It can be a long and tortuous path of formalities to sell a property in Ireland. So to sell in the best conditions and ensure a successful sale of your property, follow our guide.
Step 1 – Making a diagnosis of energy performance
If you plan to sell your property in Ireland, you must perform an assessment of its energy performance and obtain an Energy Performance Certificate. This obligation is part of the energy performance policy defined at the European level, to reduce the energy consumption of buildings and reduce greenhouse gas emissions.
This diagnostic measure the energy performance of your home and its environmental impact. It also provides some details about the property: heating equipment, hot water, cooling, ventilation etc. Your home is then ranked from A1 – the highest performance rating – to G. This rating is referred as the BER: the Building Energy Rating. If you are selling a building that includes several units, a BER is needed for each unit.
When selling a property in Ireland, providing a BER is an obligation.
The diagnosis must be made by a licensed energy housing professional. It is then valid for ten years, if no work is performed. It must be visible to the potential buyer within 7 days following the initial placing on the market well. If you do not provide this diagnosis, you are liable to a fine.
Step 2 – Call a realtor or not?
It is of course possible to find the buyer of his property by yourself. But it is preferable to use a realtor. He will be able to properly assess the value of your home. Before you decide, weigh the pros and cons of both solutions in terms of cost and time.
Using the services of a real estate agent when you sell a property in Ireland will cost you more but it will take responsibility for passing the ad, finding potential buyers and negotiate the best price for your property.
Using the services of a real estate agent will save you time and hassle.
If you do everything by yourself, you will save money of course but you should also be sure to have enough time to spend on paperwork and resolve potential problems.
Step 3 – Choose a buyer
Whether you agreed or not to take a real estate agent, you remain the one deciding who will be the ultimate buyer of your home. You are not required to accept the highest offer, or the first that is offered to you. However, we advise you to use common sense in the choice of the buyer.
Carefully select your buyer.
Some questions to ask (and ask yourself) before choosing:
- Is the purchaser a first time buyer?
- Is it for living in or for renting out?
- How long will the sale take?
- Does the buyer pay cash or with a mortgage?
However, it is illegal to refuse an offer of a discriminatory criterion, sex, sexual orientation, disability, religion, skin color or origin.
Step 4 – Accept the offer
Even if you have chosen the buyer of your home and accepted his offer, nothing prevents you to change notice and accept a better offer.
In the same manner, the buyer can withdraw his offer, especially if he fails to obtain the mortgage needed to buy your property.
Do not hesitate to retain the coordinates of all potential buyers who came to you. You might need contact again one of them if your first choice gives up.
Step 5 – The paperwork
When the offer is accepted, you must choose who will perform the legal work to formalise the sale of your property. When you sell a property in Ireland, you can of course can do it yourself but this can be very complicated. It is better to get a solicitor. Before deciding, make sure to request and compare the rates of professionals.
Once the sales contract is ready, the buyer may ask to visit the property for sale again. He can also take certain actions or start making estimates for future work. This is perfectly legal. However, do not allow any work before the final conclusion of the sale.
You can ask for a security deposit to the buyer. It will be hold by your solicitor during the paperwork period. He will keep it until the sale is closed.
Step 6 – Conclusion of the sale
The day the sale is closed, the property must be completely emptied. You will have to give the keys to the new owner.
Remember to close your account with the utility companies (electricity, gas, phone, internet) to stop paying immediately.
Your lawyer will finally receive the payment balance. Then he will transfer to your bank account the whole amount of the sale.
And you, have you ever sold a property in Ireland? Leave us a comment and share your experience with us.
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