Potentially looking to invest in Irish real estate? Use this easy-to-follow guide to learn about the rules and regulations that need to be followed in order to own property in Ireland.
1. There are no residency-based restrictions to buying property in Ireland. However, owning property in Ireland does not mean you have the right to live here. Your right to live in Ireland depends on your personal circumstances, and is separate to property ownership.
2. First you need to review your budget to find out how much you can afford in monthly mortgage repayments. You should always ensure that you have enough to cover all the costs involved in buying a home, for example, mortgage costs, legal fees, insurance and stamp duty.
3. While you are looking for a property, you should hire a solicitor to do the conveyancing. Conveyancing is the legal work involved in buying or selling property. Conveyancing charges can vary between solicitors, so it is worth contacting several solicitors to compare prices.
4. After finding a house you like and can afford, getting a survey of the property is a must as the seller doesn’t legally have to tell you about a property’s defects, the survey will help highlight any issues you may not have been aware of.
5. Once you are certain upon the home you would like to purchase, you will need to seek a mortgage approval. You can get mortgage approval in principle before you start to look for a property. This lets you know how much you have to spend. However, when you find a property you like, you must get formal mortgage approval before you sign the contract for sale, this then binds the parties to the completion of the sale.
6. You will then need to complete Requisitions on Title, (a standard set of questions relating to the sale of a property that deal with such things as whether fixtures and fittings are included in the sale.) When your solicitor gets a satisfactory reply to Requisitions on Title, they will draft a Deed of Conveyance which is then approved by the seller’s solicitor.
7. Once the Deed of Conveyance is finalised, your solicitor will calculate the stamp duty and how much is due on the property, this will be requested before the sale can be closed. Stamp duty is paid for the deed to be stamped by the Revenue Commissioners, without this stamp the deeds cannot be registered, the deed is what legally names the owner of the property. After the deed is stamped you are now the legal owner of the property.
Meta-Description: Buying a house in Ireland may seem confusing, but with some simple information and the correct resources, it’s far more convenient.