January 1 2019 saw a change in the procedure of selling or buying a house or property in Ireland, which should lead to a more streamlined, efficient process.
Up to this point, it was a two stage process, whereby the contract was first signed, followed by a full investigation of title leading to completion when title was transferred from the seller to the buyer. Now the title investigation will be carried out before the contract is signed, the aim being a shorted time gap between the contract being signed and the completion of the sale/purchase.
What does this mean for you?
As a seller aiming to achieve cost and time savings you should contact your solicitor as early as possible after making the decision to sell.
At MHP Solicitors we are happy to meet with you to ensure that all documentation is in place so that contracts and the title documents can be sent to the buyer’s solicitor as soon as a sale has been agreed.
Buyers intending to bid at auction should take even greater care to ensure that the title offered by the vendor is fully investigated by a solicitor before making a decision to buy, as the scope for raising title queries after contracts are signed is greatly reduced.
Buyers financing the purchase with a mortgage should engage with their lender at the earliest possible stage, as the lender will need to be satisfied with the title offered and it will reduce delays on completion if this is agreed before contracts are signed.
Both sellers and buyers are likely to incur more upfront costs, such as title search fees, which now need to be carried out before the contracts are signed, and therefore before either party is legally committed to complete the deal.
Hopefully, for both sides, the change will quicken the process and reduce or eliminate post contract searches unveiling an issue which delays completion.
How can MHP help?
Whether you’re selling your home, applying for your first mortgage, buying commercial property, renting out space or want to make a building investment – we’re the right team to have on your side. Our team handles all commercial and residential property transactions with an emphasis on smooth and seamless – combining value for money with expert advice and ease.
For more information, visit www.mhp.ie/practice-areas/property/ or contact us on 065 6846000.