Congratulations on reaching the "Sale Agreed" stage in your home buying journey! 🎉
This is an exciting milestone, but it's important to remember that the journey isn't over just yet. Being "Sale Agreed" means that you and the seller have agreed on a price, but it's not yet legally binding. The sale does not become legally binding until both sids have signed contracts. At this point, either party can still pull out without penalty.
The Sale Agreed stage is your opportunity to conduct thorough due diligence to ensure everything is in order before you commit fully and sign those contracts.
This makes it crucial for you to move quickly and carefully and do as much due diligence as you can to avoid any last-minute surprises or delays which could have been otherwise prevented and to make sure you can sign with confidence!
Your Due Diligence Checklist
Remember, no one is going to tell you about potential Here's a comprehensive list of what you need to do during the "Sale Agreed" phase:
Hire a Solicitor
You will require a solicitor to handle the conveyancing process (transferring of deeds) and to help you ensure the title of the property is in order along with some other details like arranging planning searches. A good solicitor can be the difference between a smooth sale agreed process and pulling your hair out, so make sure you hire someone who has a great reputation and who you'll know is going to be responsive to your queries.
Contact your Mortgage Advisor/Broker
By this stage, you should already have approval in principle in place. But now is the time to contact your mortgage advisor or broker and let them know you are sale agreed. They will then kick off the process of applying for your full mortgage approval and drawdown.
They will at this stage ask for documentation like recent payslips, salary certs etc.
Arrange a Survey
Book a professional survey to assess the property's condition. This will highlight any potential issues that could affect your decision on proceeding with the purchase or not. In some cases, your bank or solicitor may also request a survey to be carried out.
Review the Contract
After a few days or weeks (depending on how quickly they want to move), the vendor's solicitor will be sending your solicitor contracts. Your solicitor will then review the contract thoroughly and advise you. Also read the contract yourself and ensure that all terms are clear and agreeable to you before signing. If there are any parts you do not understand, speak with your solicitor.
Arrange for Insurance
Start looking into home insurance and mortgage protection options to make sure you can get adequate insurance to protect your investment from day one and meet the requirements of your mortgage lender.
You do not have to activate and start paying for the policy until you sign contracts and close.
Get Ready for Your Move!
Begin planning your move, including setting a provisional moving date (after closing date). Then here are some things you can prep for
Have an Internet Provider lined up. Some have a 2/3 week wait for set up, so you can line this up before closing date if you'll need internet soon after moving in.
Research before moving day which energy provider has the cheapest electricity/gas. On moving day you can take meter readings and sign up with them.
If you need a van/mover to help move, have someone lined up and ready to go.
Top Tip: Keep Communication Open
Maintain regular communication with your solicitor, mortgage advisor/broker, and the estate agent to ensure a smooth process. Keeping everyone in the loop can help prevent delays and misunderstandings.
Also remember to keep some fair and friendly pressure on other people you have hired. For example, if you are paying for a solicitor, it is not acceptable to go weeks without hearing an update from them if they are looking into something for you. Set clear boundaries about when you expect to hear an update (even if that update is that they are still waiting) and hold them to account if they do not deliver.
Buying a home is a huge, life changing investment for you and whoever you hire and pay should act professionally, fairly and give you the urgency you deserve. Including banks, brokers, solicitors, surveyors, valuers etc.
Remember to keep focused!
Being "Sale Agreed" is an exciting step, but it's essential to remain diligent and focused on the task in hand. By following this checklist and ensuring all due diligence is completed, you can move forward with confidence, knowing you are making a well-informed decision.
Then if the the property is right for your and your family, you'll have the keys and be in your new home before you know it.
Need a Surveyor?
If you are looking for a surveyor, check out our sister company GetHouseSurvey.ie. They offer the most detailed surveys in the country, experienced surveyors and an unbeatable service.
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