Purchase Contracts for Buying Property in Ireland: What You Should Know

When you have found a home in Ireland that you would like to purchase your estate agent, more commonly known by the Irish as the solicitor, will take the necessary steps to draw up a purchase contract that covers all the required items as well as any additional clauses that may be applicable to your situation.

The Standard Incorporated Law Society's contract is what is used at the basis for all purchase contracts in Ireland. The Law Society of Ireland can provide you with a copy of the current Standard Incorporated Law Society contract if you would like to see what it looks like.

Besides what is listed in the Standard Incorporated Law Society contract, your purchase contract will include the address of the property, the selling price, the selling date and any other item specific to the purchase of the property. Only in instances of there being a problem like a planning commission having already laid claim to the property will there be amendments to the general conditions of the contract. Remember that once the signed contracts change hands that there is no turning back or nullifying the purchase agreement.

If you are signing a contract for a new or resale piece of property, or even for a plot of land, you will need to pay a deposit. It is typical for the amount of the deposit for finished properties to be around 10 percent. Sometimes the amount of the deposit is negotiable though.

Typically, most contracts have conditional clauses in them that must be met for the contract to be deemed valid. This means that if any if the conditions in the contract are not met that they contract can be suspended or deemed null and void, resulting in the deposit being returned. But if you withdraw from a purchase and there is no clause in the contract to cover that you will lose the deposit and may even be forced to complete the purchase.