Property Transactions

We believe that it is our function in acting for either a purchaser/seller of property whether residential or commercial to ensure that the transaction is concluded as quickly and as efficiently as possible. We have found that clients whether purchasing or selling property have two main questions:-

1. How much will it cost?
2. What actually happens in buying/selling property?

1. Costs and Outlay

Prior to incurring any costs or outlay we will advise and explain what they will be. The two main outlays payable by a purchaser are stamp duty and registration fees.

Set out below are the rates of stamp duty applicable to residential and non-residential property for the year 2010.

Under the new system there is an exemption of €125,000 with two rates of 7% and 9%. The 7% rate applies up to €1,000,000 and it is charged on the excess of the consideration over the exempt figure of €125,000. The 9% rate applies where the consideration exceeds €1,000,000 and it is charged on the excess of the consideration over €1,000,000.

N.B. Where applicable, VAT should be excluded from the chargeable consideration prior to applying the appropriate rate of stamp duty

 

Aggregate Consideration exceeds €127,000*	Rate of Duty
First €125,000	Nil
Next €875,000	7%
Excess over €1,000,000	9%

 

*Transactions, where the consideration (or the aggregate consideration) does not exceed €127,000.00, are exempt from stamp duty. 

 

Aggregate Consideration	Rate of Duty
Not exceeding €10,000.00	Exempt
€10,001 - €20,000	1%
€20,001 - €30,000	2%
€30,001 - €40,000	3%
€40,001 - €70,000	4%
€70,001 - €80,000	5%
Over €80,000	6%

2.   What Happens from Start to Finish.

Set out below is a brief description of what happens if you are purchasing or selling a property.

Purchaser

1. You have the property surveyed.
2. You obtain loan approval.
3. You pay the booking deposit to auctioneer.
4. We examine the terms of the Contract, the Title to the property and any other relevant matters relating to the property.
5. You sign the purchase Contract.
6. You pay the balance of the deposit.
7. We raise further standard queries to clarify the full extent and nature of the property being purchased.
8. Contemporaneously either before or with the execution of the Contract we attend to your lending institution’s legal requirements to ensure that your loan cheque is available on the closing date.
9. You carry out a final inspection/meter readings/prepare a snag list.
10. We complete the purchase.
11. We stamp and register your purchase deed and any mortgage and then forward all Title documents to your lending institution.

Vendor

1. We obtain your Title deeds.
2. Your auctioneer confirms the sale details to us.
3. We issue a Contract to the solicitor for the purchaser.
4. We deal with any queries that may be raised by the purchaser’s solicitors.
5. We complete the sale.
6. We discharge any outstanding mortgages and account for the balance proceeds to you.