Once Your Dream Home is Selected... the Next Key Steps
Any process involving such a significant investment as a property is invariably going to seem daunting at first. That is why, at VIVA, we not only help you find your new home but also guide you through the whole property buying process – from paying a deposit to turning the key in the door. And beyond, if required – for example, holiday rentals.
Reserving the Property
The first step, to ensure the listed property is taken off the market, is to complete a temporary reservation contract and pay a deposit. This is normally €6,000 – for both resales and new builds – and can be paid by bank transfer or credit card, whichever is the most convenient method for you. The deposit will be held in either our escrow account or by your lawyer, and is fully refundable in the event of any legal issues being found during due diligence..
Signed by both you and the vendor, the reservation contract includes basic terms and conditions, and (in addition to the deposit amount) key details related to the purchase:
- Precise property address
- Full names of buyer and vendor
- Agreed price
- Estimated signing date for Private Purchase Contract (PPC)
- Estimated signing date for title deeds
- Other circumstances (for example, furniture included or finance)
As soon as your lawyer has completed due diligence, and is satisfied all legal details are correct and the property is not subject to an embargo order or any outstanding debts, a PPC will be prepared and signed by you, your lawyer and the vendor. Again, this will include the terms and conditions of the purchase, and the respective dates for signing the title deeds, paying the balance and receiving the keys.
At the same time, you will then be required to pay a percentage of the purchase price, usually 10%, although it could be staggered up to 30% for a new development.
The title deed is signed during a formal meeting with the notary, and your lawyer then registers the property in the land registry.
If you withdraw from the agreed purchase after signing the PPC, you will lose the amount paid. If, on the other hand, the vendor withdraws from the agreement, they will be required to pay you the amount paid or even double that amount depending on the type of contract signed.