Ireland — Property: Buying Process

Why this matters

A smooth and informed property buying process is crucial for relocating individuals to avoid costly mistakes and ensure a successful transition.

Key facts

• Your solicitor handles conveyancing; in a private treaty sale the solicitor checks the contract, you sign it and pay a deposit, after the sale is agreed.
• You pay a booking deposit to the estate agent, refundable until contracts are signed and exchanged; the agent sends a sales advice note and the seller solicitor issues the contracts.
• Before signing you should have a building survey and formal mortgage approval, usually a letter of offer; signing makes the sale binding and withdrawing can cost the deposit.
• Your solicitor pays the stamp duty and lodges the deed, which must be stamped within 30 days of completion.
• Residential stamp duty is 1% on the first EUR 1 million, 2% up to EUR 1.5 million and 6% above, for instruments from 2 October 2024; non-residential property is 7.5%.
• Typical time from sale agreed to closing is 10 to 20 weeks.

Steps

1. Step 1: Finding a Property — Search for properties online, through estate agents, or by working with a relocation expert. It's essential to research the property's history, condition, and any potential issues.
2. Step 2: Making an Offer — Work with your solicitor and/or estate agent to make an offer on the chosen property. The offer should include the price, any conditions, and the proposed completion date.
3. Step 3: Due Diligence — Perform a thorough investigation of the property's condition, including inspections and surveys. This may involve hiring a structural engineer or other experts.
4. Step 4: Exchange of Contracts — Exchange contracts with the seller, which typically involves a deposit and the signing of the contract.
5. Step 5: Completion — Complete the purchase by paying the outstanding balance and transferring ownership of the property.