Commercial Property Frequently Asked Questions
What we’re asked the most.
Griffin Solicitors have extensive knowledge of issues relating to commercial property law. If you cannot find what you are looking for in our FAQs below please contact us directly and we will be more than happy to deal with you query.
Commercial Property Purchase
How much will buying a commercial property cost?
When you contact Griffin Solicitors you will be given a quote by email on the same or next day. This will set out the professional fee and VAT and outlay including stamp duty at 2%. It is the policy of Griffin Solicitors not to take on any business without agreeing the cost of same with you the client in advance. Solicitors costs come in two types. The first is the solicitors professional fee charged for the work done and secondly are the outlays paid out on behalf of the client. The outlays include land registration fees, search fees and stamp duty at 2% on commercial property.
If you are borrowing money from a bank then the bank is obliged by law to employ their own solicitor and they will pass this fee to you, the client. The banks maintain a panel of solicitors and the client should ask the bank to shop around to obtain the best service and quote suitable for you.
How long will it take to complete the transaction?
A standard transaction will take 4 to 6 weeks from the time that the booking deposit is paid to the estate agent. If you are borrowing money from a bank then it can take up to 12 weeks to complete. All documentation has to be run past and approved by the bank solicitors and this slows down the pace of the transaction considerably.
What documents do you need from me at the start of the transaction?
We will need the following documents from you in order to act on your behalf:
| PURCHASE |
|---|
| Proof of identity- being copy passport/ driving licence |
| Proof of address- being copy utility bill |
| Copy of the marriage certificate, if applicable, or confirmation of your marital status |
| Written proof from the Revenue of your PPS number |
| Signed Quotation and signed Terms of Engagement Letter |
At what stage am I bound to go ahead with the purchase of the property?
Once you sign the contract and pay the contract deposit you are binding yourself to go ahead with the purchase. The buyer signs the contract first. It is then sent to the sellers solicitor for the seller to sign. The contract is fully executed and exchanged when the seller returns the signed contract to the buyers solicitor. Then only reason the purchase will not proceed is if there is a breach of contract by either side. Griffin solicitors will advise you further if this happens.
Do I have to pay a further deposit when signing the purchase contract?
You will pay a non binding booking deposit to the estate agent when agreeing to buy the property and a contract deposit, being 10% of the purchase price minus the booking deposit, on signing the contract. The contract deposit is held by the sellers solicitors pending completion.
When is the balance of the purchase money, fees and outlay and stamp duty payable?
The balance of the purchase money, fees and outlay are due a week before completion date of the transaction. We will send you a completion statement approximately one week prior to the completion of the transaction.
Commercial Property Sale
How much will selling a commercial property cost ?
When you contact Griffin Solicitors you will be given a quote by email on the same or next day. This will set out the professional fee and VAT and outlay. The outlay on a sale are the costs of taking up deeds from the bank together with swearing documents, normally in the region of €220. If a new land registry compliant map is needed then add an extra €300 to this figure. It is the policy of Griffin Solicitors not to take on any business without agreeing the cost of same with you the client in advance of commencement of the transaction.
How long will it take to complete the transaction?
A standard transaction will take 4 to 6 weeks from the time that the booking deposit is paid to the estate agent. If you are borrowing money from a bank then it can take up to 12 weeks to complete. All documentation has to be run past and approved by the bank solicitors and this slows down the pace of the transaction considerably..
What documents do you need from me at the start of the transaction?
We will need the following documents from you in order to act on your behalf:
| SALE |
|---|
| Proof of identity- being copy passport/ driving licence |
| Proof of address- being copy utility bill |
| Copy of the marriage certificate, if applicable, or confirmation of your marital status |
| Written proof from the Revenue of your PPS number |
| Certificate of Discharge re Household Charge |
| Certificate of Discharge or Exemption re NPPR Charge |
| Property History Report confirming that LPT has been paid in full |
| Property ID & PIN in relation to LPT |
| BER Certificate & Advisory Report (normally from agent) |
| Signed Quotation and signed Terms of Engagement Letter |
At what stage am I bound to go ahead with the sale of the property?
How soon after the completion of the transaction will I obtain the sales monies?
Still can’t find your answer?
If you have some unanswered questions please feel free to contact us and we will be happy to help you with your query.