Purchase & Aftersales Process
There are no restrictions for foreigners purchasing property in Ireland and the investment climate is favorable for foreign businesses.
When a suitable property is selected and a purchase price negotiated with the seller, you will engage the services of a suitable independent solicitor (lawyer) to handle the legal aspects of the sale.
Upon confirmation of this solicitor, a contract for sale is drawn up by the sellers solicitor and is sent across to your solicitor for review. During this time you may arrange for a survey for early detection of any potential problems with the property (approx €200-300). If you are not satisfied or cannot achieve satisfaction to proceed you can withdraw without penalty.
If you are happy to proceed, and once your solicitor has reviewed the sale contract and is satisfied with it and to the title of the property, you will be in a position to sign contracts and pay a 10% deposit.
The contract is then returned to the seller’s solicitor along with your 10% deposit for countersigning by the seller. Once contracts have been exchanged, the conveyancing (title transfer) takes place and ownership is transferred to the new owner.
The buyers solicitor will generally collect any stamp duty payments on your behalf (a tax of 1% on the purchase price up to €1,000,000). Solicitors fees range from 1-1.5%.
Many of the business relationships we have built with Irish property specialists stretch back for 10 years, and while all buyers are free to use whichever partners they wish, we are on hand to help with the following:
• Sourcing distressed property to match any criteria and budget
• Submitting offers and negotiating with vendors
• Arranging property inspections
• Introducing you to an independent Irish property solicitor (lawyer)
• Appointing a professional property manager
• Opening a local Irish bank account
• Arranging property insurance
• Annual tax returns