Conveyancing Jargon Buster
The list below contains jargon often used when dealing with property transactions, click upon a phrase to learn the meaning...
If you have a question about any part of the conveyancing process, please don't hesitate to call one of our friendly Conveyancing solicitors on 01 230 0022 who will be more than happy to help.
This is the agreed date on which you are able to take possession of your property, and the date when the balance of the purchase monies is paid to the Sellers Solicitors.
Contract for Sale
This is the agreement that is signed in duplicate by the Purchaser first and the vendor secondly. When exchanged these agreements are legally binding for the sale and purchase of the property at an agreed price with a fixed completion date.
A deposit is paid on exchange of contracts by the buyer to the seller via the solicitors which is usually 10% of the purchase price. The amount paid by way of a booking deposit to the auctioneer is deducted from the balance of the contract deposit.
Exchange of Contracts
This is when the agreement to buy and sell property becomes legally binding with a completion date fixed.
Family Home Protection Act, 1976
Every conveyance of residential property must comply with the provisions of the Family Home Protection Act, 1976. Consent of the spouse of a vendor must be obtained and evidenced in writing to avoid a conveyance been declared null and void.
Fixtures, Fittings and Contents
A list of contents, fixtures and fittings to be included in the sale price will be listed in the contract for sale.
This means the property is in complete ownership of the vendor.
Is the part of the Property Registration Authority where all transfers of property and mortgage deeds must be registered by the purchasers solicitor. The title to property and land in Ireland that is registered in the Land registry is state guaranteed.
Law Society of Ireland
The Law Society is the professional body for solicitors and exercises statutory functions under the Solicitors Acts 1954 to 2008 in relation to the education, admission, enrolment, discipline and regulation of the solicitors' profession.
A leasehold estate is an ownership of a temporary right to land or property.
The monies paid to the Solicitors as their fees.
The Bank, Building Society or any other establishment or person who lends money to be used towards the purchase price of a property.
The legal document which acknowledges the debt signed by the borrower and registered as a charge against the property on the legal title at the Land Registry.
Any monies charged by the mortgagor or mortgage broker to arrange the mortgage.
These are the monies to be paid out by the solicitor to a third party on behalf of the purchaser or vendor. These include Stamp Duty, Land Registry fees, Law Search fees, etc. A full detailed breakdown of all outlays will be furnished at the outset of our acting on your behalf.
The monies due to the mortgagor to pay off a mortgage on a property and the document acknowledging payment is produced to the Land Registry for removal of the charge on a legal title.
A fee which may be charged by the lender or their solicitors for their administration costs in dealing with redemption of the mortgage.
Stamp Duty is a Government tax paid to the Revenue Commissioners which applies to the purchase of the property. All transfers of property have to be declared to the Revenue Commissioners and there are time limits for doing this after completion of the purchase. Currently the rate of Stamp Duty is 1% for properties up to a value of €1,000,000 and 2% for the excess over this amount.
The Solicitor acting on behalf of the purchasers gives an Undertaking to the Bank or Building Society providing the mortgage to the purchaser that they will register the banks mortgage as the first legal charge on the title to the property and to return all title deeds to them once all registrations of ownership and mortgages are completed.
We always advise clients to carry out an inspection of the property that they are purchasing on the morning of the closing or the day before to ensure that the property is as it should be.
Property Registration Authority
The Property Registration Authority (PRA) was established on 4 November 2006 under the provisions of the Registration of Deeds and Title Act 2006. The Authority is a statutory body whose members are representative of the main users and consumers of property registration services. The PRA replaced the Registrar of Deeds and Titles as the "registering authority" in relation to property registration in Ireland. The main functions of the PRA are to manage and control the Land Registry and the Registry of Deeds and to promote and extend the registration of ownership of land.
Before you buy or a house it is important to get a report about the property's overall condition. This report is known as a survey and there are different types. The mortgage lender will always insist on a survey or valuation of the property. This however is of little value as it does not include a check of the planning history of the property or check for breaches of the planning legislation. We always advise strongly that you have a full property survey carried out by a suitably qualified engineer/architect with adequate levels of professional indemnity insurance.
A search carried out in the local authority planning department in relation to the planning history of a property.
Documentation relating to the legal title of the property.
The document on the sale of property transferring the property from the Seller to the Buyer.