When you embark on buying a new home, the process may seem very daunting. This is particularly true for first-time Buyers. Your home is one of the most important purchases of your life and for many people they buy one forever home. Therefore they may not realise the various legal requirements involved.
A solicitor’s role in the purchasing and sale of a property is essential. Buyers will partner with solicitors from initial conveyance to registering your ownership upon close. Your solicitor will work with you throughout the buying journey to ensure that you are protected and the process runs smoothly. This article will be particularly useful for first-time Buyers as we share the various roles and responsibilities your solicitor will have.
As a Buyer following deciding your budget and other variables, it is advisable to find the right solicitor for you as soon as you can. Engaging the right solicitor is an important step in your journey to owning your first or new home.
From the very early stages of buying property, your solicitor will be involved. The legal services required to transfer the ownership of a property from the Seller to the Buyer is known as conveyancing. The Law Society of Ireland shares that “When you buy a property, the title or ownership will be transferred from the Seller to you.”
Before placing an offer
One of the key responsibilities of your solicitor is to ensure that the property you are purchasing is above board and as the Seller has presented it. In the case of a private treaty sale, the solicitor will do a thorough inspection of the property and Seller’s legal history. Similarly, if you are buying a property through a public auction the solicitor will be responsible for carrying out a thorough survey. At this part of the process, your solicitor can provide you with peace of mind, helping you make the right decisions safely.
Contract for Sale
Following an offer being accepted at auction or private treaty, a Contract for Sale is drawn up by the Seller’s solicitor. You as the buyer will be required to sign this. The Contract for Sale will include information about the sale such as the deposit and date of close. Your solicitor can advise you prior to signing the contract.
Requisitions on Title
One of the key roles of the solicitor is asking important questions. The Requisitions on Title are a set of questions asked by your solicitor to the Seller’s solicitor referencing the exact transfer of ownership information. For example, are the fixtures part of the sale?
Deed of Conveyance
Once these important questions have been answered, your solicitor will draft the Deed of Conveyance which is presented to the Seller’s solicitor. Further due diligence is completed to check that the Seller does not have any undisclosed legal issues such as bankruptcy. The solicitor also checks for any unusual issues relating to the property itself.
Mortgage funds released to Seller
If the Buyer is purchasing using a mortgage loan, the solicitor will contact the mortgage provider following the approval of the Deed of Conveyance. Money is released to the Seller’s solicitor and the keys are handed to you as the new owner.
Stamp duty and Registering your new property
In the final stage of the process, your solicitor will calculate the amount of Stamp Duty you need to pay to the Revenue Commissioners. This is an essential part of registering the deeds. Your solicitor will also help you to register your ownership details with the Property Registration Authority (PRA).
Your solicitor will work with you at every stage of your journey when buying a property, and so finding the right solicitor is essential. We take care of the legal requirements so you can purchase a home with confidence.
At Newpark Law Solicitors and Grace Solicitors, we are specialists in conveyance with 25+ years of experience, helping thousands of clients purchase their home. Contact us to set up a one to one appointment.