It is imperative to have funding in place prior to looking for a property to purchase. If a mortgage is the source of your funding, Keane Mahony Smith highly recommend that you obtain approval in principle before you start looking for your home as this will give you a clear indication of how much you can afford to spend. Keane Mahony Smith always advise employing a suitably qualified independent mortgage broker who will act on your behalf in sourcing the best possible deal available in the market place.
When you decide on the home you wish to purchase and have agreed on a figure with both vendor and auctioneer, the first step toward securing the property is to pay a booking deposit. This comprises of a bank draft or cheque made payable to Keane Mahony Smith, who hold this as stakeholders on behalf of the client’s subject to contracts being signed by both parties. You will be issued with a receipt in return. The booking deposit is paid subject to contract and is fully refundable (unless otherwise stated) up to the point that the contracts are signed (by both you and the vendor of the property).
When purchasing a property, it is important to decide on a solicitor to act on your behalf during the course of the conveyance. This must be decided on prior to paying the booking deposit. A solicitor is totally independent and ensure your best interests and needs are met during the conveyance.
It is normally a condition of your loan approval that you obtain life insurance up to the amount of the loan you intend to borrow. Building insurance covers you against most forms of damage to your property. This should be discussed in detail with your insurance company to clarify exactly what is covered under your chosen policy.
A fully bonded architect or engineer should be commissioned to carry out a full survey of the property on behalf of the purchaser. A structural survey is a detailed and comprehensive report instructed to be carried out on behalf of the purchaser on the proposed property. It contains: compliance with building regulations, sufficiency of drainage, roofing, dampness, assessment of heating systems and other ie. radon etc. Examination of the Planning File to establish proper compliance with planning permission and the potential impact for other development in the area which is independently sought by you the purchaser in relation to the proposed property. A copy of this report is forwarded to the purchaser. Any issues outlined in the report which need to be addressed will be discussed between either your solicitor or your auctioneer. With regards to new properties a snag list is compiled with both purchaser and engineer and a copy is forwarded to the builders solicitor to address issues outlined.
Once the booking deposit is paid to Keane Mahony Smith, we will write to the vendor’s solicitor requesting them to prepare contracts and forward same along with title documents to your solicitor. Dependent on the financial institution, please allow 3 weeks for the contracts to be issued to your solicitor. Once satisfied and contracts are signed by both parties, this is the point in which the property is deemed to be sold. You will be issued a completion date at this point. The 10% deposit is not refundable after the signing of contracts by both parties.
This is the most important and exciting part of the transaction. Once the sale is ready to close and all parties are satisfied, the final monies will be transferred and the sale will then close.
Finally, you will receive the keys of your new home and on behalf of all the team at Keane Mahony Smith, we wish all our customers a very pleasant experience while purchasing and hope the above guidelines help you on your journey to finding your new home.