Buying Property in Ireland

Housing and property values have increased significantly in Ireland over the past decade and it has been a favorite target for international real estate investors. The buying process is fairly straightforward and there are no restrictions on foreigners owning property in Ireland. It is, however, very difficult to build new housing as a foreigner, so the easiest route is to purchase existing housing.

A solicitor should be used when buying a home in Ireland to look out for your rights and prepare the necessary paperwork. Once you find a home, make an offer. At this stage you are not legally bound, and now is the time to arrange for an inspection and survey to detect any problems and make sure you know what you are getting. If you discover any issues, this is the time to revise the offer before any contracts are prepared.

Sometimes the buyer pays a booking deposit of 2-3% to indicate the seriousness of an offer. This is refundable, and it is not always undertaken. If everything is okay and agreed to, solicitors for both sides draw up contracts. The buyer’s solicitor draws up the Deed of Conveyance and the vendor’s solicitor draws up the sales contract. Contracts are approved and a date set for signing.

At the contract signing, a nonrefundable 10% deposit is paid by the buyer. Once the deposit is paid with contracts signed and exchanged, the agreement is binding on both sides. A date for final payment and conveyance is then set, usually 6-8 weeks away. After the final payment the transaction is complete.

After final payment, the buyer must pay stamp duty and register the property with the Land Registry Office or the Registry of Deeds. Stamp duty can vary from nothing for first time buyers who purchase a home valued at less than €317,000, to as much as 9%, depending on the value of the property. It can take as long as six months to receive title to your new home, depending on its location.