Buying Real Estate in Ireland
The process of buying real estate in Ireland is straight forward. You are required to have a registered Irish lawyer to go through with this process. The standard of living in Ireland is very high, but the cost of living varies depending on whether you are in an urban or rural district.
Attorneys and Real Estate Agents
A solicitor, or lawyer, is required to purchase real estate in Ireland. This person is necessary to legally transfer the ownership of the Irish property. Your lawyer must be qualified and registered with the Incorporated Law Society of Ireland.
A real estate agent is helpful in researching the types of properties that are suitable to your best interests.
Rules, Regulations and Restrictions
There are no restrictions on foreign ownership of real estate in Ireland. It is required that you have a qualified lawyer, however, for the legal processes.
One thing you should be aware of is setting up a loan approval with an Irish bank. Though not necessary, it is a good idea to have this taken care of before you settle on a property, or at least start doing some research and get an idea of financing options. You should contact Irish banks and speak with lending representatives. They will let you know how much they are willing to lend you based on your credit, income and employment record. Click here for more details about mortgages in Ireland.
General Process
Once you find a property that suits your best interest, you should make an offer. Your offer is not legally binding. If you find problems with the property after you have it surveyed, you can change your initial offer. Make sure you tell everyone that your offer is conditional. Keep in mind that this offer is also conditional on the side of the seller, so they can change their minds or raise the price of the property.
If your offer settles , the next step in the process is to agree to a date for exchanging contracts. It will usually be done at your lawyer’s office. You will probably have to put down a 10% deposit (meaning 10% of the total purchase price). Your lawyer will then do research about the property, to make sure there are no problems with the title or any planning issues that may be of concern to you.
Your lawyer will then come up with a Completion date between you, the seller and the seller’s lawyer. It is usually five to eight weeks after you sign the initial contracts. If everything turns out positive and there are no outstanding mortgages or confusions with the titles of your prospective property, then you should go ahead with signing the deed of purchase. The ownership of property will be transferred in your name. You will be required to pay fees your lawyer, and the government for taxes and duties.
After you sign the completion contract, the balance of the price after the deposit must be paid off. The best way to do this is through a banker’s draft. Your lawyer can immediately confirm this payment and get the receipt. This payment must be paid in the Irish euro currency. After this balance has been paid, your lawyer can obtain your receipt and a copy of the purchase deed. The property is then yours.