First Time Buyer- how it works
Making an offer
You have found the perfect property. Your offer has been accepted – what next?
You will put down your booking deposit and appoint Hoban Boino as your Solicitors. You then give the Agent our name and contact details. The Agent will furnish Hoban Boino with a Sales Advice giving us the required information to get things moving for you. Once received will write to the Solicitor for the Vendor seeking the Contracts and the supporting documentation.
At this stage you should pass our details to your Bank. You may have approval in principle from a Lender, however once you go sale agreed, you will need to contact your Lender and let them know. They will then issue a full Letter of Offer which will then be sent to Hoban Boino on your behalf.
You should also arrange a structural survey of the property as soon as possible and forward a copy to Hoban Boino. Here is why it is so important
Contracts
Once we receive the Contracts from the Solicitor for the Vendor, we will read the title and raise pre-contract enquiries to ensure that the title is in good order and that all the correct documentation will by furnished on closing. At Hoban Boino we ensure all vital matters are in order including ownership, boundaries, and obligations on the owner, planning, access and taxes such as the Local Property Tax.
Once we are in receipt of replies to pre-contract enquiries, we will need you to meet with us to execute the Contract, Letter of Offer and all supporting documentation.
At this stage you will be required to pay the balance 10% deposit i.e. you are purchasing for €300,000.00 and paid €5,000.00 (for example) booking deposit to the Estate Agent you will need to be in a position to pay the balance €25,000.00 as the balance Contract deposit. Hoban Boino will ensure that your deposit is safely paid ever on your behalf. You can be confident that all measures are put in place to ensure that your deposit is protected.
Once you execute the Contract it will be furnished to the Solicitor for the Vendor for execution and once we receive one part of the Contract back executed by the Vendor, you will be in a binding Contract for the purchase of the property. At this stage the Closing Date will also be confirmed.
Legal staff
While the Contract is with the Solicitor for the Vendor being executed by the Vendor, we will send the all the “legal” documentation (the Bank documentation you will sign when you sign the Contract) to the Bank to prepare for drawdown of funds. The Branch will also be contacting you to arrange putting the non-legal documents in place such as the Direct Debit, Life Policy, Home Insurance and all other documentation required by the bank to release the funds. Here at Hoban Boino we will always be there to answer any questions associated with this process and we aim to make the drawdown process as smooth as possible for our clients.
Once all the documentation is in place with the bank, Hoban Boino will draw down the funds and complete the purchase. At the same time we will furnish you with the Cash Account noting balance purchase price, our fees and Stamp Duty and approximately two days before completion you will need to transfer these funds to our Client Account.
Day before purchase
The day before the purchase is due to complete we would recommend that you visit the property and view again for a final inspection before closing.
There is a process to be followed on the day of closing. Keys normally released in the late afternoon and generally after 4 p.m. from the Estate Agent.
... and after
After completion of the purchase Hoban Boino will arrange to stamp the Deed and register the property into your name. Once registered we will send you a copy of the ownership document, called a folio, and then forward your title deeds to the Bank who will hold same for the duration of your mortgage with them.
This is the general process of a purchase transaction. A standard purchase will take approximately 8- 10 weeks, from receipt of Contracts, however things can come up that are unforeseen. We at Hoban Boino will always keep you advised full in respect of the transaction and our aim is always to bring matters to a conclusion as smoothly as possible.Good luck with your purchase!