Property and ownership information is available through government soures. Individual ownership can be traced, for a nominal fee, through the Registry of Deeds, the Land Registry or the Valuation Office - all of which are government agencies.
A land registry exists in Ireland, even though not all titles are registered, it is important to search the registry. Real estate agents in Ireland do not share any kind of property information system such as a Multiple Listing Service. Individual sale prices ar not disclosed unless sale was by auction.
The Irish Auctioneers and Valuers Institute (IAVI)
38 Merrion Square
Dublin
2
Ireland
Phone : +353 1 661 1794
Fax : +353 1 661 1797
e-mail : info@iavi.ie
Web : www.realestate.ie
The IAVI (Irish Auctioneers & Valuers Institute) is the leading real estate body in Ireland, and is the country's largest and most important professional institute representing the vast majority of of qualified auctioneers, estate agents, valuers and other property professionals. Founded in 1922, it now has over 1,900 individual and associate members and more than 500 Member Firms including all the national agencies. The IAVI’s mission is to represent the property profession in Ireland.
An owner in fee simple of real property may use, rent, mortgage, or alienate property. Only "qualified persons" may own real property in Ireland without consent of the Land Commission. A "qualified person" includes (1) Irish citizen or national of member state of E.C.; (2) persons continuously resident in Ireland during preceding seven years; (3) person acquiring land exclusively for purpose of industry other than agriculture; or (4) for private residential purposes where land does not exceed five acres. The Irish government retains certain rights and interests in real property. Property taxes are levied in Ireland (See Section 8.13) and the control of private property through zoning exists in Ireland (see Section 8.17).
leasehold estates: Legal title to property in Ireland may be registered or unregistered freehold, where the property is essentially held forever free of rent.
Alternatively, title may be leasehold for anything from 250 years to 999 years subject to a reserved (usually, but not always, modest) Ground Rent payable to a superior titleholder.
With this type of lease, most leaseholders are empowered with a right to compulsorily buy out the Freehold title, should they wish to do so. It is particularly important that this right be exercised well before the expiration date (called the reversion date) of the lease. If the purchase is made within 15 years of the reversion date, the cost of buying the freehold escalates dramatically. The advice of a member of the IAVI familiar with Ground Rent legislation should be sought.
statutory estates: Dower and courtesy have been abolished in Ireland.
Corporations may acquire hold and convey real property. The most common type of company in Ireland is the limited liability company. It is also possible to incorporate unlimited companies, the members of which have unlimited liability for company debts, but unlimited companies are rare. The advantage of unlimited companies is that they are not required to file accounts with the registrar of Companies.
Partnerships may also acquire, hold and convey real property or a partnership. Partnerships have fewer statutory requirement than companies, and their accounts do not have to be independently audited or publicly filed.
Joint Ventures may also be formed in Ireland.
Deeds must be signed, sealed and delivered and should be executed in the presence of two credible witnesses. Stamp duties are payable on deeds. (See also Section Acquisition Costs). Conveyance after death is also possible via a written will. Adverse possession is possible. An adverse possessor must use the property continuously for 12 years and must intend to deny the true owner the use of the property.
Not all land titles are registered in Ireland, however, there is legislation in force designed ultimately to make compulsory the registration of all title to land in a central Land Registry. Generally, a purchaser of land in Ireland is entitled to be given 40 years title by the vendor. Purchasers have the duty to investigate title.
The law of contracts in Ireland is mostly derived from common law, therefore contract law in Ireland is much the same as in the United States. For a contract for the sale of real property to be enforceable in Ireland it must be evidenced in writing. In essence a letter or note from, or authorized by, the party against whom enforcement is sought, must contain three key facts relating to the agreed sale: The Property, The Price and The Parties. Enforceability may also hinge on such aspects as a deposit and an agreed closing date. Legal advice is essential in both the sale and purchase of real property. Contracts are typically prepared by attorneys. (www.iavi.ie - Buying Property in Ireland).
Property Taxes:
Generally, residential property is exempted from Local Authority rates but in many areas, levies are imposed for water and refuse collection. It is wise to check the position in the particular area you intend to purchase. As a rule of thumb, allow up to €250 p.a. for refuse collection and a similar amount if there is a statutory charge for water supply. With a private water supply system, a higher amount will apply.
Capital Gains Tax is charged on most capital gains at a standard rate of 20%. Higher rates apply to some categories of property. Principal private residences are generally exempt from CGT, unless there is development potential, or the land attaching to the property exceeds one statute acre (0.4 hectare).
ad valorem: The property value when used in computing tax is the market value on 5 April each year, without any deduction for loans or other liabilities. A 1.5% tax is charged, but is reduced for each qualifying child.
Closing usually occurs within 60 days of contract execution.
Land Use & Control:
Subdivision of agricultural land is restricted and in general can only be effected with consent of Land Commission.
Real property may be mortgaged by mortgage deed. In cases of default the mortgagee brings an action for a receiver to be appointed and the property to be sold. The mortgagor has an equity right of redemption which cannot be limited in the mortgage agreement.
Banks and Building Societies are the normal sources of funding for property purchase in Ireland and will usually lend up to 92% of the sale price, subject to varying criteria, including evidence of an ability to repay the loan in the agreed term.
The standard mortgage term is 20 years, but this is under some upward pressure at present. Rates can be variable or fixed, or indeed a combination of both (i.e. fixed rate on a portion of the loan and flexible on the balance). Fixed terms are usually upwards of one year and it is possible to obtain a ten-year fixed-term rate in today's market. (www.iavi.ie - Buying Property in Ireland).
Administaror