Changes to buying/selling conveyancing process in 2019 will speed up transaction times!
- Posted by Beate Harrison in Uncategorized
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It is often said that buying or selling a your home can be a difficult process but this is not entirely true; for most people, buying a new home is an exciting step and you know almost-instantly when you find the right one! Similarly, most sellers – whether they are trading up or down – are moving onto new adventures. What can be frustrating is the sheer length of time it takes to legally formalise this decision. Conveyancing in Ireland has become the source of very real frustration and annoyance for many buyers and sellers. The process, while important, is entirely outdated.
But there is some good news ahead for future buyers and sellers. From January 1st. 2019, the buying and selling of property will move to a ‘pre-contract investigation of title’ or PCIT system. This effectively means that all property title queries will be dealt with and resolved in advance of contract signing.
How this will work:
From the New Year, all sellers, through their solicitor, will need to make available title packs before contracts are exchanged. This will give buyers’ solicitors the opportunity to investigate that title pre-contract.
The principal benefit of this change will be that the property title queries, which generally cause the long, frustrating delays, will be dealt with and resolved in advance of contract signing.
This is similar to the process used for the conveyancing of properties sold through auction (online or traditional) and for the New Homes market.
This new system will inevitably be more efficient and hopefully more cost-effective as it ought to reduce the time spent on the whole conveyancing process, which will be great news for buyers and sellers.
How to prepare for this:
From this point on, all people intending to bring their property to the market will need to ensure that their solicitor has been briefed and given instructions to ‘take up’ title deeds from the mortgage lender (if there is a mortgage on the property). The title package will need to be prepared immediately and made available for buyers at an early stage.
This ought to speed up the sale/purchase of property in Ireland so we encourage anyone in Waterford thinking of selling in 2019 to contact the team at Griffin Auctioneers