Conveyancing
is the legal work involved in the purchase or sale of land or property.
A typical Irish conveyance, may take anything from 8 to 12 weeks. In Ireland
a solicitor must be qualified and registered with the Incorporated Law
Society of Ireland. All practicing solicitors must hold a "practice certificate"
issued by the Irish Law Society on an annual basis. Unlike the UK and
other EU countries - there are no licensed convyancers. - - so solicitors
have a monopoly here.
Charges for conveyancing vary. Many solicitors will charge a fee based
on the property value sometimes 1.5% of the purchase price plus outlays.
In Ireland there are now some firms offering nationwide conveyancing for
a fixed fee. Fixed fees can start at around €800 plus VAT
and outlays such as searches - these extras can add on nearly €1000
.
Outlays
example - on a 350000 house with a mortgage of 300000
Counterpart Mortgage: €12.70
Law Clerk Fees €65
Land Registry Transfer Fee: €500.00
Land Registry Mortgage Fee: €125.00
Copy Folio and File Plan: €25.00
Commissioners' Fees: €20.00
Searches: €80.00
Total
Outlays €827
Most conveyances use the Law Society's standard form of "particulars
and conditions of sale". A contract is drawn up which:
a) Deals with Family Home protection Act 1976. Under this Act a spouse
cannot sell any property, which is a family home without the consent of
the other non-owning spouse.
b) Show the names and addresses of the buyer and seller
c) Shows the purchase price and the deposit
d) Shows the closing date. - the date on which both parties agree the
sale should be finalized, the money paid and the deeds and the keys to
the property handed exchanged
e) List the documents, which have been shown prior to the contract being
signed.
A purchaser who signs the contract without checking all the documents
available to them is deemed to have full notice of them and is caught
by the consequences of any onerous conditions which may appear on them