When you finally agree on a sale for your house in Ireland, it’s a moment of excitement and relief. But what comes next? The process after a house sale is agreed upon involves legal and financial steps.
The Legal Process
Appointing a Solicitor
Once the sale is agreed upon, the first step is to appoint a solicitor. They will guide you through the legal intricacies of selling a property in Ireland. Choosing someone experienced is crucial, as they’ll be responsible for ensuring all legal aspects run smoothly.
Drafting Contracts
Your solicitor will draft a contract for the sale of the property. This will include details like the agreed price, any conditions of the sale, and the expected completion date.
Exchanging Contracts
Once both parties are satisfied with the contract, they’ll exchange signed copies. The buyer usually pays a deposit at this point, and the sale becomes legally binding.
The Financial Process
Securing a Mortgage
If the buyer requires a mortgage, they must finalise this with their bank. This involves the bank assessing the property’s value and ensuring the buyer can afford the repayments.
Valuation Survey
A valuation survey is conducted to determine the property’s market value. This ensures the bank makes a sound investment and the buyer pays a fair price.
Finalising the Sale Price
The final sale price is agreed upon after completing all surveys and checks. If any issues were identified, the buyer might negotiate a lower price.
Preparing for the Move
Clearing the Property
Before handing over the keys, you’ll need to clear the property of all your belongings. This is also an excellent time for minor repairs or touch-ups to leave the house in the best possible condition.
Notifying Relevant Parties
It’s essential to notify utility providers, local authorities, and other relevant parties of the change in ownership. This ensures all bills are directed to the new owner.
Potential Hurdles
Delays in the Process
Sometimes, unforeseen issues can cause delays. This might be due to legal complications, financial hiccups, or other unexpected hurdles.
Falling Through
In rare cases, house sales can fall through even after the contract exchange. This can be due to the buyer pulling out, financial issues, or other unforeseen circumstances.
Final Thoughts
Selling a house in Ireland is a comprehensive process requiring careful attention to legal and financial details. By understanding what to expect after the sale is agreed upon, you can navigate the journey with confidence and ease.