Buying a property at auction in Ireland.

Important Considerations when buying at auction:

• If your bid is accepted at auction, you are legally bound to buy the property.
  
  
• You must therefore ensure that you have the finance arranged beforehand
  
  
• Ensure that the house is structurally sound
  
  
• Get your solicitor to establish that there are no legal or title problems.

If you are going to buy at auction, you should follow this process:

• Instruct your solicitor that you intend to bid for a house at an auction.
  
  
• Before the auction, the solicitor will obtain a copy of the contract and will examine it to ensure that the title of the property is OK.
  
  
• The solicitor will check to see if there are any unusual conditions, which may affect the property. e.g. planning permissions, rights of way etc.
  
  
• If the solicitor is happy, he will advise you that you can proceed.
  
  
• Make sure to arrange a survey to ensure that the house is structurally sound. This causes expense but it could save you thousands or tens of thousands of euros in the long run.
  
  
• Get approved for finance.
  
  
• At the auction, if you are the highest bidder (after the reserve price is met) the property will be sold to you. You will sign the contracts immediately and pay a 10% deposit. A completion date will be specified in the contract. This is when you will have to pay the balance and you will receive the keys.
  
  
• Your solicitor will complete the legal work and will arrange with your lender or broker to drawdown your loan cheque.
  
  
• You will meet the solicitor to sign the remaining documents.