Selling a Property
Appoint your Solicitor
Ask your solicitor for a written estimate of fees and outlays and sign an authority so that your solicitor can obtain your title deeds which may be held by the Bank. Do this as early as possible in the transaction to avoid any delay in issuing contracts at a later stage. If you have made any alterations or extensions to your property since it was purchased or re mortgaged, inform your solicitor of these changes, providing any planning documents which may not be with your title deeds.
If there is an estate agent involved they will issue the details of sale once the price and conditions have been agreed by you and the booking deposit has been paid by the prospective purchaser. It contains the price, purchaser’s name and address, details of purchasers’ solicitors, contents included and estimated closing date.
Issue Contracts and replies to Requisitions
The contract is drawn up once the solicitor has received all detailed information in relation to the property and title documents. On receipt of the Sale Details your solicitor will issue the contracts together with a copy of your title deeds and replies to requisitions to the purchaser’s solicitors.
When the purchaser’s solicitor has read the contracts and any pre-contract enquiries raised have been dealt with, their clients will sign and return them with a contract deposit to your solicitor.
Contracts signed & exchanged
This is the stage at which you become legally bound to the sale. After signing the contracts in your solicitor’s office, one copy is returned to the purchaser’s solicitors completing the full exchange of contracts and this process creates a binding agreement.
Your solicitor obtains redemption figures being the amount required to clear your existing loan (if any) calculated to the scheduled closing date.
Deed Signed & Keys
The purchase deed is the formal document which transfers your legal interest in your house to the Purchasers. It is signed by you together with other documentation in your solicitor’s office and is held on file until the closing date.
You should be ready to move out either the day before or early on the completion date. Don’t forget to inform the utility companies (ESB, Bord Gais, Cablelink, Insurer etc) of your move.
The sale is completed by the purchaser’s solicitor attending at your solicitor’s office or by postal closing and handing over the balance of the purchase monies in exchange for the title deeds.
Your mortgage, if any, is paid off from the sale proceeds by your solicitor.
Account to you
Your solicitor will account to you from the sale proceeds immediately following completion of sale and usually deducts the agreed costs of sale from the balance.