Buyers Guide

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Buyers Guide

A step by step guide to purchasing your second – hand home by Private Treaty

1. Choosing your ideal new home:

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 ,you are required 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 clients 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).

2. Choosing a solicitor:

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. If you have not yet retained the services of a solicitor,
Keane Mahony Smith will be delighted to provide you with a list of recommended solicitors to choose from. These solicitors are totally independent and will have you, the clients best interests to hand.

3. Applying for your mortgage:

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. We have attached a number of recommended mortgage brokers for your attention. Once you have chosen your mortgage institution you will have t
1. Complete a mortgage application form.
2. Enclose a salary certificate (completed by your employer)
3. Enclose a recent P60 or completed accounts if self employed.
4. Enclose 3 recent payslips along with:
5. (a) A 6 months current account statement
(b) A statement of existing borrowings
(c) A statement of personal savings
(d) Photo identificiation (Driving licence / passport)
6. Other information which may be required for your particular case.
After receiving approval in principle you will be required to employ a valuer to inspect the chosen property. The general price region is €150 - €250.
Note: If Keane Mahony Smith are on the panel of your chosen institution we would be delighted to carry out the valuation free of charge.

4 Life insurance and building insurance:

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. In the event you have yet not acquired an insurance company Keane Mahony Smith will be only too delighted to recommend a number from our database.
5 Building Survey:
A fully bonded architect or engineer should be commissioned to carry out a full and indepth 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 details 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 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.

Note:

It is not sufficient to rely on a valuation survey carried out by the proposed Mortgage Lending Company as it may not be sufficiently thorough due to the fact that it is directed solely on market value as opposed to structural integrity.
Fees we understand may vary between €300 - €600 Attached is a list of fully bonded engineers in the Galway Area to help assist you.

6 Signing of contracts:

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. The contract will normally request that you sign within 7 – 14 days of receipt of same by your solicitor however it may take longer in some situations.
Keane Mahony Smith cannot emphasise enough the importance of signing the contract within the specified timeframe as the vendor always retains the right to sell to another party. Formal written loan approval is always sent directly to your solicitor. The normal procedure is that you would sign both of these at the same time.
At this point the non – refundable 10% of the purchase price is paid (to include booking deposit). When the vendors solicitor is satisfied that the contracts are unconditional, the vendor will then be instructed to countersign. They will then return one contract to your solicitor and retain a copy for your records. This is the point in which the property is deemed to be sold. You will be issued a completion date at this point.

7 Closing the deal & receiving the keys of your new home

This is the most important and exciting process 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 purchasers and hope the above guidelines help you on your journey to your new purchase.