| 67 South Mall, Cork, Ireland |  |
tel: 00353 (0) 21 4279800 | |
fax: 00353 (0) 21 4279810 |
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| CONVEYANCING
Conveyancing is the process of transferring the title to a particular property. There are a number of steps involved in any conveyancing transaction. 1. Booking Deposit Once you have found a property you are interested in buying, a booking deposit must be paid to the Auctioneer. This usually amounts to between €2,550.00 and €6,350.00. It is recommended that the booking deposit is accompanied by a letter from your Solicitor confirming that the deposit is furnished subject to contract, good title, loan approval and satisfactory Surveyor's Report. 2. Issuing of Contracts On receipt of the booking deposit, the Auctioneer will issue a Letter of Sale, instructing the Vendor's Solicitor to issue Contracts to the Purchasers' Solicitor. In the intervening period between the payment of the booking deposit and the issuing of Contracts, the Purchasers should arrange their loan approval. On receipt of the Contracts, the Purchasers' Solicitor will investigate the Title to the property and raise any necessary pre-contract enquiries. When satisfied that the Title is in order, the Purchasers' Solicitor will arrange an appointment with the Purchasers to come in to sign the Contracts. At this stage the balance of the deposit is payable. This amounts to 10% of the purchase price less the amount of the booking deposit. The signed Contracts are then forwarded to the Vendor's Solicitor. The Vendor then signs both Contracts and returns one Contract to the Purchasers' Solicitor. At this stage, both the Purchasers and Vendor are legally bound into the transaction. 3. Raising Requisitions on Title When a Contract is in place, the Purchasers' Solicitor raises Requisitions on Title. These are standard queries to ensure that everything is in order. Once the queries have been dealt with by the Vendor's Solicitor, the Purchasers' Solicitor drafts the Deed which benefits ownership of the property to the Purchasers. More: 4. Draw-down of loan cheque 5. Completion 6. Post-Completion |
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| © Sean O'Riordan Solicitors 2001 | Disclaimer | ||
