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There are two ways by which properties in Ireland are purchased and sold:
PUBLIC AUCTION
When a property is sold through public auction, interested parties are invited to make an offer (a bid), thereby competing with one another for the opportunity to buy the property. Usually a reserve figure is set by the vendor or auctioneer and notice of the date and time of the auction will appear in the local press. The property can be withdrawn from the market if the reserve figure is not met. Provided that the reserve is met, the vendor will, in the vast majority of cases, sell to the highest bidder. However, it should be noted that the vendor has the right to sell the property before the auction and is under no obligation to go ahead with the sale even if the reserve price is achieved. Property auctions are conducted under standard Law Society conditions of sale. Before considering making an offer for a property which is being sold by public auction, make sure your solicitor is familiar with the contract relating to the property and has checked out all relevant title documents.
CONTRACTS FOR SALE
Drawing up a contract for sale between a vendor and buyer is the most common way in which property changes hands. This contract binds both parties to the completion of the transaction. The purchaser pays a deposit on the property, which will usually be lost if they withdraw from the sale after the contract is signed. A completion date is set and this is normally when the balance of the agreed purchase price is due. The period of time between signing the contract and the completion date is a good opportunity for the purchaser to raise any queries about the property with the vendor’s solicitor.
Conveyancing describes the legal work involved in the purchase or sale of land or property (the transfer of rights, interests and liabilities, etc.). It will require the appointment of a solicitor by both parties in order to complete the transaction. Your solicitor must be qualified and registered with the Incorporated Law Society of Ireland.
Choosing an Estate Agent
What Do They Do?
In Ireland the estate agent acts for the seller of property and provides information to prospective purchasers. The seller pays his agent. The estate agent will:-
- value a property for sale purposes
- discuss and agree an asking price with the seller
- provide information for buyers
- arrange appointments for viewing
- negotiate the price arrange mortgages for purchasers
- check out purchasers
- have they really sold their own property?
- are they really capable of raising the money?
The job of an estate agent is to put the right price on your property and then find the right buyer. If an agent puts too low an asking price, it may sell quicker, but you could lose quite a bit of money. If too high a price is asked for your property may not sell at all or may not sell in time for you to buy the home you want.
Valuing your Property
What Is Your Property Worth?
Estate agents value property using several criteria:-
- location, location, and location are still the three most important considerations in property valuation!
- selling prices of similar houses recently bought in the area
- condition of the property
- number of houses on market
- number of buyers looking to buy
- availability and cost of mortgages (affected by interest rates)
- urgency of sale
How Do I Choose An Estate Agent?
- before settling on one agency ask several to value your home
- if you don't feel confident or comfortable with an agent in the first ten minutes don't pick him (buyers won't trust him either)
- ask whether advertising, internet marketing, photographs or board erection expenses are included in their percentage charge or charged as an extra
- discuss fees with agents
- ask friends, neighbours and relatives about agents in your locality
- estate agents are governed by legislation which makes it a criminal offence for an agent to misrepresent information
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