Legislation currently being drafted would eliminate many of the impediments that cause private house sales to fall through, it has emerged.
The legislation, led by independent TD, Seán Canney who is working with IPAV, the Institute of Professional Auctioneers and Valuers, would cut the time taken in conveyancing – the legal process involved in the sale of property, and it would help put an end to the practice of gazumping and gazundering.
The legislation will provide for a Sellers Legal Pack, a collection of documents that would be provided to aspiring buyers when a property is placed on the market for sale, thereby front-loading the current conveyancing process that takes about four months on average.
Included would be documents such as: contracts for sale; title documents; architect’s certificate of compliance with planning permission and building regulations; evidence of rights of way and much else.
Deputy Canney said currently loan approvals are lapsing because of conveyancing delays.
“The Sellers Legal Pack will speed up the entire process without adding any further costs. Currently significant non-refundable costs, such as surveys, valuations and legal, can be incurred without a sale completing at all,” Deputy Canney said.
He said he was confident the legislation could be finalised within months.
IPAV’s Chief Executive, Pat Davitt, says conveyancing delays are not just frustrating and costly for consumers “they facilitate those who for whatever reason are not genuinely interested in proceeding with a sale.”
He said a process similar to the Sellers Legal Pack is already in place for online and public auctions.
“The Sellers Legal Pack would be a game changer in private treaty sales, aligning physical auction sales with online sales which will protect traditional auctioneers and valuers in their day-to-day operations,” Mr Davitt commented.
The new legislation would not apply to property sold privately that is not put on the open market or sales of mixed use properties.
“As the representative body driving standards for the property sales industry, we believe the Seller’s Legal Pack will bring efficiency and transparency to a sales process that is currently unaligned, rife with uncertainty and presents legal risks to the vendor,” Mr Davitt concluded.
