Conveyancing and standard requisitions on title ordered by the Incorporated Law Society of Ireland
Agency: Lawyer’s office
The Incorporated Law Society of Ireland has a comprehensive set of conveyancing documents which are standard requisitions on title, investigating various matters including the following: services, easements and rights, obligations, outgoings, bankruptcy, taxation, building control and environmental regulations, fire services and health and safety, etc.
In the case of a commercial property transaction a solicitor might consider it prudent to have the physical boundaries of the property on sale surveyed by an architect to ensure that it correlates with the boundaries of the property as shown on the Land Registry Map. To get an architect to certify the identity of the property will take 5 additional days and cost about € 500. The cost is subject to 23 % VAT.
In addition, an architect often performs a planning search – a review of planning documentation pertaining to the transacted property – to identify any limitations on the property uses. The planning documents from year 2000 or later are provided by the Planning Department of the Dublin City Council instantly online at no cost. Older files can be accessed on the City Council premises on request and at no cost (only standard photocopying charges may apply). It usually takes 2 days for the Dublin City Council to prepare requested historical documentation for review.
Time and cost: 20 days, paid in Procedure 3
Obtain official certified copies of the property’s folio and title map
Agency: Property Registration Authority of Ireland
Applications for a certified copy of the Folio and Title Plan can be made online on the website Landdirect.ie. Paper copies are delivered to the applicant within 3 days of request.
Time and cost: 3 days, EUR 40; (For all searches)
Lawyer drafts contract and contracts are exchanged
Agency: Lawyer’s office
The vendor’s lawyer would draft the sale-purchase agreement, whilst the purchaser’s lawyer would draft the deed which effects the title transfer.
Time and cost: 1 day, EUR 13,035.36 (between 0.25% and 0.75% of property value)
Submission of documents to Revenue Commissioners
Agency: Revenue Commissioner
This procedure involves submission of documents to Revenue Commissioners for payment of stamp duty & impression of “Particular Delivered” stamp. Since January 1, 2010, the stamping of deeds is done online. The stamp duty is submitted electronically to the Revenue Commissioners, which in turn sends a certificate of confirmation of stamping via email to the purchaser’s solicitor.
The title deed must be stamped within 28 days of the date of execution of the deed or penalties will be incurred.
Time and cost: Less than one day (online), EUR 156,424.32 (6% of the value of the property for non-residential properties)
Lodgment of application for registration at the Land Registry
Agency: Land Registry
Once the title deed to the purchaser has been stamped, it can be registered at the Land Registry using the application Form 17. A facility to make an application for registration electronically via the PRA’s electronic access system is available while the supporting documents are sent by post ( mailing usually takes 2 days) Supporting documentation will include the deed of transfer and payment of the appropriate fees.
It is normally the case that the buyer’s solicitor will prepare the deed of transfer and will send the draft deed to the seller’s solicitor for approval. In certain cases, the vendor’s solicitor will draft the deed (e.g. lease of building estate grant). When the deed of transfer is finally agreed between the parties, it will be signed by the parties to the transfer.
On completion of the application the Property Registration Authority will advise the lodging party of the completion.
Time and cost: 10 days, EUR 800