Let's get straight this time? In simple terms, reaching a "sale agreed" status indicates a preliminary acceptance of a property deal. It is not legally binding for either party and relies on a smooth progression henceforth. Although it might be daunting after an extensive property search, this marks the initial step in the property acquisition process. 🚀
𝗡𝗲𝘅𝘁 𝗦𝘁𝗲𝗽𝘀 𝗔𝗳𝘁𝗲𝗿 𝗮 𝗦𝗮𝗹𝗲 𝗔𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁: 📑💼
𝗦𝗼𝗹𝗶𝗰𝗶𝘁𝗼𝗿'𝘀 𝗥𝗼𝗹𝗲: 🕵️♂️
Upon reaching a "sale agreed" status, your solicitor becomes pivotal. Ensure you have legal representation early on, and once your offer is accepted, the estate agent must notify both solicitors. Expect varying solicitor fees, so budget for at least €1,500 and choose an experienced conveyancing expert.
𝗕𝗼𝗼𝗸𝗶𝗻𝗴 𝗗𝗲𝗽𝗼𝘀𝗶𝘁: 💰
You'll likely be asked to pay a booking deposit, usually 2-4% of the house price, serving as proof of commitment. This deposit is fully refundable if the sale doesn't proceed.
𝗖𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀: 🤔
Take a moment to reassess your decision. Ensure the property, location, and associated costs align with your plans. It's a crucial time to avoid impulsive decisions and potential financial repercussions.
If obtaining a mortgage, your lender will conduct a valuation survey. However, hire your surveyor for a comprehensive inspection, especially for older properties. Be prepared to spend €500 - €1,000, depending on the survey type.
𝗔𝗱𝗱𝗿𝗲𝘀𝘀𝗶𝗻𝗴 𝗦𝘂𝗿𝘃𝗲𝘆 𝗙𝗶𝗻𝗱𝗶𝗻𝗴𝘀: 📋💬
Survey results may reveal issues, and negotiations with the seller may be necessary. Review the deal terms carefully, addressing issues before completion or adjusting the agreed price.
𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗕𝗮𝗻𝗸: 🏦📞
Keep your bank updated throughout the process to avoid unexpected changes in mortgage terms. Secure mortgage protection early on to comply with Irish regulations.
𝗙𝗶𝗻𝗮𝗹 𝗦𝘁𝗲𝗽𝘀: 📝🏠
Once all aspects are addressed, solicitors finalize the deed, closing dates, and documents. Your bank makes a formal mortgage offer, and with a final walk-through, you're ready to sign and complete the purchase. Home insurance is crucial before the final payment.
Ready to make your homeownership dream a reality? Your journey begins here!