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Before you you sign the contract to purchase your house/apartment you should do the following:-
You should have the house surveyed by a qualified architect/engineer or surveyor. You cannot rely on the survey that will be carried out by your lending institution. The survey is for their benefit only and further, tends to be a very limited one only. The lending institution’s primary concern is to ensure that if they had to sell the property at a future date, that it will realise the mortgage amount. Your survey must be done prior to the contract because under the principle of ‘caveat emptor’ or ‘buyer beware’, you will be buying the property with full knowledge of its actual condition. Please note that we cannot advise in relation to issues which arise in your survey. You must direct any questions or concerns with your surveyor directly.
In view of the increasing problems in relation to flooding, you should check whether (a) the property has ever been flooded or is situated in an area prone to flooding or (b) the property has ever been refused insurance cover or been subjected to an increased insurance premium.
3. Planning Search:-
Although we will carry out a Planning Search for you, this will be limited to the property itself and accordingly, we would advise that you should carry out your own Planning Search at the offices of the Local Authority and in particular, check the Development Plan for the area to ensure that the proposals for the surrounding area will not adversely affect the use and enjoyment of your property.
In particular you should check for:
1. Any road widening proposals which might adversely affect the property.
2. Is there a possibility that the cul-de- sac may become a through road at a future date?
3. What proposals are planned for the surrounding area?
4. Do any Planning Permissions affect the property?
5. Do any Enforcement Notices affect the property?
The search has to be carried out prior to contract as under the contract, you are deemed to have knowledge of the contents of the Local Authority’s Development Plan and any possible changes which may affect your decision to purchase this property.
4. Put Your Finances in Order
If you are purchasing the property by way of mortgage you will need to comply with all of the conditions precedent attaching to your loan offer prior to signing contracts for sale. This includes arranging mortgage protection cover and house insurance. In our experience these are usually the issues which delay the drawdown of funds. You might deal directly with your mortgage broker / bank contact in relation to these matters. Please note that we will not be in a position to drawdown your loan funds and finalise the transaction on your behalf until such time as you have satisfied all such loan conditions.
On signing of contracts you will need to pay a deposit in the form of a bank draft payable to the solicitors for the Vendor. The contract deposit payable is 10% of the purchase price of the property less the amount of any booking deposit paid by you to the estate agent.
Please note that any shortfall between the amount of your mortgage and the purchase price must be paid prior to closing.
If you are purchasing the property with your own funds you will need to furnish us with evidence of funds prior to signing contracts. This will be in the form of bank or building society account statements.
All fees, outlays and stamp duty must also be paid on or before the closing date in the form of a bank draft payable to Keith Walsh Solicitors.
In order for us to complete this transaction on your behalf we shall require certain documents from you. These documents are listed below:-
5. Photographic ID/Proof of Address
Please note that legislation requires that we ask all clients produce some form of photographic ID, such as a current passport or driving licence along with a current utility bill such as an ESB bill or phone bill to enable a copy to be taken and placed on file. Please ensure you bring these with you to our next meeting.
6. A Copy of Your State Marriage Certificate
We require a copy of your state marriage certificate to exhibit in your Family Law Declaration. If you were previously married and/or divorced or legally separated we shall require a copy of your Decree Of Divorce and a copy of your Deed of Waiver. If your spouse has pre-deceased you we shall require a copy of his/her death certificate.
7. Your PPS Number
In order to stamp the Deed transferring the property into your name we shall require your PPS number for Revenue Purposes.