Frequently Asked Question

Frequently Asked Question – First Time Buyer/ Property Solicitors

Q. Is the booking deposit paid to the auctioneers refundable?

Up until the time that you have signed a binding contract your booking deposit is fully refundable, however you should ensure that it is paid “Subject to Contract and Title. Even in circumstance where you simple decide that you no longer wish to purchase the property for whatever reason and you have not signed a contract you are still entitled to a refund of your booking deposit.

Q. At what point do I become liable for Stamp Duty?

Once the purchase has been completed Stamp Duty becomes payable within 30 days. It is extremely important to ensure that the stamp duty is paid within the 30 day time period as substantial penalties may be imposed by the Revenue Commissioners.

Q. From beginning to end how long will the transaction take?

Each transaction is different and it's impossible to say with any degree of certainty how long a transaction with take. However, there are a number of variables which will determine the length of time it will take to complete the transfer of property from one person to another these include: how quickly both parties what to complete the transaction and how organised the solicitor is for the purchaser and the vendor. The most common delay is in the time it can take to draw down the mortgage monies from the purchasers Bank.

Q. How long does it take to get my Bank to forward my Mortgage cheque to my Solicitor?

Mortgage monies are usually forwarded to your solicitors either via cheque or electrical fund transfer within a period of five days from when they have been requested. However your Bank will not release your mortgage monies until such time as all its requirement have been complied with.

Q. What happens if after signing the contracts I decide that I no longer wish to proceed with purchasing the property?

In these circumstances you are at the mercy of the Vendor. Once a legally binding agreement has been reached you cannot simple walk away from it. If the Vendor so wishes he or she can attempted to seek to enforce the agreement or at the very least you will run the risk of losing your deposit.