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One good reason why you should contact a solicitor if you are thinking of buying or selling property?

Thinking of buying or selling property
Thinking of buying or selling property

Irish Tax Numbers (PPS Numbers) are required by all Vendors and Purchasers to sell or purchase property in Ireland irrespective of whether they are resident for tax purposes in Ireland or not. The PPS Numbers are required to stamp the Deed of Transfer/Indenture of Conveyance for Stamp Duty purposes.

The Deed of Transfer/Indenture of Conveyance must be stamped within 30 days of the closing of the sale or the outstanding Stamp Duty will incur interest and penalties.  If the Vendors or Purchasers do not have PPS Numbers then the Deed of Transfer/Indenture of Conveyance cannot be stamped.

An application together with requisite identity documents must be made to the Social Welfare Services Office to obtain a PPS Number and delays in obtaining PPS Numbers are currently running at approximately 2 months.

In the current market Vendors appear to be putting their properties on the market and only when a purchaser is found do they contact their Solicitors. This leads to delays where the Vendors do not have PPS Numbers (which would not have been required at the time of purchase as they were non-resident), where there are boundary or planning issues or issues relating to the non payment of the NPPR Charge, Household Charge, Septic Tank Charge or Local Property Tax.

If Vendors wish to sell their property without untimely delays when a Purchaser had been found, then it is advisable that they should contact their Solicitors to ensure that all matters are in order so that they can proceed with a speedy sale at the time they put their property on the market.

Equally all prospective Purchaser  should be advised that they will require a PPS Number in the event that they purchase a property to facilitate the stamping of the Deed of Transfer/Indenture of Conveyance and it will take at least 2 months to obtain same once an application had been made.

Written by Liz Murphy BCL, Wolfe & Co, Market Street, Skibbereen, Co.Cork

Photo by Thomas Lefebvre on Unsplash.

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