There comes a point in every person's life where they have to let go of something precious. A loved one, for instance, or a valued possession. As well as, of course, your home. As much as you don't want to, you may not have any choice but to let go of your own place. And what if that place is your
property in Ireland? Will it be easy to do? The answer is not so simple. Though it's not impossible, selling your real estate in Ireland isn't exactly a breeze. There's a lot you need to do and at times, some things are beyond control. Nevertheless, you ought to know more about the process.
What Are The Costs of Selling Your Property in Ireland?
You should know by now that buying a property in Ireland entails a lot of costs. And no, it's not just the price for the property. Throughout this process, you'll also have to pay the notary fees, the capital gains tax, your
real estate agent's commission, valuation services, and costs for handling your mortgage (if you haven't repaid it in full yet). There's even a cost, €250.00, to get the Building Energy Rating (BER) Certificate, one of the most important required documents in the process. And if your place is part of a multi-unit development, you need to pay for its management fees too.
Should You Sell Your Property Privately in Ireland?
Fortunately, to lessen these costs, there's always the option of selling your property in Ireland
on your own. But if you want to do that, your only option is to sell it through a private treaty sale. This is one of the two main ways to sell real estate in Ireland. The buyer (or their broker) will get in touch with you (or your broker) directly. The other way is to put your property up for public auction. This allows multiple potential buyers to bid for your place and once a winner is named, you'll immediately have to sign contracts. For this, it's better that you hire a professional to help you!
How Do You Make a Property Valuation in Ireland?
As previously stated, one of the costs of selling real estate is the valuation. This is a survey that determines the true worth of the property. More often than not, it's the buyer who does this, specifically, the financial institution where they're
applying for a mortgage. However, you'd do well to conduct a valuation survey of your own. It may be part of the real estate agent's services or you can hire a third-party company to do it. Whichever way to do it, this will help you discover just how much your place is worth. And in turn, you can set an initial asking price for when you put your property in Ireland for sale.
How Do You Survey Your Property for Selling?
There are other surveys included in the process of selling a property in Ireland. They will help you determine whether your place is ready to be up for sale. Don't forget that buyers
consider many things when purchasing a property. There's the overall layout and floorplan of the space, the overall security, the plumbing, the windows & doors, and even the nearby facilities. If you conduct your own surveys before they check your place out, then this gives you the opportunity to fix and improve the state of the property which might help convince them to invest in it.
How Do You Market Your Property in Ireland?
Once everything's all good and you know how much your property is worth, it's time to put it on the market. And the best way to market it, particularly in this day and age, is through a
property listing website. Practically everything is online nowadays and real estate is no different. Getting your place listed in popular property portals like
Daft,
MyHome, and
Sherry FitzGerald will increase your chances of snatching a buyer. And since they're online, even international buyers can check out your place too! You'll find a buyer in no time!
What is The Process of Notarizing Your Property in Ireland?
The moment you hire a trustworthy notary is the moment you can finally start the sale of your property in Ireland. You can't move on to the next step unless all the documents are notarized. And the only way you can do that is if you already have a notary on hand. You can even let them draw up the documents and just sign them when they're ready. Once signed, they will notarize it and legalize the sale. That's one of the many roles in the process. Another, which is just as important, is they can serve as your representative throughout the sale too. If you can't be present during the process, you can authorize them to sign the documents on your behalf.
What Documents Do You Need To Sell Your Property?
As with any other process out there, selling real estate in Ireland requires a few important documents. They include the title deed, the Building Energy Rating (BER) Certificate, the purchase contracts, and just to be safe, proof of identity too. If applicable, you should also show documents that prove your co-ownership of the property. And if the current owner has passed on, whether right before or during the process, you need to submit their death certificates too. Do note that all of these documents have to be notarized as well.
How Do You Set Up the Sale & Purchase Contract?
Pay close attention when your solicitor/notary draws up the sale and purchase contract. This is among the most important documents in the process. While it's being drawn up, include some terms and conditions that will allow you to terminate the agreement in light of certain situations. Naturally, the buyer has the right to do the same. Be very detailed and specific when it comes to this part since it will help you in the long run. Once signed, the sale and purchase contract will legally bind you to the sale. This also means that you'll be required to only sell your property to the listed buyer.
What are The Legal Issues in Selling Your Property in Ireland?
Though there are
many legal issues that surround real estate in Ireland, they're all pretty straightforward. Let's touch on the previously mentioned sale and purchase agreement, for instance. You already know that signing it will legally bind you to the sale right? And if you didn't set any terms and conditions in your favor, you'll have no choice but to go through with the sale no matter what. Because if you ever bow out of the agreement after signing the contract, you'll be legally required to pay the buyer back double the amount of the 10% to 30% they paid you.
How Long is The Process of Selling Your Property?
With all that has been said, just how long will it take you to sell your property in Ireland? Well, it depends! If you're 100% prepared at the start of the process—you've gathered up all the required documents, conducted the surveys, spruced the place up, etc—then there's a good chance it will only take around one month for everything to finish. If problems arise throughout the process, it can take around two to three months, give or take. But if you started the sale without any sort of preparation at all, then you're looking at a six-month-long process ahead. Possibly even longer!
What are The Best Tips for Selling Property in Ireland?
Finally, here are
some helpful tips that will guarantee that you will sell your property in Ireland with little to no problem at all. Firstly, don't forget to get your spouse's consent if you're selling your family home. This is actually in accordance with the Family Home Protection Act 1976, wherein both spouses, regardless if both of you are the listed owners of the home or not, are required to sign the Family Home Protection Act Declaration upon the completion of the property sale. Secondly, set a move-out date. This will give you ample time to pack your stuff and get out of the way before the new owners move in!
Neverundestimate real estate in Ireland. If you ever want to sell your property in this country, there's a lot you need to know and do. Let this real estate guide help you with all the basics so you can start the process prepared!
