I want to MAKE AN OFFER on a Property

Step 1: Making an Offer

When making an offer set yourself a maximum price you are willing to pay for the property and do not exceed this. It is important to factor in also the condition of the house and whether you will need to spend money on it to move in.
If you are selling a home as well as buying another, you’ll be in a better position if you have already found a buyer for your own home when it comes to making an offer on another property.
Make sure you are in a strong position when making an offer by having a letter from your lender showing that you have mortgage approval in principle, and a bank statement showing you have the funds available for the deposit.
A seller will take the bid that suits them best, which may not necessarily be the highest bid. If you can provide proof of funds and/or proof that your current house is sold, they will look more favourably on your offer as there is less likelihood of the sale falling though or being delayed.

Step 2: Sale agreed

Once your offer is accepted the property is sale agreed and you will need to pay a booking deposit to the estate agent. Booking deposits vary – they can be a specific amount such as €5,000, or a small percentage of the offer you have made. The booking deposit is refundable up until you sign the contracts. 
Once your offer is accepted, the estate agent will prepare a document of sale details and send this to the seller’s solicitor and to your solicitor. This document contains details of the price, conditions of the sale, the estimated closing date – the day you will be given the keys of the property – and the names and addresses of all those involved in the sale.
Once the seller’s solicitor receives the sale details from the estate agent they will send the contracts for the sale of the property, along with a copy of the Title Deeds of the property to your solicitor. 

Step 3: Completing the Purchase

You should strongly consider hiring your own surveyor, engineer or architect to carry out a detailed structural survey, especially if you are buying an older property. This will highlight any issues you may not have been aware of when you made your offer. 
If you are buying a property at an auction, you would usually have your survey completed before the auction. Ask the auctioneer for the terms and conditions of the auction, which will be available before the auction date.
Before your bank will release your mortgage, funds there are several steps that you will need to complete.

• Get a Valuation
  Once the property is sale agreed, you will need to arrange a valuation. Your lender will want a valuation (from the lenders own valuers) completed before they formally agree to lend you the money to buy the property. (The valuation costs generally cost between 150-200 euros.)
  The valuation will only look at the general state of the property and the location. The valuer will send their valuation to your lender who will base their formal loan offer on this valuation.

• Home Insurance
  Before your mortgage cheque is issued, you will need to have home insurance in place. Once the property is sale agreed you should start looking for insurance so that the house is covered by the time the sale is closed. If you are buying an apartment, buildings insurance should be part of your management fee, so you don’t need to arrange this yourself. However, you may still want to arrange contents insurance before you move in.

Step 4: Exchange Contracts

Once all the conditions of the mortgage have been met, your lender will approve your loan for the property and the amount and will send you a formal ‘letter of offer’. Your bank will send a copy of your letter of offer to your solicitor, along with other legal paperwork, so you should arrange to meet with your solicitor as soon as possible after getting your letter of offer.
 Your solicitor will also check that the contracts are in order and if they are happy with the contracts, you will sign two copies. Your solicitor will return both copies to the seller’s solicitor. At this point you have legally agreed to buy the property.
You will then need to pay your deposit, usually 10-20% of the purchase price, less any booking deposit you have paid. Once the seller’s solicitor receives the signed contract and your deposit, they and the seller will sign and return one copy of the contract to your solicitor. At this point the seller has legally agreed to sell you, their property.

Step 5: Move In

Both solicitors will arrange for a final closing date and time at which stage you will be given the keys to the property. Before this, the remainder of the money must be paid, which means all the paperwork and approval for your loan must be completed and returned to your lender by your solicitor.
Once your lender is happy that they have all the paperwork and it is in order, the mortgage cheque will be issued to your solicitor. Your solicitor will arrange to have these funds transferred to the seller through their solicitor.
Once the balance of the funds has been transferred to the seller by the agreed closing date and time, the estate agent will call you and explain that everything is in order for closing. 
Once the estate agent tells you that the keys are ready to be collected, the property is officially yours, so the seller must have left the property, and removed any items not included in the sale, by then.
Happy Moving In!