Minimise the risk of your sale falling through
Almost one in four property sales fall through prior to completion. Usually the purchaser pulls out of the sale and the worst part of an estate agents job is to inform the vendors. This can come as a body blow to the vendors as they will probably have made moving arrangements and will have mentally moved on from their property.
It is the purchasers (and vendors) legal entitlement to withdraw from a sale up until contracts have been countersigned and exchanged. The reason for a sale falling through can be due to a purchaser’s inability to obtain sufficient finance but more often than not it is usually due to engineering, mapping, planning and title issues with the property itself. Encountering any of these problems can cause a long delay and the purchasers may lose patience and move on to another property more ready for sale.
When a price has been agreed on a property the vendor should be in a position to move fast. To minimise the risk of the sale of your property falling through close attention should be paid to the following points as early as possible.
Solicitor – At the earliest stage notify your solicitor so that they can prepare title documents and contracts for sale.
Mortgage – If there is a mortgage on your property give authorisation to your solicitor to contact your lending institution to take up the title deeds. This alone can take 2/3 weeks.
Planning permission – If the property was built since 1964 you will require proof of planning permission. Likewise if the property was developed or extended since original construction it may also require planning. If there is any doubt contact your local engineer or architect at the earliest opportunity. Planning retention can be more straightforward than you think.
Septic tank – Is it where it is supposed to be? If the septic tank is located outside of the property for sale is there a right of way over the land upon which the septic tank is situated. If there is a septic tank on the property it will have to be registered with Irish Water.
Mapping – Get a copy of your folio from your solicitor and check if the boundaries on the folio map correspond to your own boundaries as they are on the ground. Also check for any rights of way that may exist. Again your engineer or architect can do this. Often there are slight discrepancies in the boundary which can be rectified but again can delay proceedings.
Certificates – BER (Building Energy Rating) certificate – Prior to advertising your property instruct an assessor to survey your home and provide you with a BER certificate and Advisory report. Household Charge and LPT (local property tax) – Ensure these are paid up to date. NPPR (Non Principle Private Residence tax) – If the property is a second dwelling or investment property the NPPR charge may be applicable. Septic tank registration – Register your septic tank if applicable.
Managed estate – If your property is located in a managed estate ensure than your service charges are up to date and make contact with the owners management company to let them know you intend to sell.