Buying Your Home

By Brendan • April 12th, 2013

The Budget in December 2010 abolished the stamp duty exemption for first time buyers.  The position from the 8th December 2010 in relation to stamp duty is that all purchasers of residential property, whether purchasing new or existing properties, will pay stamp duty of 1% up to a value of €1 million and 2% on any excess over that.

Here’s our 10-Point Plan for purchasing your new home:

1) Get an engineer to survey the property before you sign the contract. Any problems with the structure and/or boundaries will be highlighted at this stage.

2) Look for good value, make an offer and don’t hesitate to drive a hard bargain.

3) When you’re applying for a mortgage, three factors are critical: your income, deposit and credit history.  Ensure the information in the Irish Credit Bureau database is accurate.  Visit www.icb.ie and have it updated if necessary.

4) You need to have enough Life Cover in place to clear the mortgage in the event you die before the loan is paid off.  It’s best to arrange this as early as possible as any delay can slowdown your home loan and delay the closing of the sale.

5) Your Solicitor will check that the property has good marketable title.

6) Carry out a planning check on the development plan for the area.

7) Booking deposits are normally refundable up to the signing of the contract.  Once Contracts for Sale are signed by both buyer and seller and the deposit is received by the seller’s solicitor, both parties are committed. The deposit is usually 10% of the purchase price of the property.  Insure the property at this stage.

8) Ensure that supporting documentation such mortgage approval, life cover and house insurance are all in place, as the sale cannot close until they are.

9) Once the sale is closed, the keys are yours. Congratulations!

10) Your Solicitor will register the property, mortgage and supporting documents in your name and return all deeds to the Bank or Building Society, where they will be held until your mortgage is fully discharged or if you intend remortgaging or selling.

Remember, to protect your interests, you should always take professional advice.

Call Brendan Burke Solicitors at 091 704 864 or click here to Make an Appointment.

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