7 Basic Steps a Property Seller Should Consider
Ms. Niamh McDermott, Property Solicitor and Head of Conveyancing at Carter Anhold & Co., Solicitors, feels there are seven basic steps that any potential seller should be aware of.
1. How do I sell my house or home?
There are two ways to sell a residential property – by Private Treaty or by Public Auction.
It is always best to consult a professional who practices in this area to see what the best option is for you. No matter what you choose it is extremely important that you notify your Solicitor as soon as you have made plans to sell your house so that your Solicitor may prepare the title documents in advance of your sale and also to prepare the Contract for Sale.
2. Does your property have a Mortgage?
If your house or home still has a mortgage attached to it, you will need to instruct your Solicitor to take up the title deeds of your property from your Bank or Lending Institution in order to prepare the Contract for Sale. It is often very helpful to do this at an early stage and in advance of placing your property on the market for sale so that you can give your Solicitor time to prepare all the necessary documents in order to sell your property.
3. The Contract for Sale
This is normally prepared once your Solicitor has received all the relevant documentation from you and from your Lending Institution in order to prepare the Contract for Sale and to insert all the individual details relevant to your property.
4. Planning Permission Documents
By operation of law any house built on or after the 1 of October 1964 requires planning permission.
Therefore your Solicitor will need to ensure that all of your planning documents are in order. If there have been any developments, extensions or change of use carried out to the property since you bought it similar planning permission approval will need to have been granted and/or otherwise regularised together with the appropriate compliance with Building Regulations before you will be in a position to sell your house or home.
5. Selling the Family Home
The family home even if it is only in one of the spouses names requires the express consent of the other spouse in order to sell it. This is a specific requirement under the Family Home Protection Act of 1976. If the house is in joint names of both spouses then this issue does not arise and both spouses will be selling in their capacity as owners. On completion of the sale of the family home both spouses will have to sign a Family Home Declaration verifying the family home status of the property.
6. From signing Contracts to Closing of the Sale
The first stage of the contract process is where you are happy to execute the contracts which have been signed by the purchaser and whereby the contract deposit has been paid. One part Contract signed by both the vendor and the purchaser is then returned to the Purchaser’s Solicitor and a legally binding Contract is then in place with a closing date specified. You along with your Solicitor must prepare the closing documents and arrange to obtain up to date redemption figures for the mortgage, if there is any attached to the property. On closing of the sale the closing documents will be provided to the Purchaser’s Solicitor in exchange for the purchase funds.
If you are selling a house then you must be aware of any taxes which could include Capital Gains Tax.
It is always advisable to seek tax advice from a suitably qualified taxation advisor, so the relevant tax return can be prepared for filing with the Revenue Commissioners.
Carter Anhold & Co., Solicitors provide a comprehensive range of property related services including both property purchaser services and property sales services.