Buying a home is a daunting task, but REA Hynes are with you every step of the way

30th May 2023

Buying a home is a daunting task, but REA Hynes are with you every step of the way

So you have found your dream home, you have negotiated a final price but whats next???    The process of purchasing a home can be a confusing one but REA Hynes are here to guide you all the way to the day you collect your new keys!! This guide will help you gather some insight into the process;

Booking Deposit: Once you find a property you're interested in, you'll need to pay a booking deposit to the auctioneer or estate agent. This deposit shows your intention to purchase the property in question.  This booking deposit is fully refundable until the time that contracts are signed by you.

Engaging a Solicitor:  Your agent will request details of your solicitor.  The solicitor will handle all legal aspects of the property transaction and ensure all necessary checks and searches are conducted. 

Contact your mortgage provider:  Once you place a deposit on the property you will need to inform your mortgage provide or broker.  Prior to finalising the mortgage drawdown, the lender will most likely require a valuation to be completed.  This involves a qualified agent access the property to assess the properties condition and value.   It helps the lender ensure that the property is worth the amount of money that they are lending you.    

Contracts and Due Diligence:   The solicitor engaged on your behalf will review the contracts that have been prepared by the vendors solicitor.    They will conduct various searches and checks to include title, planning permissions, boundaries and any other legal matters relating to the property.    Your solicitor will also negotiate any amendments necessary to the contract. 

Time to Sign: When your solicitor is satisfied with all legal aspects, you can sign the contracts.     At this point, you have legally committed to purchasing the property.   You will now be required to pay a deposit, typically around 10% of the purchaser price.   This amount is paid to your solicitor.

Closing the Sale:  The remaining balance of the purchase price along with any outstanding fees is now paid.    Your solicitor will handle the transferring of funds to the vendors solicitor.

Congratulations!!! You are now a homeowner!!   Once the sale is closed, the vendors solicitor will notify the selling agent who will release keys to your brand new home.  

The process takes approximately 8 -12 weeks from start to finish.   However, each sale can vary significantly.   

Remember, purchasing a property is in the top five ‘most stressful life events’!!   Its important that you engage an agent that you can trust to guide you through the process successfully and make it the least stressful that it can be.