Selling a property

If there was any development to the property, even if it did not require planning permission, this will have to be addressed in the Contract. Inform your solicitor about all the development and request clarification of whether or not you need to get any work certified by an architect. The purchaser is likely to send a surveyor out, who may raise this issue so it’s better to be ahead and also to be able to comply with your obligations under the Contract.

If there is a mortgage on the property, the title deeds are with the lending institution. If there is no mortgage on the property, the deeds may be held in your solicitor’s office or at your home. If you can’t locate your title deeds, don’t panic but inform your solicitor as soon as possible.

Your solicitor will provide you with a questionnaire to complete. This will deal with all issues relating to the property and the vendors, which your solicitor will need to prepare the Contracts for Sale. This questionnaire is detailed but it has been prepared by the Law Society of Ireland to assist both the solicitor and the vendors, so it is advisable to get it completed as early as possible. We’ve put it here.

If there is a mortgage on the property, the title deeds are with the lending institution. If there is no mortgage on the property, the deeds may be held in your solicitor’s office or at your home. If you can’t locate your title deeds, don’t panic but inform your solicitor as soon as possible.

Check your Local Property Tax valuation band. Review the Revenue guide to selling your home and LPT here.

When you are selling your house, your solicitor will ask you to provide your Local Property Tax details to see what band it is registered in and also to check if it’s paid. Revenue allow a certain difference or margin, (different for Dublin City and County) between the valuation band you registered the Local Property Tax in and the price you are selling your house for. And the good news is that, due to increasing property prices, Revenue has increased the first threshold by €50,000 starting on September 1, 2017, and also the margin of difference between the LPT and sale price.

This is important because  you must obtain either general Revenue clearance or specific Revenue clearance from Local Property Tax when selling your residential property. General Revenue clearance will apply where the difference between the LPT valuation band registered and the sale price is within the allowable margin or the value of the property is under the threshold. This means, you don’t need to engage with Revenue at all and your solicitor can ensure that general Revenue clearance applies to your sale.

If your LPT valuation band is beneath the threshold or  outside the allowable margin, even after the new threshold and valuation margin come into effect, you can still apply to Revenue for specific clearance. You must submit an application to Revenue and your solicitor can assist you with this.

Here is the link to the Local Property Tax section of the Revenue website which has all of the information you may need when selling a residential property. There are many exemptions available also to be considered if general clearance does not apply. It is advisable to examine this matter as early as possible when selling your property to avoid delays. When selling your property, your solicitor will advise you how LPT will be apportioned between the seller and purchaser.

Download The Authority to Request Title Deeds Here

Download here

If the purchaser is getting a mortgage to buy your property, it usually takes 8 weeks after the booking deposit is paid to the estate agent. If the purchaser is cash buyer, then the process can be done usually in 6 weeks. These time frames are based on the property being vacant or ready to be vacated on the agreed completion date. If you are buying on and selling simultaneously, this will have an impact on when the sale can be completed.