Before making a bid, make sure you have your finances in order. If you're getting a mortgage, ensure you have approval before bidding. When making your loan application you will need documents to prove you will be able to make the repayments on your mortgage. Once you have all your paperwork in order you can make a proper application for a Loan Approval Certificate. This may include payslips, company accounts and copies of your most recent bank statements. Your bank official will advise you on this. To facilitate the activation of your bidding account, you will need to provide this information, along with a refundable deposit, to the selling agent.
What Can My Solicitor Do On Buynewhomes?
Your solicitor plays an essential part of the buying process. We unreservedly recommend you contact them as soon as you identify a property. Once they are registered with us, they will be able to download legal packs, the same as you can. They will also be able to raise queries with the vendors solicitors via our site and also see what queries other solicitors have raised. This will assist them in best advising you on how to proceed.
Why Buy Online?
When you buy for property online, the process is completely transparent. You can see exactly what's available and buy 24 hours a day.
Do I Need Loan Approval?
All bids are binding if you are getting a mortgage the agent may require a copy of your loan approval. This certificate (also known as approval in principal) means you know exactly how much you can borrow before you go looking for your new home. We strongly advise you do not bid beyond the limits of the finance available to you.
What Costs Can Arise?
The website is free for bidders, however buying a home can cost more than just the price of the property. All those extras can build up very quickly, so remember to leave money over after the purchase to pay for these inevitable expenses. Including, solicitors, engineers, mortgage fees.
Do I Need a Solicitor?
You will need a solicitor to carry out all conveyancing for your new house purchase. You can use a family solicitor or a solicitor that is recommended to you.
When do I Pay a Deposit?
You pay a refundable deposit to the agent when your account is activated. This goes towards the purchase price of the house once the sale completes. Once your offer is accepted, you will have 24 hours to lodge the balance of 10% of the purchase price to the agents client accounts. If the deposit is not paid, the property may be relisted for sale. Deposits are secured by the selling agents professional indemnity insurance & PSRA fund.
Ok, How Do I Buy?
If you wish to place a bid, the first thing you need to do is register. The agent will then contact you to activate the account. We strongly recommend you contact the agent to view the property before bidding. Once you're registered, you can simply log in, go to the property page & click buy.
How Do I Sign Contracts?
If your bid is successful, your purchase is subject to the Conditions of Sale which you will have confirmed to have inspected and to be fully aware of. These terms and conditions state that you authorise the Auctioneer or any person authorised by the Auctioneer, to sign the Contract for Sale on your behalf. There is then a period for closing documents to be signed & balance of funds to be paid to the vendors solicitors.
What is the PSRA?
Property Services Regulatory Authority (PSRA) provide licences for property services - to auctioneers, estate agents, letting agents and management agents. Only those agents who are licensed by the PSRA can provide property services to another person. Every person who provides property services in the State, in respect of property located within or outside the State, needs to be licensed (subject to some limited exemptions). This includes Companies, Partnerships, and Sole Traders, together with their Principal Officers and Employees who provide property services, as well as Independent Contractors. It is necessary therefore for each Company and Partnership to hold a licence and for each Principal Officer and Employee of the Company or Partnership, who is engaged in the provision of property services, to hold licences. Similarly it will be necessary for a Sole Trader to hold a licence and for each of his/her Employees, who are engaged in the provision of property services, to hold licences. The PSRA licensing system has a number of consumer protections, including - * Licensees are required to have professional indemnity insurance * Annual reporting to the PSRA by an independent accountant on the safekeeping of client money * Compensation Fund to make good on financial losses caused by the dishonesty of a licensee * Access to the Authority's complaints/investigation system into allegations of improper conduct by a licensee For more information, please see PSR.ie. Content courtesy of the Property Services Regulatory Authority.
How do I know If I Have Bought A Property?
When your offer has been accepted, you will receive a confirmation email with 1. Agents contact details 2. Confirmation of Agreed Price 3. Agents Clients Account details to lodge the deposit to.
All these details will also be displayed on your dashboard.