Is it time to sell your property in Ireland
? Perhaps you're moving out to a new place? Or you're planning to buy a new one? Or maybe it's that you can no longer manage such real estate in Ireland? In any case, when it's time to do it, it's best to do it wisely. You don't know how quickly it can take for the process of selling your property can go wrong. And at the end of it all, you're left with no property and lots of problems. Avoid all that by following some helpful tips like settling your mortgage early and setting a move-out date!
Prepare The Documents Beforehand
The smartest way to go about selling your property in Ireland is to gather the required documents first. Why? Because this is often the most time-consuming part of the process. You'll need to get some of these documents in various government offices and you have to follow certain protocols and other procedures to get them. If you're not careful, the entire process of selling your real estate can easily take around six months, an entire half of a year. But what are these documents, exactly? They include the title deed, Building Energy Rating (BER) Certificate, and documents regarding your mortgage.
Settle Your Mortgage Early
Speaking of your mortgage, it's best that you settle this early as well since it also takes up a lot of time. In this situation, your best bet is to authorize your solicitor to take up the title deeds from the financial institution that lent you the mortgage to jumpstart the selling process. In the event that you're purchasing a new property, say an apartment in Dublin since you're relocating here
, you can request a financial scheme that will let you move your mortgage to the new real estate. In any case, it's better that you take out your mortgage on your current property before you sell it.
Get Your Spouse's Consent When Selling Your Family Home
According to Lawyer.ie
, if you're selling your family home in Ireland, you need to get the concert of your spouse first. Even if it's only your name listed on the title deed, you still need to get their content. This is because of the Family Home Protection Act 1976. Under this rule, both spouses have to sign Family Home Protection Act Declaration upon the completion of the property sale. And during this part of the process, you'll also be required to show your state marriage certificate.
Choose Either Private Treaty Sale & Public Auction
There are two ways to sell your property in Ireland, regardless of whether you'll do it on your own
or hire professional help. The first way is through a private treaty sale. The buyer will contact you (or your real estate agent
) directly regarding the property. You'll negotiate the final property price, sign the contracts, and the like. The second way is through a public auction. You will essentially put your real estate in Ireland for sale through a set auction where potential buyers will bid for it. Whoever wins the auction will be required to pay a deposit and sign the contract for sale immediately.
Be Honest About Your Property
When you answer questions or submit documents regarding the current state of the property, it's best that you be 100% honest about it. Though you're not legally required to disclose any issues regarding the place, you and your solicitor will still have to go through the Requisitions on Title
. This is part of the real estate process wherein the buyer's solicitor will ask a set of questions regarding the nature of the sale and the property as a whole. If they catch any disparity between your side's answers and the findings of their own surveys, you can get into serious trouble!
Think Hard Before Signing a Contract
Signing the contract of sale is more important than you think. Basically, it will legally bind you and the buyer to the transaction. And if you ever decide to bow out of the agreement after signing, there will be consequences. Financially, you'll be required to pay the buyer back double the amount of the 10% to 30% deposit that they paid you. Legally, they might also be able to sue you for breach of contract. In the end, not only did you gain nothing from a failed sale, but you also got into financial and legal trouble.
Set a Move-Out Date
When drawing up the contracts, make sure to set a move-out date. There's nothing more humiliating than getting thrown out of a property you once owned. And when the buyer has fully paid you for the place through their mortgage, you essentially lose all rights to the property. Wouldn't it be better if you had already moved out before then? Not only will you avoid any confusion with the buyer, but this also gives you enough time to look for and move into a new place.
When you decide to sell your property in Ireland, you have to do it the right and smart way. The process can get so complicated at times that you can easily get into all sorts of trouble. So avoid that by following a few helpful tips!