After Sale Agreed

Although the buyer has accepted your offer, and you are now officially sale agreed, it does not mean the home is yours. There are a few more steps to take before you own the property.

Once your offer is accepted the property is considered to be sale agreed and you will need to pay a booking deposit to the estate agent.

Making this payment should mean that active marketing of the home will stop, but it might still remain on advertising platforms.

If the estate agent receives a further offer, they are legally bound to pass it on to the seller and the seller could decide to accept the new offer up and until the contract is signed.

The booking deposit is fully refundable until contracts have been executed (i.e. signed by both the seller and the buyer(s)) and exchanged by both the buyer and seller.

The estate agent will prepare a sales advice note and will send this to the seller’s solicitor and to your solicitor. This document contains details of the price, conditions of the sale, the estimated closing date – the day you will be given the keys of the property – and may include the names and addresses of all those involved in the sale.

Once the seller’s solicitor receives the sale advice note from the estate agent they will draft and issue the contracts for the sale of the property, along with a copy of the title deeds of the property, to your solicitor.

Before you sign the contracts, it is recommended that you get a building condition survey of the property to find out if there are any defects or related issues. Sometimes purchasers may choose to have this survey carried out before 'sale agreed'.

For example, if your building surveyor finds that the roof needs to be replaced, you may decide to change your offer to account for this or decide not to buy. Please see the Who Does What page for links to surveyors and engineers who undertake this work.

You should ask your lender to issue you with a formal 'letter of offer' before signing a contract of sale. This letter will outline the details of the mortgage. If you are happy with the terms and conditions, you can accept the letter of offer.

You will have a choice on whether to go to a mortgage broker who will assist you to secure the right mortgage or to apply directly to lenders. For more information on mortgage brokers, please visit https://www.irishmortgageadvisors.ie.

In order to speed things up, it's worth addressing some of the conditions as soon as possible. For example, you may have to have a professional valuation of the property arranged and secure home insurance before having final mortgage approval.

Be aware that if you sign a contract for sale and then do not get mortgage approval, your deposit is at risk and there may be other penalties.