look at our 10 step guide to selling a residential property.
Please note – this guide begins from the moment you accept an offer from a buyer. There are other legal requirements that you must meet before this. For example, when you put your property up for sale, you must have a Buildings Energy Rating (BER) certificate.
In Ireland, you can also sell your property at auction. The process is a little different to the one described below.
Guide to selling a property in Ireland
- Instruct a solicitor
When you have an offer accepted on your property, instruct a conveyancing solicitor straightaway. You can even contact a solicitor before a sale is agreed. That way, the title deed and contract of sale can be prepared ahead of time.
- Obtain the title deed
If you do not have a mortgage, you can provide your solicitor with the title deeds. If you still have a mortgage on your property, you will need to authorise your solicitor to obtain the title deeds from the lender.
- Gather the necessary information
Your solicitor will then ask you to fill out various forms and provide an array of documents. Amongst others, these include: copies of your passport, driving licence, marriage certificate (if applicable), proof of address, BER certificate and Personal Public Service (PPS) number.
- Organise planning permissions
If your property has been extended or altered (either by you or the previous owners), you need a certificate confirming that the works comply with regulations. If you cannot provide this, your solicitor will arrange an architect’s certificate for you.
- Prepare the contract of sale
Your solicitor will examine the title deeds, planning permissions and verify other details with you – such as whether there are any rights of way affecting the property. Once everything is in order, your solicitor can prepare the contract of sale and send it to the buyer’s solicitor.
- Respond to queries and exchange contracts
At this stage, it is likely that the buyer will have some questions. Your solicitor will respond to these queries. When these have been dealt with, the buyer signs the contract and returns it to your solicitor, along with the deposit. Once you sign the contract, it is legally binding.
- Prepare closing documentation
The final documents needed to close the sale can then be drafted. If the buyer has any questions about the title, your solicitor will answer these. Your solicitor will also get a final redemption figure from your mortgage lender.
- Respond to closing day queries
A date will be set for closing day. You must have vacated your property by this date. You need to take final meter readings before you leave. The buyer’s solicitor will carry out final checks on closing day. If there are any further queries, your solicitor will respond to these.
- Release the keys
Once your solicitor has received the purchase monies from the buyer’s solicitor, the keys can be given to the buyer, along with the original title deeds and any other documents required.
- Discharge the mortgage and transfer sale proceeds
Your solicitor will then discharge the mortgage and transfer you the sale proceeds, minus any other costs – such as legal fees.
Property solicitors Ireland
If you are looking for a solicitor to help you sell a property in Ireland, please contact us at Mullins & Treacy Solicitors. We are client focused and results driven.
Call us on 051 391 488 or email firstname.lastname@example.org for a no obligation enquiry.
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