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Buying a house- 10 things you need to know!

  1. First of all, you are not legally bound to buy the property until you sign the contract;
  2. If you buy at auction, you are legally bound to buy so you should speak to solicitor before bidding on property at an auction;
  3. A house is probably the most expensive thing you will ever buy so you really should have the property structurally surveyed by an engineer and make sure you get the map checked!
  4. Consumer rights do not apply to the purchase of property. Caveat Emptor/ Buyer Beware applies. After you have bought the property, you cannot change your mind.
  5. Mortgages can take time to be approved and for funds to be drawn down. You should try and get your approval in principal in place even before you have bought the property;
  6. You pay 10% of the purchase price on the signing of a contract. Most of the time, the auctioneer will ask you to pay a booking deposit (usually between €5,000- €10,000) to take the property off the market. This is fully refundable if you do not proceed with the purchase.
  7. When your bid is accepted and you pay your booking deposit, the auctioneer will issue a sales advice note to the buyers and sellers solicitors. The sellers solicitors will issue contracts and furnish title documents to the buyers solicitors.
  8. You will need to provide Identification, proof of address and your PPS number. You may also be asked to verify the source of your funds.
  9. In Ireland, you can rent a room in your home for up to €15,000 per annum tax free.
  10. There is no capital gains tax on proceeds of sale of a principal private residence.