Select Page

Residential Property Buying and Selling your Property on the Same Day

Buying and Selling your Property on the Same Day

What You Need to Know

Buying and Selling your Property on the Same Day

Buying and Selling Property on same day – Client Wishes
Most people who are moving from one property to another would prefer to do so on the same day. There is more stress involved but it is over a shorter period of time. For many people, it is easier to go through this stress and have it all finished in one day rather than the alternative which involves two moves, one into storage and one into your new home. See what happens when things go wrong.

Buying and Selling Property on same day – Solicitors Viewpoint
However, from your solicitors’ point of view, it is a more complicated to purchase and sell a home on the one day for the following reasons:

If there is a chain of transactions with people moving, the longer the chain, the more likely it is is that something will go wrong and the matter will not complete on time for the planned ‘moving day’.
Even when there is no chain, if the sale does not close then the purchase cannot close either. This is inconvenient but not too much of a problem if you can remain in your own home until both transactions can be completed on the same day.  There is a bigger problem when you close your sale, have all your possessions in a truck, and the purchase, for whatever reason, cannot close. Then you end up homeless.

Most solicitors do not like doing the sale and purchase on the same day for this very reason. This is why it is always recommended to have a “Plan B”, in case the purchase does not go through. This normally involves having somewhere to store possessions and somewhere else for you and your family to sleep.

95% Property Transactions complete on time
About 95% of all transactions are completed within three working days of the planned closing. However, in order to sell and buy on the same day, everybody in the transaction (the sellers, the purchasers, both sets of solicitors, etc.) need to co-operate, and the funds need to be available from the bank.

Historically – Buying and Selling on the Same Day
Before the last recession, selling and buying on the same day was quite common. Closings were done face to face or by courier and bank drafts were endorsed. This system worked reasonably well.

Last Recession – Buying and Selling on same day not possible
During the last recession, there was very little buying and selling done on the one day. It was necessary to sell your house, bank the sales money, and then rent until you found a new house. You could then show to the buyer of your new house that you had cash in the bank and could buy the property.

Recent Times – Selling and Buying on the same day
In recent years, buying and selling on the same day has become more popular.

Same Day Money Transfer – Selling and Buying on the same day
However, now there is an added complication – Same Day Money Transfer (SDMT). Money is now transferred using SDMT. This guarantees that the money will get to another clearing bank account in Ireland on the same day. However, there is a cut off point of 1pm on inter-bank transfers. The practical effect of this is that if you sell your house, and for some reason the money arrives in at 1:05pm then your solicitor cannot transfer money to the purchaser to complete your purchase on the same day. The cut off point has already passed.

If the money arrives in at 12:55pm then your solicitor has 5 minutes to review all of the documentation, set up the bank transfer and make sure it goes through before the 1:00pm cut off. This 1:00pm cut-off made many solicitors very wary of buying and selling on the same day.

Buying and selling can still happen on the same day but only if there is a large amount of co-operation between the sets of solicitors. There is still always the risk that the transaction won’t happen on the same day, due to something outside of the solicitors’ control.

Same Day Sale and Purchase Property is Stressful
Moving to a new house is one of the most stressful things you can do, and this becomes very apparent when doing a ‘buying and selling on the same day’ transaction. It is always necessary to have a Plan B in case the sale and the purchase of your home does not go smoothly. The Plan B normally consists of firstly, where to store the furniture of the purchasers. If the sale completes but the purchaser does not, the purchasers may allow you to store your furniture in their house at your own risk. This is entirely discretionary, and you would need to make sure your insurance covers this storage. Secondly, the client needs to have a place to sleep if their sale completes but their purchase does not. This is obviously easier if it is a single person or a couple without children.

Buying and Selling Property on same day – Not if in a chain
The normal advice would be not to do a sale and a purchase on the same day if there is a chain involved. This is again because of the 1:00pm cut-off point. If there is more than one sale and purchase transaction going on, it is unlikely that the money for your purchase will arrive before the 1:00pm cut off point.

Selling and purchasing on the same day is something that clients prefer, but without realising fully the risks involved. Solicitors who allow sales and purchases on the same day, sometimes do not explain fully the risks to their client.


As of the 1st of October 2020 Bank of Ireland have extended the cut off time limit for Same Day Money Transfers from 1 pm to 2.30 pm. This is to be welcomed as it extends the time window for completion by one and a half hours. However in another way it simply puts back the problems outlined above by another ninety minutes.

I trust this notice is of some help to people considering selling, purchasing, and moving home all on the one day.

Ethna Ryan

Ethna Ryan

Want to talk to Ethna?

Share This