Tips for Buying a House

  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 Michael Pigott Auctioneer & Valuer 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, Michael Pigott Auctioneer & Valuer 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
    Michael Pigott Auctioneer & Valuer 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. Michael Pigott Auctioneer & Valuer would be delighted to Quote for your mortgage free of charge. The following tasks will need to be carried out by you.

    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:
      1. A 6 months current account statement
      2. A statement of existing borrowings
      3. A statement of personal savings
      4. Photo identification (Driving licence / passport)
    5. Other information which may be required for your particular case.
    6. 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.
  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 Michael Pigott mortgage & financial will be only too delighted to recommend a number from our database.
  5. Valuation
    A valuation survey carried out by the proposed Mortgage Lending Company panel of valuers on the Mortgage Lending Company list.
  6. Building Survey
    You can choose to have a building survey on the property you are buying, Michael Pigott Auctioneer & Valuer can recommend a number of competent professionals in this field. A basic building survey can cost approximately €300 to €800.
  7. Signing of contracts

    Once the booking deposit is paid to Michael Pigott Auctioneer & Valuer 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 14 – 21 days of receipt of same by your solicitor however it may take longer in some situations.

    Michael Pigott Auctioneer & Valuer 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.

    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.

  8. 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.

    Michael Pigott Auctioneer & Valuer wish all our customers a very pleasant experience while purchasers and hope the above guidelines help you on your journey to your new purchase.

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