Jordan & Co. Solicitors

Home Up Contents Search 
Private Treaty Public Auction Associated Costs Signing Contract

This contract is a contract for sale that binds the parties to the completion of the transaction. Should the purchaser withdraw from the sale after this contract has been signed, he or she may lose the deposit he or she has paid. This contract for sale include "building agreements" as most properties these days are sold and developed (built upon) by two arms of the same company. In the past, and rarely currently, one company would sell a buyer land and a different company would build upon it. In such instances, the contract is actually a "contract for sale and building agreement" but in virtually all residential sale cases, a contract is simply known as a contract for sale. The completion date will be set out in the contract and the balance of the agreed purchase price will be due on that date. In the intervening period between the signing of the contract and the completion date, the purchaser's solicitor raises some general queries about the property with the vendor's solicitor. Such enquiries would include:
  • Is the property a family home? If so, the status of the vendor must be established and an appropriate FH declaration furnished.
  • Is planning permission in place for any changes that have been made to the property?.

When the purchaser's solicitor receives satisfactory replies to "Requisitions on Title", a Deed of Conveyance (or assignment) is drafted by him or her and approved by the vendor's solicitor. Requisitions on Title are a standard set of questions relating to the sale of a property that deal with such things as whether fixtures and fittings are included in the sale. In simple terms, requisitions are a checklist and these are drafted by the Law Society so as to be standardised throughout the legal profession. Once the Deed of Conveyence is approved by the vendor's solicitor, the purchaser's lending institution will be contacted by the purchaser's solicitor to issue the approved loan cheque, the remaining balance of the purchase price is paid to the vendor's solicitor and all documentation, and keys to the premises are handed over to the purchaser's solicitor. It is also imperative that on the date of closing the sale, the purchaser's solicitor has made arrangements for searches to be made against the vendor to ensure that there are no judgements lying against the vendor (i.e., bankruptcy or sheriffs' searches). Furthermore, depending on where the title to the property is held (either in the Land Registry or the registry of deeds), an up-to-date copy folio or hand search (a search by hand through the records) should be conducted by the purchaser's solicitor to ensure that there is nothing adverse attaching to the property.

Once a sale is completed, the purchaser's deeds, showing the new ownership details and mortgage details, if relevant, must be registered with either the Registry of Deeds or the Land Registry. Before this can happen, the deeds must be presented to the Revenue Commissioners who will determine how much, if any, stamp duty is due. Stamp duty is due when deeds are presented to the Revenue Commissioners after the closing of a sale. However, the solicitor will calculate how much stamp duty is due and request this from the purchaser prior to the closing of the sale. Stamp duty is calculated as a percentage of the purchase price. Some buyers are exempt from stamp duty on transactions up to a certain value. The amount is paid to the Revenue Commissioners who place a stamp on the deeds. Without this stamp, the deeds cannot be registered.

 

Send mail to info@jordan-solicitors.com for general inquiries or with questions or comments about this web site.
Copyright 2014 Jordan & Co. Solicitors