![]() ![]() Once you sign the contract at auction, you are legally bound to complete the sale. Instruct your solicitor well in advance to get a copy of the Contract for Sale and title documents. ![]() If you qualify for Young Trained Farmer Relief, you will not have to pay stamp duty on the non-residential portion. Stamp Duty is 2% of the purchase price of non-residential land and 1% of the purchase price on residential property with a value of up to €1 million. The Deed of Transfer will need to be stamped with the Revenue Commissioners and lodged in the Land Registry, to register your title. For a commercial mortgage, the bank will appoint their own solicitor to represent their interest in the transaction, and you may be responsible for this fee.īe sure to factor into your budget any stamp duty, legal fees and Land Registry fees to complete the sale. To draw down your mortgage cheque, you must have mortgage protection insurance in place, which can take time, particularly if you have had previous health issues, and you should attend to this immediately.Įnsure that the address of the property and acreage of lands to be charged in favour of your bank and the folio number are correctly referred to in the Letter of Loan offer, to avoid delays at the drawdown stage.īudget. If you are obtaining a loan, furnish all information requested to your bank as soon as possible, to avoid delays at the drawdown stage.įailure to timely organise such things as direct debit mandates, identification, buildings insurance etc, as required, can often cause delays in completing a lending transaction. Your solicitor will ensure that the vendor has full power to sell, and that you will have no trouble becoming the registered owner and selling the land at a later stage. The cost of an engineer in advance of purchasing can save you thousands in the long term.Ĭontact your solicitor to carry out a full investigation of title. Instruct an engineer to carry out a planning search and to confirm that the boundaries of the property on the ground are comprised within the map. If you have a tight budget or do not wish to become involved in any renovations or repair works, having this information will be essential to you. ![]() When problems or defects are identified, it does not necessarily mean that you should not buy the property, but you will know in advance what to expect. It allows you to make an informed decision. It identifies any aspects of a building that may need repair or replacement. A pre-purchase survey gives you an independent assessment of the overall condition of a property. ![]()
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