10 steps to Buying a Property at Auction
Buying a property at auctions is not the same as buying a property by private treaty. There are a lot more risks, however, MB Solicitors can help you navigate these risks.
- The first step when buying a house or apartment at auction is to secure your funding. You will need to speak with your bank or mortgage broker to ensure you have a loan offer in place before you place a bid on a property, unless you are a cash purchaser
- The next step is to identify a property you wish to buy.
- Contact MBSolicitors. It is important that you contact your solicitor so that we can obtain the legal pack from the auction website or estate agent directly. The legal pack will contain a copy of the title deeds to the property. We will review the title deeds to ensure the title is in order. You do not want to buy a property and subsequently find out that you cannot sell same due to a title defect. Where there is a title defect, same can prove expensive to fix.
- Prior to the auction you should arrange a structural survey of the property. This survey should highlight any structural issues with the property so that you can make an informed decision as to whether you want to buy the property. A buyer will not have any recourse to a vendor for defects in the structure of the property.
- Now that you have your legal and structural reports you can make a bid on the property. If your bid is accepted you will be contractually obliged to complete the purchase.
- We will then arrange for you to attend our office to sign the mortgage documents. Once signed we will lodge them with your mortgage provider
- The vendor solicitor will issue a copy of the signed contract to us together with a notice that we have 28 days to pay the balance purchase price.
- On receipt of the signed contract, we will order the mortgage funds from the bank.
- On receipt of the mortgage funds, we will transfer same to the vendor’s solicitor who will furnish us with the title deeds to the property.
- We will then proceed to register you as owner of the property with the Property Registration Authority. On completion of the registration the title deeds are sent to your mortgage provider until such time as the mortgage has been repaid in full.
If you are Buying a Property by Auction, contact MB Solicitors at +353-1-5677343 for a no obligation fixed fee conveyancing quotation or use the enquiry form below.
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