Foreigners are allowed to purchase a property in Ireland, following the regulations imposed under the Irish Property Law. When concluding a real estate contract in Ireland, it is highly recommended to perform the due diligence procedures on the respective property, which refer to a detailed verification of the property to determine whether the respective asset may have hidden flaws which were not stated in the property’s documents. Our team of Irish lawyers can offer legal assistance on these procedures, as well as on the regulations referring to the Property Law.
Contracts for properties in Ireland
When purchasing a property in Ireland, it is necessary to conclude a sale/purchase contact. According to the Statute of Frauds Act 1965, all sales and purchases of real estate properties and land have to be completed following the Section 2 of the above mentioned Act.
The Act stipulates that all contracts have to be completed in a written version. A legally recognized contract should meet a set of criteria, as mentioned below:
• in the situation in which the property is sold by two spouses, and one of them is a non-owning spouse, the latter should provide his or her consent to sell the respective property, under the regulations of the Family Home Protection Act 1976;
• the document should provide information on the parties;
• the contract should state the purchase price, as well as on the minimum deposit the buyers must pay;
• it should also state the deadline for making the payment on the purchase.
It is important to know that in the case in which the buyer does not perform due diligence on the property, he or she will be fully liable in this case.
Due diligence also includes the verification of the property’s documents and our Irish law firm can offer legal advice in this sense.
Renting a property in Ireland
Most of the foreigners prefer to rent a property in Ireland for a determined period of time and, in this case, it is necessary to verify the regulations of the Landlords and Tenants Act 1967, as well as the Residential and Tenancies Act 2004. It is necessary to mention that the two parties are allowed to negotiate on the price of the rent, but such prices have to respect the market value of the respective property.
Our attorneys in Ireland can offer more information on the Property Law. Please contact our law firm in Ireland for legal advice on this matter or legal representation when concluding a purchase contract.