Sale agreed
The stage where seller and buyer have agreed a price but nothing is legally binding. Either side can still walk away until contracts are signed.
What it means
When the seller accepts your offer the property goes sale agreed and you pay a booking deposit to the estate agent. In Ireland this is not a contract. Either party can pull out, and the booking deposit is refundable, until both sides sign the contract for sale.
Between sale agreed and signing, your solicitor checks title, your lender values the property and issues the loan offer, and you may arrange a survey. Once contracts are signed you pay the contract deposit and are bound to complete. Stamp duty is due on the transfer after closing.
Work it out
Stamp duty calculatorRelated terms
DepositThe part of the price you pay from your own money. Central Bank rules require at least 10% for a home you will live in and 30% for a buy-to-let.Mortgage approval in principleA lender's written statement of how much it will lend you, subject to a valuation and final checks. Estate agents often ask for it before taking an offer.Stamp dutyTax on buying property. For homes it is 1% up to €1 million, 2% from €1 million to €1.5 million and 6% above that, charged on the price excluding VAT.