Choosing your new home
The auctioneer will always show the house in the best light but it is important that you do your own research. If you are not familiar with the area visit it in the evening times especially weekends to inspect the area. . Walk the area and know the amenities. Talk a trip to the local Council office and check the development control plans to know what the future plans are for the area. There is no point in buying that dream house only to be overshadowed in a couple of years’ time by a shopping Centre or a motor way.
Remember the day you buy is the day you sell.
Do not be afraid to offer less than the asking price. The asking price is just that.
If you have decided to purchase the property make a note as to what is included in the sale and include this in the contracts. Are the kitchen appliances included, Furniture?
Make sure that the items you do not want is removed (old furniture) the last thing you want to do is have to spend €500 on a skip to remove unwanted items.
Finally, on the day of closing inspect the property to make sure that the property and contents is as agreed. All unwanted items are removed from the property and you should also not the meter readings for the utilities. IE Electricity and Gas. You should then contact the utility companies and arrange the utilities are put into your name and give them the current meter readings so you are not charged for the previous owner’s usage
The purchasing Legal process
Once you choose your new home you will give the auctioneer a booking deposit. This deposit is fully refundable and no contracts exist. Both you and the seller can withdraw form the agreement without penalty.
You also need to give the auctioneer your solicitors details. If you do not have a solicitor EDUC can give you a list of Solicitors that offer reduced rates to EDUC clients.
The sellers Solicitor will send purchase contracts to your solicitor.
Once you give your deposit you should call EDUC mortgage and we will arrange for the Lender to send out the valuer. The Lenders Valuer is not doing a structural survey of the property but only giving an independent valuation of the property insuring that the purchase price is the value of the property and you are not overpaying.
At this stage you will need to apply for a mortgage protection policy to cover the mortgage in the event death of either mortgage holder. This is provided free of charges for the first year for members of the INTO/IFUT and we will contact you to arrange same.
You should also consider getting a full structural survey of the property to insure that the property has no defects.
Once the valuation is completed and any outstanding paper work is forwarded to the lender the lender issues your solicitor with the full loan offer.
Your solicitor will examine the purchase contracts, The title of the property and the loan offer. Once the solicitor is happy with all of the above the solicitor will contact you and make an appointment for you to come in and sign contracts.
On signing contracts, you will need to pay a contract deposit of 10% of the purchase price less the booking deposit paid to the Auctioneer.
Once you sign contracts and pay the booking deposit the solicitor will return the contract to the seller Solicitor for the seller to sign the contracts and agree a closing date. (the date you will get the keys for the property.).
At this stage the seller signs the contract and you are now in a legally binding contract. If you fail to complete the purchase you will lose your deposit.
A week before you are due to get your keys the Solicitor will contact you to arrange to pay any outstanding fees, stamp duty and balance of funds to complete the purchase.