The Law Society has published the new 2019 Contract for Sale which will now be the standard contract used in the sale of residential and commercial property in Ireland.
The new contract paves the way for a new conveyancing regime where all title investigation is carried out before contracts are signed.
There has been a growing trend over the years towards this type of conveyancing and the new contract copper-fastens the change.
This means all work in a conveyancing transaction, whether on behalf of a vendor or purchaser, is front loaded. Contracts will now only be signed once a purchaser’s solicitor is satisfied that all and every matter pertaining to the new property has been dealt with. This will include title to the property, planning, property taxes, services, access and family law matters.
Whilst this new regime will invariably lead to a longer lead-in period before contracts are signed, it will hopefully streamline the system overall and should ultimately result in a faster closing date being set.
If you have any questions on property sales or purchases, call Julie Mullan for legal advice.
Julie Mullan, solicitor, has extensive experience on all aspects of commercial conveyancing including leases of commercial properties.
If you have any questions about commercial properties or leases Julie can advise you. Please get in touch.