Steps After Going Sale Agreed - Ireland

[@shaneflemingre]

Let me know if you any questions or want me to expand on some details

[@kevinjones3538]

Hi there, great channel btw! I just want to know from your experience, if you could clear this up. I was speaking to a solicitor regarding the purchase of the property, is this booking deposit that is give to auctionaires when a buyer goes sale agreed mandatory? Is this an actual requirement? Or can the buyer just go sale agreed , and the auctionaire can leave the property on the market but still go ahead with the sale if no other buyers put down an offer for the property? If you could please let me know I would highly appreciate it.

[@shaneflemingre]

@@kevinjones3538 The booking deposit is a sign of good faith from the buyer, In that good faith the agent should stop marketing the property. I would never recommend going sale agreed with out a booking deposit.

[@quinnrsligo]

Love to see new content, Shane! I just started in the industry and drafted my first Sale Agreed letters and Heads of Terms this week. Getting the hands on experience at work and then getting the theory from yourself helps to reinforce certain things and go into further detail. Keep the videos coming 👏

[@shaneflemingre]

Thanks for the support. Congrats on getting started in property. Are you working in commercial or residential

[@quinnrsligo]

​@@shaneflemingre I'm getting exposure to a mixture of everything at my local Sherry Fitz. So it's mostly residential sales & lettings, but I also get to work on commercial sales & lettings. I've gone from measuring up and doing floor plans for a beautiful €850K property one day, to then hosting viewings for a run down, gutted "fixer-upper" to be sold via online auction the next day. However, I spend most of my time doing drive-by/desktop valuation projects. The other day I was in the field assisting in the valuation of a site of land when I learned that allowing somebody else to keep their animals grazing on your land for *12 years (*I think) could allow them to claim ownership of your land...crazy. If you know of any other weird, esoteric property related laws like this I'd love to hear them.

[@shaneflemingre]

@@quinnrsligo Glad, you are enjoying it, it is good experience. Good idea for a video, "weird property laws" might think about that one,

[@Disquoo]

This was really helpful, thanks Shane

[@shaneflemingre]

👍🏻

[@007alg]

Well done boss

[@shaneflemingre]

Thanks 😊

[@forestruan3375]

Hi Shane. Thanks for the video! Do you happen to know if it's possible that the sales advice note is only issued to vendor s solicitor? Agent told us that sale advice note has been issued nearly 2 weeks ago but our solicitor said they haven't received anything yet...

[@shaneflemingre]

Generally issued to both solicitor, would only be issued to vendors solicitor if buyer didn’t provide details soon enough. But generally should have both solicitors details before issuing

[@forestruan3375]

Thanks Shane!

[@Simon-io6xr]

Excellent video. I have a question. From what you said, the building survey comes after sale agreed, is this always the way? Would a prospective buyer ever request to have a surveyor in before making an offer? Would It be an idea to bring a surveyor along on a second viewing if you knew one? And if the building survey is carried out after sale agreed, is It possible/ common to request opening price negociations again should any unforseen risks/ defects appear? I have picked up form other videos that buyers do use possible defects as a reason in negociations on price.

[@shaneflemingre]

Hey Simon, good question. If you know that works need to be done to a property it is a good idea to get a quote from a builder before you bid and a good idea to bring them to a viewing. Having an idea on costs is a great advantage when bidding. I building survey is a different report and can be costly, therefore you do not want to be carryout out a building survey on every property you want to bid on. Therefore you would only go to the expense once you know you have secured the property. This is the case for a private treaty. If you are buying by auction you should have it the survey completed beforehand.

[@Simon-io6xr]

@@shaneflemingre Thank you, that's really good information.

[@GhanYt]

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[@shaneflemingre]

Ok

[@christinemahoney7222]

Thank you for this video!

[@shaneflemingre]

Christine Mahoney thanks for the support

[@kevinthompson291]

Hi Shane, how long should it take from contract signed to moving in , when there is no property chain?

[@shaneflemingre]

Assuming all legals are in order 4 weeks. But banks can slow the process down if they are slow to release funds

[@DrRimantas]

Yes for video

[@kevinjones3538]

Shane could you tell me what happens with the booking deposit when a buyer goes sale agreed? Is it taken from the purchase price or would this be used towards your 10% deposit from your lender?

[@shaneflemingre]

Hi Kevin. The booking deposit will be used against both. Say you buy a house for €400k booking deposit is 10k you will need an extra 30k for signing and 360 on closing. Plus stampduty and costs

[@kevinjones3538]

@@shaneflemingre Hi Shane. Thanks for the response 👍 thanks for clarifying that for me. So correct me if I'm wrong, the booking deposit you pay an auctionaire when sake agreed, this percentage of booking deposit is put towards the 10% required for the lender? Does this mean I could put a certain amount of the 10% deposit as a booking deposit as it would be going against it anyway when everything is drawn up?

[@keithp6699]

​@@kevinjones3538Yeah your booking deposit gets taken off the 10% whatever that is. For example if 10% is €20 grand and the booking deposit is €5k. Then you only owe them €15k. I wouldn't pay anymore than the booking deposit in case the sale doesn't go through. You'll get the booking deposit back if that happens. You won't get the rest of it.

[@joaosiquerolli]

Is it recommended to do survey on new properties?

[@shaneflemingre]

Hey Joao, yes I would recommend doing a building survey on new properties after you have gone sale agreed they will also help with the snagging. Some old properties have been standing for 100 years any major issues should be visible. Issues with new properties are harder to find.

[@joaosiquerolli]

@@shaneflemingre perfect! Thanks Shane.

[@markmcivor3863]

Do you think it would make more sense for the seller to have to do the building report so potential buyers are in receipt of all the facts before submitting an offer? Logically it seems to be the wrong way around to me.

[@shaneflemingre]

Good point. I have suggested it to some sellers in the past. I think the issue is on the independence of the advice. Will a buyer trust the report.

[@markmcivor3863]

Fleming Real Estate - Property Agents perhaps if it’s a legal requirement to have an independent report completed they would?

[@shaneflemingre]

@@markmcivor3863Any building surveyor will be required to provide an independent report now anyway. But if they are being paid by the vendor, there could always be questions raised. But a vendor could arrange a report if they knew there was an issue to avoid any price chipping after going sale agreed.

[@markmcivor3863]

Fleming Real Estate - Property Agents yes, so that was the next question. If there is a bit of an issue on the report which is going to cost you in the short term, you could renegotiate the price? Problem is, seller could pull out and your left with the survey bill etc. Makes so much sense to be up front so when negotiating price you have all the facts before putting in your offer.

[@shaneflemingre]

Mark McIvor price chipping is not that common in ireland but it does happen in a buyers market. A vendor could revert to an under bidder if they don’t want to deal with someone that is trying to chip the price. Generally it only happens when there is a major issue.

[@shaneflemingre]

Better focus this time

[@ravitan2819]

Good information

[@shaneflemingre]

Thanks for the feedback

[@darraghpoole9625]

Just went sale agreed on my first property, hard work and saving our arse of has made it all worth it , gonna be a homeowner at 21 life is good

[@shaneflemingre]

Congrats Darragh well done.