When selling a house, it is necessary to register the new ownership of the property. A conveyancing solicitor will review the “title” a.k.a. the ownership history and specifics of the property being sold.
The process of reviewing title can be complex and requires a properly trained Solicitor to do so, any missed steps or mistakes can be costly. Knowing what is required and asking the right questions are vital to ensure that the correct documentation is furnished.
What is a title deed?
A title deed is a registered legal document which proves ownership of a property or piece of land. Title refers to the legal ownership of the property. The deed is the physical document that offers proof of this title. For every “event” on title a new deed will be created, e.g., the creation or discharge of a mortgage on the property or the transfer of property to a new owner.
How deeds are registered
There are two systems that record registration of property in Ireland, namely:
– the Registry of Deeds and
– the Land Registry
The older of the systems, the Registry of Deeds records the existence of deeds and conveyances affecting property. A deed recorded in the Registry of Deeds has priority over an unrecorded deed. There is no facility to inspect Registry of Deeds online.
The more modern, Land Registry provides a State-guaranteed title to property. The Land Registry contains all information on registered land in the form of folios and maps. This information shows clearly and accurately the exact limits, burdens and titles of a property. Land Registry records can be viewed online.
The Property Registration Authority (“PRA”) are responsible for maintaining these two systems. It is the objective of the PRA to transfer all property from the Registry of Deeds system into the Land Registry system. This is being achieved by making all Registry of Deeds property purchases compulsorily first registerable, whereby any purchaser of a Registry of Deeds property is legally required to convert and register their ownership of the property in the Land Registry.
What do conveyancing solicitors do?
Conveyancing is the transfer of legal property from one owner to another. A conveyancing solicitor deals with all legal matters necessary to transfer ownership from one individual to another.
A conveyancing solicitor for the Vendor will draft contracts which will include the most relevant information such as the address, price and names of the vendor and purchaser and a proposed closing date. The purchaser’s solicitor will review title, raise queries and seek clarifications from their opposite number, the vendors solicitor. They will also deal with the Bank if the purchasers are getting a loan to buy the property.
Once the sale has closed, the purchaser’s solicitor must pay the stamp duty due to Revenue and register the new owner’s ownership in the land registry.
Choose a conveyancer that has the experience to do it correctly. Contact PETER O’CONNOR & SON Solicitors & Notaries for all conveyancing needs.