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Mcgrath Mullan Solicitors Dublin

The steps in a conveyance (Vendor)

Conveyancing is the legal process of transferring property ownership from one party to another. In Ireland, this process can be complex and involves several key steps for the vendor, who is the party selling the property. Understanding these steps is crucial to ensure a smooth and legally compliant property transaction. Here are the key steps in a conveyance for a vendor in Ireland:

Property Valuation:

To determine the property’s market value, an independent valuation may be required. This is essential for setting an appropriate selling price.

Marketing the Property:

Once the property is valued, it’s time to market the property. An estate agent will typically be used here. This process may include advertising, hosting viewings, and negotiating with potential purchasers.

Accepting an Offer:

When an acceptable offer is made, the vendor can choose to accept it, subject to certain conditions. The purchaser typically pays a booking deposit at this stage.

Gathering Necessary Documentation:

The vendor must provide the solicitor with all the required documentation, such as planning permissions and property tax certificates. Typically, if there is a mortgage, the bank will hold the title deeds. In these cases, the solicitor will require an authority from the vendor to take up the deeds from the bank. These documents are crucial for the vendor’s solicitor to ensure there is good and marketable title to be sold. This can be time consuming – so the vendor should instruct a solicitor sooner rather than later.

Preparing the Contract for Sale:

The vendor’s solicitor will draft the Contract for Sale and send it to the purchaser’s solicitor. This document contains all the details of the property, including its boundaries, title deeds, planning matters and any special conditions of sale.

Legal Due Diligence:

The purchaser’s solicitor conducts legal due diligence to review the Contract for Sale and the property’s title, ensuring there are no legal issues that might affect the sale.

Signing the Contracts:

Once all conditions are met, both parties sign the contracts, and the purchaser pays a deposit, usually the balance 10% of the purchase price. This makes the transaction legally binding.

Preparing for Closing:

The vendor’s solicitor will prepare all documents necessary to effect the transfer and the vendor will sign all necessary documents.

Closing and Handover:

On the agreed closing date, the property’s ownership is transferred to the purchaser. The purchase price is paid in full, from which the mortgage on the property is paid. Keys are handed over, usually by the estate agent involved.

Post-Sale Matters:

After the sale, the vendor’s solicitor ensures that any outstanding charges/service charges are paid and any remaining funds are distributed as necessary.

These steps in a conveyance for a vendor in Ireland are essential to navigate the property sale process successfully. Our experienced solicitors can guide you through these steps can make the process smoother and ensure legal compliance.

Author Bio

Julie Mullan

Julie Mullan, Partner at McGrath Mullan, offers comprehensive legal assistance in Irish employment law, from handling Workplace Relation Commission claims to drafting employment contracts and strategic workforce advice. She also specialises in probate law, adept in managing estate administration and navigating Irish grants of probate with UK domicile. For expertise in both residential and commercial conveyancing, Julie’s extensive experience includes managing property transactions and commercial leases. Contact Julie for professional legal support in these areas. or +353 (0) 1 873 5012

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