Ireland provides a suitable environment for buying the property and investing in them as the Irish government has not set any rules which limit the foreigners to buy an Irish house or apartment. However, the purchasing steps in Ireland are a bit complicated and different as compared to the ones in other European nations.
- First, you need to choose the property and for this, it is better to hire a real estate agent rather than roaming around in the city in search of different properties. Along with checking the features you need, you also need to be concerned about your budget and the price of the property.
- After this, you need to check the process in which the property is being sold. In Ireland, mainly two process are involved in the property purchase and they are- a private sale contract and a public auction.
- After choosing the property, you need to draw an offer with the help of the solicitor or the real estate agent because they are familiar with the rules and regulations of property buying in the country.
- Once the seller accepts the offer, you can initiate a survey of the house. This will let you know about the dangers of the investment you are making, both in terms of the physical condition of the house and money.
- After being satisfied, a conveyance deed is drawn on your side. The solicitor will include your clauses within the deed and then it will be sent to the seller for their approval.
- If the seller’s solicitor gives a green signal to the conveyance deed, then you both can proceed with the agreement. It is during this phase where you need to make a down payment of 10% of the property’s cadastral value.
- This transaction will be made into the bank account of the seller’s agent and not in the seller’s own account.
- After signing of the deed, it is sent to the Land Registry office where it gets registered under your name.
- While sending the deed to the Land Registry office, you need to pay a stamp duty and a registration fee.
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